PYMNTS B2B Investment Tracker

According to PYMNTS.com analysis, a total of $399 million was invested in 3Q 2014 in B2B payments across a variety of segments – lending, wholesale, travel and entertainment, procurement, billing and invoicing, data and business analytics. And, as we see on the retail side of payments, B2B investments reflect a desire to support businesses with tools that provide deeper analytics and the ability to leverage global opportunities. August + September key: Several investments in trade finance and in the health industry.

July 2014

North America

July 7 – Frederick, MD-based Regent Education, which provides financial aid management and enrollment optimization software solutions for higher education, received $9 million in funding. $4 million was in series C from New Markets Venture Partners and Chrysalis Ventures while Ares Capital Corporation provided $5 in debt funding. The funds will be used to accelerate growth.

July 9 – Duetto, which develops pricing solutions for hotels, received $21 in series A funding by Accel Partners. The round includes previous investors Battery Ventures, Altimeter Capital, Co-Chairman and CEO of Thayer Lodging Leland Pillsbury, and Salesforce founder and CEO Marc Benioff. The funds will be used to expand the team.

July 9 – Santa Clara-based RackWare, which provides cloud solutions for enterprises, has received $2.3 million in funding led by existing investors Kickstart Seed Fund and Osage Venture Partners. The funds will be used to acquire customers and expand the team.

July 10 – Altierre Corp. a San Jose-based provider of ultra-low power long-range wireless technology that helps retailers add wireless systems to manage their stores, secured $21 million co-led by new investor Stratim Capital and D.E. Shaw & Co., and included Altierre’s existing investors ATA Ventures, DuPont Capital Management, Labrador Ventures and Kinetic Ventures. The round will be used to finance growth.

July 11 – According to CrunchBase Atlanta-based Rivalry, which provides sales team analytics to firms, raised $550,000 in new funding.

July 11 – Atlas Venture led a $2.25 million seed round in Button, a New York City-based startup focused on creating more efficient methods of finding and retaining customers for on-demand companies like Uber and Instacart. Additional investors in the seed round included DCM, Greycroft Partners, Mesa and VaynerRSE along with angel investors Tim Kendall, head of product at Pinterest, Ray Rothrock, former partner at Venrock, Scott Kurnit, founder of about.com and Gary Fritz, former president of Expedia Partner Services Group.

July 11 – Hackensack,NJ-based Vidyo, which offers all kinds of video solutions to consumers and enterprises in sectors such as healthcare and banking, raised $20 million in series E founding from existing investors Menlo Ventures, Rho Ventures, Sevin Rosen Funds, QuestMark Partners and Juniper Networks. The funds will be used to pursue new available opportunities immediately.

July 11 – New York restaurant payments app Cover has closed $5.5 million in funding. Andrew Parker of Spark Capital led the round. In addition to funding, Parker will be added to Cover’s board.

July 14 – Rocketrip, a platform that allows companies to save money on travel expenses by rewarding employees for cost-saving behavior, raised $3 million in funding led by Canaan Partners and Genacast Ventures, and includes participation from CrunchFund and Paul Buchheit. Funds will be used to drive sales efforts and expand the team.

July 14 – According to CrunchBase, Waltham Engelwood, CO-based ProLink Solutions, which provides software for tax credit solutions for enterprises among other services, has received a $100,000 investment from an undisclosed investor.

July 15 – Captricity, a Berkeley-based company that helps businesses and government units to become more efficient by providing data on time and reducing paper use, raised $10 million in our Series B investment round, led by Atlas Venture with Social+Capital also participating.

July 15 – Austin-based Apptive Inc, which develops a Web-based platform designed for small businesses to create and manage mobile applications, raised $300,000 in funding. The funds will be used to increase the number of integrations with e-commerce partners such as eBay.

July 16 – Cranberry-based Prodigo Solutions Inc., a supply chain firm for hospitals, has received $12.5 million in funding from Alliance Healthcare Partners. The funds will be used to expand portfolio and finance growth.

July 18 – Techstar invested an undisclosed amount in Boulder-based Kapta, which helps companies communicate goals and track executive team objectives through a real-time dashboard.

July 18 – Hellion Ventures lead a led a $6.5 million Series A funding in California based Workspot, which provides ways for mobile workforces to access business applications and data from any mobile device. Other investors in the funding round included Qualcomm Ventures and Translink Capital. Workspot had already raised $3.3 million in a seed round from Qualcomm Ventures, Kleiner Perkins Caufield & Byers, Webb Investment Network and angel investors.

July 18 – According to CrunchBase, New York City-based SkyStem, a solution for automating financial reports, raised $425,000 in funding from undisclosed investors.

July 23 – FreshBooks, a Toronto-based solution for small businesses, raised $30 million in its first institutional investment round led by Oak Investment Partners with participation from Atlas Venture and Georgian Partners. The round will be used to finance growth.

