It was repeat success for most of the B2B FinTechs that landed funding in this week’s B2B Venture Capital roundup, as Series B investments reigned supreme (with a few Series C and D rounds to boot). Investments were varied, too, with funds at expense management, cybersecurity and supply chain tech firms, though, surprisingly, a B2B eCommerce startup came out on top.
In an effort to address friction associated with multiple employees using one or a few company cards, Teampay has created a tool using virtual cards for each employee that enables enhanced spend management. The company announced $4 million in funding this week, reports in TechCrunch said, with the round being led by Crosscut Ventures. In addition to virtual card capabilities, the company offers spend and procurement analytics and integrates with tools like Slack and Google Apps, with an integration for Microsoft planned, reports said. KEC Ventures, Precursor Ventures, CoVenture and other angel investors also participated in the investment.
In India, Happay revealed $250,000 in fresh funding, according to an unnamed source speaking with VCCircle. The investment was led by Cupola Venture Opportunities, which reportedly provided the funding last December, which followed the company’s Series B funding of $10 million led by Sequoia Capital. Happay, which provides a corporate expense management and commercial card solution for businesses, did not confirm news of the funding to the publication, however.
India’s Aye Finance landed $3.9 million this week, reports in DealStreetAsia said, noting that funding was led by Hinduja Leyland Finance and Intellegrow. The company facilitates small business (SMB) financing in the form of term loans and mortgages across India. Reports said the company is in discussions to add to this Series C funding round as it continues to expand by partnering with lenders to bridge SMBs in the country to automated, faster financing.
Data & Business Intelligence
GeoSpock landed $6.6 million in new funding for its data analytics capabilities, the U.K. startup said this week. MarTech Advisor reported that the firm’s Series A funding was led by Cambridge Innovation Capital, while existing backers Parkwalk Advisors, Sir Michael Marshall, Global Brain and 31 Ventures also participated. GeoSpock technology enables faster artificial intelligence (AI) speed and data analytics to “train new systems” and “integrate and correlate information” for companies across the financial services, mobility, smart city, telematics and ad tech industries, among others.
With a focus on artificial intelligence, Austin-based SparkCognition provides solutions for companies across the energy, manufacturing, financial services, oil and gas and other industries. Its AI, machine learning and cognitive learning technologies enticed investors to the tune of $24 million, reports this week said, with the Series B funding led by Verizon Ventures, while The Boeing Company’s Boeing HorizonX unit also participated. The funding follows its initial Series B raise of $32.5 million last June.
Supply Chain Management
Based in Chicago, FourKites raised $35 million in Series B funding, the firm said this week in a press release. August Capital led the investment, while existing backers Bain Capital Ventures and Hyde Park Venture Partners also participated. FourKites said it wants to use the investment to expand its product offering and grow internationally. The company offers a supply chain management platform that includes predictive capabilities to corporations and logistics firms to manage shipments, predict shipment arrival times and improve on-time performance, the firm said.
Toba Capital led the $5.2 million Series B funding round for cybersecurity company Infocyte, which offers businesses the Infocyte HUNT solution that, according to reports, uses military-grade technology to search for malware and advanced persistent threats (APTs). NewsCenter.io said the solution helps businesses reduce attacker dwell time to detect cyberthreats as quickly as possible. LiveOak Venture Partners and Feik Enterprises also participated in the funding.
California’s Vectra secured $36 million in Series D funding this week. The company automates cyberthreat detection, specializing in in-progress attacks. Investors at Atlantic Bridge, The Ireland Strategic Investment Fund and Nissho Electronics Corp. provided the investment, which brings the total raised by Vectra to $123 million, reports said. The funds will go toward bolstering its technology with artificial intelligence, as well as for marketing and sales efforts.
A Series B funding of $9 million will help DailyPay accelerate deployment of its services for employees at mid-cap and larger enterprises, reports in NewsCenter.io said this week. DailyPay enables professionals to gain real-time access to wages earned on a daily basis. Intercept Ventures led the investment round, while RPM Ventures, Inspiration Ventures and Draper Frontier also participated.
Lightspeed Venture Partners India and Lightspeed U.S. once again led funding for Udaan, an India-based B2B eCommerce platform. The $50 million in Series B funding raised makes Udaan the winner of the largest funding round this week. Russia’s Yuri Milner also participated in the investment round, reports in MediaNama said. Udaan will use the investment to expand its logistics network, add new hires and focus on expansion via the addition of new corporate buyers and suppliers on its portal. Reports also said Udaan is looking into integrating new features, like business financing, into its portal.