The Software-as-a-Service market is in the big leagues now. Ever since Microsoft CEO Satya Nadella declared this age to be the dawn of SaaS, the B2B market has kept its eyes on the innovators that develop cloud-based tools to help businesses manage their accounting, operations, employees and everything in between.
This week, venture capitalists have kept their eyes fixed on the B2B SaaS market, too. There weren’t many big-dollar investments, but nearly all of them fueled SaaS startups around the globe. More than $30 million flowed into the space, and PYMNTS breaks down the enterprise services the software makers are targeting.
There is fear among the B2B world of the “death” of the salesperson role thanks to technology, but VCs don’t seem to be concerned that the position will disappear anytime soon. The week kicked off with venture capitalists funneling $3 million in a Series A funding round for Revegy, a B2B sales planning technology service provider, announced Monday (Sept. 28). Reports said Revegy plans to use the support to explore how big data and analytics can improve its product, which is already in use by companies like Roche and Intel Security.
Runa Capital led the investment, and partner Peter Bauert said in a statement that Revegy has “global growth potential.”
“The sales enablement software market is continuing its significant growth trajectory and Revegy, already a disruptive force in the space, is taking advantage of their technology and position to become the clear leader.”
Revegy said it will also use the funding to develop account-based marketing tools into its current software platforms.
On Tuesday (Sept. 29), the founder of Wonga and a host of other backers raised more than $1.8 million for Ravelin, an enterprise application that uses sophisticated technology and human analytics to sniff out credit card fraud being used for on-demand businesses like ride-sharing or food delivery companies across Europe.
“It’s so easy to commit fraud with these new on-demand businesses and it’s a tremendous problem for businesses in this space,” said the startup’s CEO Martin Sweeney in a recent interview with Business Insider. “Credit card fraud is a growing business and getting details is getting easier and easier.”
Reports said Ravelin uses machine learning along with a human behavior analysis to spot credit card fraud for these businesses.
The Series B funding was led by Amadeus Capital Partners, Playfair Capital and Passion Capital, according to reports, while tech veterans like Wonga founder Errol Damelin similarly participated.
Golub Capital, a lender whose late-stage investments are partially funded by venture capitalists (along with other investors), provided financing to corporate enterprise planning Software-as-a-Service firm Steelwedge, the companies revealed Wednesday (Sept. 30). The company offers a suite of cloud-based solutions for the enterprise, from supply chain management to finance and sales. The services, Steelwedge said, are particularly crucial in a world that demands more accurate and frequent forecasting, as well as greater supplier collaboration.
In a statement, Golub Capital Managing Director Peter Fair said Steelwedge is “a clear leader in the supply chain planning sector,” adding that the funds provided to the company – the exact value of which were not disclosed – will propel the SaaS firm’s next stage of growth.
Greece may not be known for its economic successes in today’s market, but one B2B startup emerging from Athens wants to buck that trend. Workable Technology secured $27 million in Series B fundraising from Balderton Capital, along with participation from 83North and Notion Capital, to help fuel the growth of its SME employee recruiting service.
Workable Technology provides a platform for small- and medium-sized businesses to scout for new talent, allowing for targeted searches and a way to streamline the hiring process without having to manually sift through dozens of resumes, reports said. As a cloud-based app, the Workable Technology software is particularly applicable for SMEs that need part time or seasonal work, reports said.
Oh Yeah … And Logistics
Can a week ever go by without mention of an India-based logistics startup securing venture capital? If so, it’s not this week.
The one non-SaaS funding happened for Quickli, a B2B delivery firm, which secured new funding, according to reports Tuesday (Sept. 29). As an on-demand tool, Quickli provides customized delivery services for other businesses; in a recent interview, Quickli co-founder Sudhanshu Aggarwal said the corporation prioritizes automation and predictive analytics to be the most efficient delivery service possible. Investors including 500 startups, Mato Peric and others provided the seed round of financing, though reports did not say exactly how much the company raised.
The enterprise software space is expanding, and it helps that cloud technology can adapt to all aspects of a corporation. This week exemplified that. The SaaS developers funded by VCs help corporations manage their people, their finances and their workflow, and signal an ongoing embrace of cloud technology.