July 23 – Salt Lake City-based Beanstalk, an online SaaS-based tax platform for small-to-medium sized businesses, raised $2 million in funding led by New Enterprise Associates with participation from EPIC Ventures, Deep Fork Capital and former Wall Street executive and investor Jim Engebretsen. The funds will be used for R&D and growth.

July 23 – According to CrunchBase Darien, CT Remedy Partners, which develops and manages bundled payments programs in partnership with hospitals, physician groups, health systems, skilled nursing facilities, and home health agencies, received $35.9 million in funding by an undisclosed investor.

July 23 – Potomac, MD-based Diamond Mind, a provider of payment solutions for independent schools, raised an undisclosed amount from growth equity firm Serent Capital. Resources will be used for growth.

July 24 – San Francisco-based Taulia, which offers supplier finance solutions, raised $27 million in series D founding led by QuestMark Partners and with participation from Matrix Partners, Trinity Ventures, Lakestar, DAG Ventures and SEB Private Equity. The funds will be used for growth.

July 25 – Columbus-based Astute Solutions, which develops software that helps brands manage their customer’s experience, received an undisclosed amount of funding from Rubicon Technology Partners LP. The funds will be used to expand its offices and finance growth.

July 29 – New York based Voyat, a CRM platform for hotels has raised $1.8 million in seed funding. They are coming out of beta and saw investments from Metamorphic Ventures, Eniac Ventures, BoxGroup and Brett Crosby, co-founder of Google Analytics.

July 31, 2014 – San Francisco based provider of operations performance software, PagerDuty, closed $27.2 million in Series B funding. Bessemer Venture Partners led the round with participation from return backers Andreessen Horowitz, Baseline Ventures and Harrison Metal. Also, Trevor Oelschig, a partner at Bessemer Venture Partners, has been added to PagerDuty’s board of directors.

August 4 – Mountainside, NJ-based FlexWage, provider of responsible short term capital solutions and a Payroll Card innovator, has secured $3.5 Million in growth funding by several investment firms and high net-worth financial technology executives. Proceeds will be utilized to accelerate market penetration and revenue growth.

August 7 – Montréal-based Provender, a platform that connects local farmers to restaurateurs, raised $800 thousand in funding led by Real Ventures with participation from the Business Development Bank of Canada and Matthew Corrin, CEO of Freshii restaurants. Funds will be used for growth.

August 12 – San Francisco-based AuditFile, a solution for efficiency in CPA firms, raised a $3 million investment led by Banneker Ventures and that also included investments from Tim Draper, the rapper Nas, Rothenberg Ventures, and Ray Tonsing.

August 12 – According to Crunch-base, Palo Alto-based BlueVine, which provides trade finance solutions, received a $1.5 investment from undisclosed venture capitalists.

August 13 – Herndon, VA-based, CargoSens which offers a big data and analytics product to healthcare logistics providers, received an undisclosed amount of investment by The Center for Innovative Technology. Funds will be used to expand the start-up’s portfolio of products.

August 14 – According to Crunch-base, London, UK and San Francisco-based Pollen, which provides trade finance solutions for app store developers, received a $27 investment from undisclosed venture capitalists.

August 19 – Durham, NC-based Clinverse, Inc., provider of automated financial management technology solutions for clinical trials, has closed a $9.1 million Series C round of funding led by New Jersey-based Edison Partners. Existing investors, including Hatteras Venture Partners of Durham, NC, also participated in this round of funding. Funds will be employed to accelerate growth and continue serving its current client base.

August 19 – San Jose, CA-based Lavante Inc., a provider of on-demand Supplier Information Management and profit recovery solutions, received a $3.5 million round of investment led by PointGuard Ventures. Prior investors SAP Ventures and ATA Ventures also participated in the financing.

August 19 – Philadelphia-based WebLinc, a commerce platform provider for fast growing online retailers, raised a $6 million Series A financing round from Safeguard Scientifics, Inc. The funding will be used to finance growth.

August 20 – Troy, MI-based RetailCapital, a data and analytics company that makes financing available to a broad range of small and medium size businesses, has secured a new round of investment from Flexpoint Ford, LLC, a private equity firm focused on the financial services and healthcare sectors. The firm plans to expand into an additional location in NYC and expand services.

August 21 – NY-based Transactis, Inc., a leading provider of electronic billing and payment solutions, received $11 million in Series D led by Safeguard Scientifics with participation from existing investors StarVest Partners, senior management and the Board. Funds will be used to sustain growth and R&D projects.

September 15 –Deerfield Beach, FL-based SmartProcure, a government procurement intelligence platform and NYC, NYSeamlessDocs, which enables paperless government by providing the tools to convert any static document into an online form that can be completed and e-signed from any device, received funding from Govtech Fund.

