Though 2020 was full of volatility, the B2B FinTech landscape persevered with venture capitalists and other investors for a lucrative year. Highlighting the increasing interest in this startup space is this week’s B2B venture capital roundup, which recaps the final two weeks of 2020 in B2B FinTech investments. There were several notable rounds, including high-value deals for supply chain management, B2B eCommerce and small business banking.
Snap Accounts Payable, otherwise known as SnapAP, has announced the completion of the first stage of funding from angel investors as it continues on its way toward a planned $2 million seed investment round. While the exact value of the initial funding has not been disclosed, SnapAP did reveal plans for the company upon completion of the seed round, including the announcement of new distribution partnerships and adoption of SnapAP’s AP technology by several clients in the banking and manufacturing landscape.
To cap off a year in which business travel plummeted, travel and expense management software company Navisteps raised $1 million in pre-seed funding, reports said. The Singapore-based company will use the investment to expand its operations across Asia as it focused on SMBs with technology to boost transparency and control over employee expenses. In addition to global expansion, the company said it plans to invest in its own infrastructure, reports said.
With a focus on enabling corporations to manage payroll in a remote work environment, India-based Skuad has reportedly secured a $4 million seed investment round, according to the Economic Times of India. Investors at BEENEXT and Anthemis Group led the round, which also saw participation from Alto Partners Multi-Family Office and Zenius Education CEO Rohan Monga. In a statement, the company revealed that it will use the funding to bolster its infrastructure and expand its team across multiple geographies.
Italy’s Deliveristo secured a $5.51 million investment, Tech.eu reports said last week, with the Series A investment led by United Ventures. The company operates a B2B online marketplace for the food and restaurant industry, allowing businesses to purchase goods directly from producers and distributors. The company said it will use the investment to expand beyond Italy into other parts of Europe.
Logistics technology startup CloudTrucks operates a range of services for independent truckers to manage operations and optimize cash flow. Investors at Caffeinated Capital recently led a $20.5 million Series A funding round for the U.S.-based company, while other funders at Craft Ventures, Khosla Ventures, SciFi VC, Kindred Ventures, Abstract Ventures and Better Tomorrow Ventures also participated. The funding was announced simultaneously with the rollout of the startup’s CT Cash solution, which allows truckers to manage B2B payments and accelerate access to capital.
Offering a suite of B2B services to retail businesses, U.K.-based Brightpearl has announced a $33 million Series C investment round led by Sage, which will take a minority stake in the company. Existing investors Cipio Partners, Notion Capital and Verdane also participated, according to TechCrunch reports. Brightpearl offers a range of products, from supplier management to logistics to financial management, for eCommerce firms and retailers via its platform. The new funding will enable the company to develop its presence in the U.K. and U.S.
With $94.53 million in fresh funding, Liberis scored one of the largest investments in this roundup. The investment, which comes in the form of venture debt, will enable the company to broaden its offering of revenue-based financing solutions for small businesses. The embedded business finance platform provider secured the investment from British Business Investments, Paragon Bank, BCI Europe and Silicon Valley Bank. According to reports, Liberis will use the funding to invest in company growth, new product launches and additional financing solutions.
U.S.-based project44 is a supply chain management and visibility technology company that enables shippers and logistics service providers to boost the transparency of their operations and track shipments. Influenced heavily by the coronavirus crisis and the supply chain disruptions it created, project44 has raised $100 million in Series D funding led by Insight Partners. Additional backers included 8VC, Emergence Capital, Omidyar Technology Ventures, Sapphire Ventures, Sozo Ventures and Underscore VC, according to a press release, which added that project44 will use the funding to further global expansion, invest in product development, and fuel partnerships and integrations throughout the supply chain.
It was a massive year for the B2B eCommerce space, so it’s appropriate that an industry startup would secure the second-largest funding of this roundup. Spryker has reportedly received a $130 million Series C investment led by TCV, while One Peak and Project A Ventures also participated. The company said the investment will help fuel its B2B and Enterprise marketplace solutions as it plans to build out a third-party technology AppStore. The company accelerates the development and deployment of eCommerce solutions for both B2B and B2C organizations through its platform-as-a-service business model.
Taking the lead in this roundup is Australia’s Judo Bank, which raised an impressive $280 million Series D round for its small business banking offering. The company’s valuation spiked 60 percent as a result of the investment, according to ITMunch reports. While Judo Bank did not disclose the investors, the company did say the round was comprised of new investors for the firm. Reports did not reveal exactly what Judo Bank plans to do with the funding, though it did highlight that it comes at a time when its main competitor, Xinja, revealed that it will be exiting the Australian market.
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