Big Data was the big winner in this week’s B2B venture capital breakdown, as startups explore how to help the enterprise handle the deluge of data at its fingertips now that corporates are embracing digital tools. Big Data startups scored the most funding and the largest single funding round of the week, but close behind is a corporate travel and expense (T&E) management company. Plus, startups targeting payments friction and document management also make an appearance in this week’s lineup — PYMNTS breaks down the $104.25 million in total venture capital raised this week below.
In a notice sent to PYMNTS, Chrome River said it raised $35 million in new funding last month. The corporate travel and expense management firm landed the investment from several investors, including Argentum Group, Bain Capital, First Analysis and Great Hill Partners.
In a statement, Matt Harris, managing director at Bain Capital Ventures, said Chrome River “has clearly demonstrated its ability to execute and innovate in expense and invoice management.” The firm said it plans to use the funding to focus on international expansion, scale up investment in customer support services and back potential merger and acquisition (M&A) activity.
With a focus on the construction industry and its common practice of the use of lien wavers, Zlien streamlines the management of payments and documents between stakeholders. The company said this week it raised $10 million in Series B funding led by S3 Ventures, while Altos Ventures, Brick & Mortar Ventures and other investors also participated.
In announcing its investment, Zlien also highlighted the friction associated with lien wavers and paperwork. “The old way of doing business on a handshake no longer exists,” the company’s CEO Scott Wolfe Jr. said. “Today, contractors live under a pile of regulations and process requirements that slow down payments and strain relationships.
“Contractors need to simplify and take a collaboration-driven approach to construction payment,” he continued. “They need to kill off liens and all of the complexity, and that is what we’re focused on at Zlien.”
The company said it will use the funding to focus on growth and product development.
Swarm64, a company with offices in Norway, Germany and the U.S., announced $12.5 million in Series B funding this week. The firm provides Big Data and analytics services, offering its scalable data accelerator solution to enable accelerated and more efficient data management. Intel Capital led the funding round, which also saw participation from Alliance Venture and Target Partners. Swarm64 didn’t specify exactly how it plans to use the funding.
In the largest funding round of the week, Canada’s Rubikloud raised $36.75 million in Series B funding, also led by Intel Capital. The company facilitates retailers’ migration of data and systems from legacy infrastructure into the cloud, then offers them a variety of other solutions, including promotional planning and marketing. In addition to Intel Capital, iNovia Capital and OTEAF also joined the round, while existing backers Horizons Ventures and Access Industries participated as well.
San Francisco-based Concord provides contract management solutions to enterprise clients, and on Thursday (Jan. 4), the company announced it closed a $10 million Series A funding round that will be used to focus on product development and growth of its commercial teams. The funding was led by CRV (Charles River Ventures), while Alven Capital also participated. Its contract management services include online negotiation and editing, deadline alerts and approval workflows.