September 15 – As already reported by PYMNTS.com NY-based Online B2B marketplace Kinnek, which enables thousands of small businesses to find suppliers and manage purchasing has raised $10 million in a Series A funding round. The company says it plans to use the new funds to grow its marketing and engineering capabilities and fuel expansion into new industries.Matrix Partners led the financing round with participation also from previous investors that included Sierra Ventures, Version One Ventures, Naval Ravikant, CrunchFund, Richard Chen, TriplePoint Ventures and Benjamin Ling.

September 17 – Boise, ID-based iVinci Health, a revenue management company for the health industry, raised $5 M in funds led by Salt Lake City’s Intermountain Healthcare; Inova Health System of Falls Church, Va.; St. Luke’s Health System, headquartered in Boise; and a fourth unnamed system.

September 25 – San Francisco-based Taulia, a supplier financing provider, raised $13 million in series D funding (bring the total of this series to $40 million) by BBVA Ventures and EDBI. The funds will be used to expand operations internationally.

September 26 – New York-based The Credit Junction, an online marketplace lending platform focused on providing working capital and supply chain financing solutions to industrial and manufacturing SMBs, raised $2 million is seed funding led by GLI Finance Limited.

Asia

July 28 – Peel-Works, a SaaS and big-data analytics company enabling salesforce and traditional trade transformation, has raised a Series A round of $2 million from Inventus Capital Partners and IDG Ventures India. The investment received will be utilized to expand its existing offerings, hire senior management and ramp up technology and product development. Peel-Works will also expand further to global markets

August 6 – New Delhi-based online SME lending platform Capital Float raised INR 60 million ($1 million) from venture capital firm SAIF Partners. Funds will be used to expand operations, build technology and increase the loan book.

August 7 – Bangalore-based MoveInSync Technology Solutions, a provider in enterprise transport automation solutions, has raised $5 million in funding according to TechCircle ($4 million according to Crunchbase) in Series A funding from Inventus Capital Partners, Saama Capital and Qualcomm Ventures. Funds will be used to open new offices, expand the team and open new lines of business.

September 2 – Tokyo-based MakeLeaps, an online quotation and invoicing solution for freelancers and businesses, raised $600k in angel funding through AngelList. Investors included Naval Ravikant (founder of AngelList), Richard Chen (of Hatena) and Dave McClure (of 500 Startups).

September 15 – Gurgaon, India-based Power2SME, a buying club form small and medium businesses, raised INR 420M ($6.9 M) from existing investors Accel Partners, Kalaari Capital and InventusCaptial. The funds will be used to fund growth and regional expansion into other regions in India.

September 23 – Sydney, Australia-based invoice2go, the market invoicing app for SMB owners that allows them to send invoices from their smartphones, raised $35 million in funding from Accel Partners and Ribbit Capital. Funds will be used to boost growth.

September 25 – Tokyo-based Freee, which provides accounting SaaS to Japan’s SMBs, received $6 million in Series B2 funding from Pavilion Capital and Recruit Strategic Partners. The funds will be used to expand leadership in Japan’s market.

Middle East

August 26 – Tel Aviv, Israel-based Feedvisor, which provides pricing and business intelligence platform for online retailers, raised $6 million in Series A funding, led by Square Peg Capital with participation of existing investors JAL Ventures, Oryzn Capital and Micro Angel Fund. Funds will be used in product enhancement.

Europe

June 30 – Liverpool, UK-based E-Sign, which lets businesses sign documents electronically, raised GBP 71,800 ($122,500) in equity crowfunding.

July 1 – Amersfoort, Netherlands-based magnetic.io, which provides cloud solutions for e-commerce, received $95,700 in seed funding according to CrunchBase.

July 2 – Αthens, Greece-based Discoveroom P.C. which provides software solutions for small lodges, has secured EUR 300,000 ($ 405,000) from Jeremy Openfund II. The funds will be used to expand the team and R&D.

July 2 – Valence, France-based Zoomici, an e-commerce platform that allows small merchants to sell goods, has raised EUR 1.3 million ($1.78 million) in funding from Esfin Gestion. Funds will be used to solidify the platform in France and to expand internationally.

July 10 – Switzerland-based 3BaysOver, a B2B tourism startup, raised CHF 1.2 million ($1.3 million) led by Swiss internet pioneer and tourism industry veteran Roland Zeller.

July 21 – Delft, Netherlands-based TradeCloud, a cloud supply chain startup, received undisclosed funding from VC Peak Capital. The funds will be used to scale up sales and marketing.

July 23 – Dublin-based Xpreso, a SaaS solution focused on solving the ‘last mile’ in e-commerce delivery, received EUR 30k ($ 46 k) from MasterCard Start Path Accelerator. MasterCard will also give assistance to the start-up.

