Big Data and software as a service (SaaS) once again caught the attention of venture capitalists in the B2B FinTech space this week, but it was cross-border B2B payments that landed the most money. Investors at GV — formerly known as Google Ventures — participated in the rounds of two different startups in this space, which raised a combined $49 million in funding. Both of these companies not only operate in the same industry, but said they will use the funds in similar ways: to expand geographically as their own SME clients are also looking internationally.
Not only has Align Commerce, a cross-border B2B small business payments startup, changed its name to Veem, but the company also announced this week that it raised $24 million in fresh funding. The Series B round was led by National Australia Bank Ventures and saw participation from GV (formerly known as Google Ventures) and SBI Investment Co., according to reports. Existing backers also participated in the round. Veem told PYMNTS that the funding will go toward continuing global expansion as Veem looks to add new geographic markets and support more currencies to its global payments solutions that help SMEs transact internationally.
With a business model similar to that of Veem, Currencycloud, a U.K.-based FinTech startup, helps businesses make cross-border payments. And just days after Veem announced its funding, Currencycloud revealed it raised about $25 million, led by GV (which, consequently, also participated in Veem’s Series B funding round). Currencycloud’s Series D funding also saw participation from Sapphire Ventures, Notion Capital and Anthemis, Rakuten’s investment fund. Currencycloud offers SMEs a platform that connects via API into existing systems and enables cross-border payments — it’s that use of an API that attracted investors, according to CEO Mike Laven, who told reporters that the latest funding will be used to expand within the U.S. and Asia.
StatX is banking on small business owners depending on their mobile devices to run their businesses. The company provides a mobile app that can be used by virtually any type of small business, alerting them to any changes within the organization — including financial data like accounts receivable, Google Task alerts or the impact of a recent marketing campaign. With $2.5 million in fresh seed funding, StatX will focus on product development and distribution, reports said. The company can link into existing platforms like QuickBooks to access company data and provides business owners with mobile alerts to changes in company performance as a way to help these business owners decide their next moves.
SkySync provides a way for the enterprise to connect two dissimilar storage systems in an effort to streamline data management. Its offering attracted the attention of Plymouth Ventures, reports said this week, which provided an undisclosed amount of funding for the company. The funds will be used to accelerate its growth strategy, SkySync said, and boost the development of OneSync, its Enterprise File Logistics platform to link both on premise and cloud-based data storage systems for its corporate clients.
Through the use of artificial intelligence and real-time data and analytics, cloud.IQ enables eCommerce businesses to optimize customer conversion and retention. Investors at Nauta Capital, Finance Wales and Juno Capital just landed nearly $5 million at the U.K. SaaS startup, which said it will use the money to promote global expansion and grow its senior staff.
This startup focuses on digital manufacturers, using its software solution to safeguard intellectual property. The company said this week it raised an undisclosed amount of seed money (though it said it was a “multimillion-dollar” amount) led by Bee Partners. Siemens Venture Capital, La Famiglia and DART Capital Partners also participated. Identify3D said it will use the money to meet growing demand from its existing customers, especially across the aerospace and defense industry. The funds will also go toward reaching other manufacturing industries like oil and gas, health care, and transportation, the company said.