Womply announced a $30 million investment round this week in support of its front-office SME software, reports said.
The company revealed the new funding, led by Sageview Capital, which now brings the total funds raised by Womply to $50 million. The firm said it will use the latest backing to expand its staff and develop new products as it looks to gain deeper traction with SMEs.
"Womply's mission is to use technology and data to grow, protect and simplify small business," said Womply President Cory Capoccia in a statement. "This additional investment will allow us to scale even faster, further expand our partnerships and remain laser-focused on our merchant customers for many years to come."
In its announcement, Womply noted that SMEs are facing greater competition from larger corporations, making it even more critical that they deliver top-notch customer services. In another statement, Sageview Capital Partner Dean Nelson said he is "impressed" by Womply's ability to innovate.
"Womply has quietly established itself as one of the fastest-growing SMB software companies we've seen," he said. "This growth has depended in large part on the unique partnership model that they pioneered and perfected, which provides significant value to partners and merchants alike."
"We are thrilled to lead this investment in Womply and look forward to working with the management team as the company provides an even broader range of products and services to a growing number of small and medium-sized businesses," he added.
The funding round follows Womply's partnership launched with JetPay earlier this year. Their collaboration enables JetPay to launch its Insights tool, which provides SMEs with financial data analytics capabilities with information aggregated by Womply. The companies said their deal aims to empower SMEs to make more accurate and informed decisions, armed with insight into things like revenue tracking and competitor trends.