September 2014 – According to Crunchbase Saint Petersburg-based InSupply, a B2B marketplace which connects suppliers worldwide with distribution channels in Russia, received $16 thousand in angel investment.

Mergers and Acquisitions

July 1 – Wilmington-based Taxware, a global provider of indirect tax software, managed services, and regulatory content, merged with Minnetonka-based Convey Compliance Systems, the #1 private third-party filer of 1099 form.*

July 1 – Toronto-based Longview Solutions, a provider of corporate performance management and tax provisioning software, was acquired by Marlin Equity Partners for an undisclosed amount.*

July 7 – Colorado Springs-based Accellos and Minneapolis-based HighJump Software, both providers of supply chain management software and trading partner network technology, have merged, expanding the portfolio of products offered by both firms.*

July 8 – Branchburg, NJ-based Hiperos, a provider of third party management software, has been acquired by Opus Global for an undisclosed amount.*

July 8 – Baltimore-based Social Solutions, a provider of SaaS performance management software for human and social services, has entered an agreement to be acquired by Vista Equity Partners. Funding will be used for growth and innovation.*

July 14 – KCS Limited, a pan-Asian corporate services provider specializing in corporate accounting, corporate secretarial and payroll services, was acquired by TMF Group for an undisclosed amount.*

July 16 – Manchester, UK-based Atlas Products International, which provides SaaS B2B EDI integration, secure data transfer and e-invoice solutions, was acquired by HighJump Software for an undisclosed amount.*

July 17 – Denver-based Open Scan Technologies Inc., a firm that develops receivables process management software for corporations, has been acquired by Billtrust for an undisclosed amount.*

July 18 – Oslo, Norway-based Lindorff, which provides finance and debt collection solutions to corporations, has been acquired by Nordic Capital Fund VIII for EUR 2.3 Bn ($ 3.1 Bn). *

July 24 – Netherlands-based Quintiq, which provides supply chain planning and optimization software, was acquired by Dassault Systèmes for EUR 250 million ($337 million). The funds will be used to fund growth and expand to Asia and South America.*

July 25 – San Francisco-based Viator.Inc, which aggregates travel solutions, was acquired by TripAdvisor LLC for an undisclosed amount.*

July 28 – Phoenix-based, Virgo, an information distribution company focused on B2B markets, was acquired by Informa for an undisclosed amount. The acquisition will allow expansion in North America markets.*

July 29 – Waltham, MA-based MetraTech Corp., a provider of metadata-based billing, commerce and settlement solutions, was acquired by Ericsson for an undisclosed amount.*

July 30 – TouchNet Information Systems, Inc., an integrated payment solutions provider to higher-education institutions, has been acquired by Heartland Payment Systems for $375 million.*

August 4 – Dallas-based, MD Buyline, a provider spend management solutions in the healthcare industry, has been acquired by TractManager for an undisclosed amount. It is expected that the acquired company will bring along operational efficiency.*

August 8 – Palo Alto-based Slice Technologies, Inc., which provides e-consumers with solutions to track packages automatically, store e-receipts to facilitate returns, save money with price drop alerts, and know their online spending, was acquired by Rakuten.*

August 12 – Belleville, MI-based Active Aero Group, a provider of ground and air expedited services, for $115 million has been acquired by Roadrunner Transportation System.*

August 13 – Provo, UT-based, Access Technology Solutions, a cloud platform that enables e-merchants to provide goods to foreign customers, received an undisclosed majority investment led by Tritium Partners and StepStone Group and with the participation of Ocean Avenue Capital Partners. Funds will be used to expand logistic solutions and enhance cross-border transactions for e-merchants.*

August 12 – As previously disclosed by PYMNTS.com Comdata was acquired by Fleetcor.*

August 13 – Evanston, IL-based Workhorse which provides a SaaS service for advertiser and advertising agencies to manage and plan global media buys across all forms of new and traditional media has been acquired and will subsequently be merged with SQAD.*

August 15 – Norwevian B2Holding ASA has signed an agreement to acquire ULTIMO a Warsaw, Poland-based firm which provides debt portfolio purchasing and collection services to companies.*

August 18 – Brecksville, OH-based MedData a provider of revenue cycle management services, including professional and facility coding, billing and collections, as well as an industry leading early out/patient pay solution, to emergency department, hospitalist, and other physician specialty groups, as well as to hospitals was acquired by MEDNAX, Inc. *

September 2 – Eden Prairie, MN-based XRS Corporation, a firm which provides mobile fleet optimization software, was acquired by Omnitracs, LLC for circa $178 M.*

September 19 – As already reported by PYMNTS.com SAP is taking over Bellevue, WA-based travel and expense management services Concur Technologies for $8.3 Bn.*

* Acquisitions are tracked but not included in the total investments

Venture Investments in B2B Payments and Commerce Innovations 2014 YTD