This week, more than $187 million in new funding landed at B2B finance and tech startups, though not all of it was concerned. Investors diversified, with targets based in India, the U.S., Sweden, France and the U.K. — and with solutions ranging from cross-border payments to logistics to restaurant management. Below, PYMNTS breaks down the latest B2B funding rounds.
The $7 million Series A funding round for U.S.-based ConnexPay will be deployed to help the B2B payments player focus on global expansion in the travel sector. The company enables automated card payments between travel buyers and suppliers in real time to reduce risk and eliminate the need for buyers, including travel agencies and tour operators, to obtain lines of credit. A press release said BIP Capital led the round, which was announced in conjunction with ConnexPay’s expanded Visa virtual card issuance capabilities, which enable ConnexPay users to pay travel suppliers via single-use virtual cards.
Logistics startup Freight Tiger, based in India, connects business users to real-time logistics visibility and a digital platform to collaborate with their freight service providers. The company announced $8 million in new funding led by Lightspeed Venture Partners, reports in Inc42 said this week, while Dalmia Group’s Alsthom Indystries and Pawan Munjal Family Trust also contributed to the round. Freight Tiger said it plans to deploy the investment to connect to more customers and further develop its product and underlying technology, which integrates machine learning and artificial intelligence (AI) to manage freight operations.
Sweden’s Mitigram, a financial technology company connecting banks with each other to facilitate cross-border trade, announced $10.75 million in new funding this week led by Sampo plc., according to a press release. The funding follows its Series A funding round this time last year. The company aims to mitigate trade risk for financial institutions while facilitating cross-border trade. In a statement, Mitigram CEO Milena Torciano said the firm will use the investment to introduce new product features and enhance automation capabilities for trade finance processes.
Another logistics player, Cubyn, secured $13.5 million in Series B funding led by DN Capital, while 360 Capital Partners, Partech Ventures, BNP Paribas Development and BPIFrance also participated. The company offers third party logistics services, providing fulfillment to online marketplace. While it initially launched in Paris as a pickup and delivery service, the company plans to use the new funding to strengthen its services in the “first mile” delivery process.
India-based Khatabook raised $20 million in new funding for its small business accounting and record keeping solution, India’s Economic Times reported this week. DST Partners fund, Ribbit Capital and Sequoia Capital reportedly led the Series A round, which has not been confirmed by Khatabook but was revealed to the publication by two unnamed sources. The investment round has not yet closed, with more than 20 angel investors also expected to participate, while Chinese investors could add another $5 million to the pool, according to one source. The company takes a mobile-first approach to provide entrepreneurs with payment reminders and accounting of those transactions.
A regulatory filing revealed a $40.25 million Series E investment round for cross-border payments company Currencycloud, based in the U.K., reports this week said, with more expected to come in the next few months. The company operates B2B payments infrastructure to support global transactions, while also offering an application programming interface (API) to integrate into other systems. Currencycloud has not come out with a public announcement of the funding, however, so details remain scarce on who provided the investment and what the company plans to do with it.
U.S.-based Restaurant365 secured $88 million in Series C funding — the largest of the week — with growth equity firm ICONIQ Capital leading the way. Tiger Global Management and Bessemer Venture Partners also contributed, reports in Verdict Food Service said. Restaurant365 offers restaurant management technology that can integrate into other back-office platforms like payroll, supplier portals, bank platforms and point-of-sale (POS) solutions. The investment follows just months after Restaurant365 added an accounts payable solution for the restaurant sector to its offering.