B2B Payments

Former NSA Chief Lands Top B2B VC Funds For Cybersecurity Startup

GE Ventures Funds Xometry

This week’s B2B venture capital roundup includes a strong showing from one uncommon market: Brazil. The nation secured significant funding for startups operating in the spaces of logistics and cybersecurity – the two B2B markets that landed the most investment this week. But it was one U.S. cybersecurity company launched by former NSA chief Keith Alexander that raised the largest round at $78 million. PYMNTS breaks down the highlights of the week’s investments in B2B startups below.



Bizongo‘s business model of providing packaging to B2B companies may not capture headlines, but the $22 million in Series B funding the India-based startup secured this week signals investors’ confidence. B Capital, International Finance Corporation, Accel Partners and IDG Ventures participated in the investment round, according to YourStory reports. According to Bizongo, packaging is critical to supporting India’s B2B trade operations. With the funds, the company said it will focus on technology development, new hires and overall expansion as it turns its attention to large corporate customers.


The IMF also participated in Brazil’s Mandaê’s $7.1 million Series B funding, reports this week said. The logistics company – which also saw investment from UPS Strategic Enterprise Fund, Mercado Libre Fund, Tekton Ventures, FJ Labs, Performa Investimentos, Qualcomm Ventures, Monashees and Icon Holding Company – targets early-stage eLogistics to optimize shipping costs and efficiencies for small businesses in the country. According to Mandaê, it can save businesses up to 35 percent on shipping costs through its network of logistics partners across parcel pickup, cross-docking and last-mile transit, with SMBs facing increased pressures for these capabilities as Brazil’s eCommerce industry grows. Mandaê said it will use the investment to focus on growth and domestic expansion.



A $5 million Series A funding for U.S.-based Cobalt.io offers businesses penetration testing, also known as “pen testing,” designed for Software-as-a-Service companies. The firm landed the investment from Founders, eLab Ventures, DG Incubation, Plug and Play Ventures and Draper Associates, the company said in a press release. The funds will go toward global expansion and continued investment in its PTaaS (penetration testing-as-a-service) platform designed to identify and manage software vulnerabilities.

IronNet Cybersecurity

This startup is making a name for itself thanks to its founder, Keith Alexander, who served as former U.S. National Security Agency chief. The company announced $78 million in funding, according to Reuters reports. Based in Maryland, IronNet revealed the Series B investment, led by C5 Capital with participation from ForgePoint Capital and Kleiner Perkins Caufield & Byers, as it plans to roll out a threat-sharing technology. Dubbed IronDome, the solution lets companies share data on cyber threats in real-time, and currently has five energy suppliers using the tool. Alexander noted the national security implications of a cyberattack on the power grid, in which case sharing cyber threat information will be critical, he told the publication. With the new funds, the company said it will continue to develop new cyberdefense solutions.

Intelligence Fusion

The U.K.’s Intelligence Fusion, also known as IF, also operates in the risk management space. The company raised more than $662,000 this week for its artificial intelligence-powered global intelligence platform for multinational corporations and their security professionals to mitigate security risks. The firm will use the investment, provided by Growth Capital Ventures, GrowthFunders and Crowdcube, to focus on technological development.

SMB Banking


Another Brazilian company, Neon, landed $22 million this week as it continues to expand its digital banking services for consumers in the market. Though not in the B2B market quite yet, Neon said it plans to enter the small business banking market in the coming months. The investment, the company noted, is Brazil’s largest-ever Series A funding round, and was led by Propel Venture Partners, Monashees, Quona Capital, Omidyar Network, Tera and Yellow Ventures.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.