Cybersecurity returned to the top of the B2B startup investment list as three companies in the enterprise security realm landed nearly half of the $246 million in B2B venture capital this week. But Software-as-a-Service emerged as a hot spot, too, with the largest investment round of the week going to a B2B eCommerce SaaS provider.
Linking financial institutions and corporates with its Banking-as-a-Service platform, ONPEX enables FIs to deploy cloud-based account and payment technology to digitize operations and enhance their cross-border corporate payment offerings. This week the company said in an announcement that it secured a "seven-digit investment," though it declined to reveal exactly how much it raised. ONPEX said FinLab and angel investors provided the funding that will go toward what Founder and CEO Christoph Tutsch called its "upcoming scaling phase." Pointing to the $218 trillion valuation expected in the cross-border B2B payments space by 2022, ONPEX said its BaaS platform will address the growing demands among corporates for seamless, efficient global payments through its API-based multi-currency IBAN account service, enabling companies to integrate SWIFT payments functionality into their own offerings.
Cybersecurity startup Socure landed $30 million in new funding, reports said this week, with investors at Scale Venture Partners leading the Series C round. Commerce Ventures, Flint Capital, Two Sigma Ventures, Synchrony and Sorenson Capital also participated, according to reports. Socure provides cloud-based fraud prevention and identity verification functionality to its business customers, and said in its announcement it plans to use the funding to focus on sales, marketing, research and customer support team expansion. With U.S. card issuers, online retailers, payment providers and other businesses using Socure solutions today, the company said the investment will propel its U.S. growth trajectory, particularly in the healthcare and public sectors.
Also operating in the enterprise security space is Cequence Security, based in California. The firm said in a press release it raised $17 million in Series B funding from Dell Technologies Capital, with Shasta Ventures also participating. Cequence plans to use the funding to focus on market expansion and further innovations of its platform, which links businesses with software to safeguard enterprise apps.
Another California cybersecurity startup, Contrast Security, announced $65 million in Series D funding this week. The round was led by Warburg Pincus, and existing backers Battery Ventures, General Catalyst, M12, AXA Venture Partners and Acero Capital also participated. Contrast provides cybersecurity solutions to DevOps teams, allowing them to ensure the software they develop remains secure by building safeguards directly within their software solutions. Contrast said it plans to use the funding to focus on technology innovation, international expansion and field operations, and to grow its customer success team.
Based in San Francisco, Sapling provides companies with human resources technology that can integrate with existing systems, including payroll platforms. The company raised $4 million from Gradient Ventures (GV) and Tuesday Capital, according to a press release, though Sapling did not reveal how it plans to deploy the capital. The firm emphasized its focus on artificial intelligence and predictive analytics to provide People Operations executives with insights to attract and retain talent.
The $8 million Series A investment for GoExpedi will help the company expand geographically in the U.S. and beyond, focus on building out its technology and analytics capabilities, and develop a dashboard to provide business customers with real-time visibility and predictive analytics. GoExpedi provides companies in the oil and gas drilling industry with a B2B eCommerce platform through which they can procure complex parts and supplies for maintenance, repair and operations (MRO) needs. Crosslink Capital led the investment, while Bowery Capital, Blue Bear Capital, Hack VC, SaaS Ventures and angel investors also participated, GoExpedi said in its announcement.
Paris-based Mirakl offers corporate and retail customers eCommerce Software-as-a-Service to help streamline their B2B and B2C sales operations. The company announced a $70 million Series C funding round this week, reports said, with Bain Capital leading the round. Existing investors 83North, Felix Capital and Elaia Partners also participated, reports said. Mirakl said it plans to use the funding to enhance its underlying technology and continue broadening its partner ecosystem, as well as to attract and on-board new sellers, develop new analytics solutions and expand throughout the Asia Pacific and Latin America regions. The company offers API connectivity to enable online sellers to offer third-party products on their own marketplaces, while providing them with functionality like carrier selection, in-store returns, credit limits and more.
A $16 million Series B funding round for Splice Machine saw participation from the artificial intelligence platform's partner Accenture via Accenture Ventures, while GreatPoint Ventures led the round, and SunBridge Group CEO Allen Miner also participated, reports said this week. The company plans to develop new solutions to integrate Splice Machine's AI technology into new verticals to link corporates with enhanced business intelligence. The company also plans to expand its engineering and customer success teams, strengthen its go-to-market strategy, and further develop its data platform, reports noted.
Gig worker management company VNDLY announced in a press release this week it raised $11 million in Series A funding from Battery Ventures, Hyde Park Venture Partners, EPIC Ventures, Bowery Capital and the Cintrifuse Syndicate Fund. The company provides businesses with a work management system designed to help them manage their contingency workforce, integrating machine learning and artificial intelligence to automate workforce management processes. VNDLY said it will use the funding to focus on product innovation, global expansion and customer acquisition.
U.S.-based Cloud Elements is tackling one of the biggest headaches found in corporate back offices: the cross-integration of a rising number of cloud-based systems and platforms. The company provides an API integration platform for software providers and large enterprises to facilitate that integration, and announced this week it raised $25 million in Series C funding round led by Mercato Partners. Access Ventures, American Express Ventures, Grotech Ventures, Harbert Growth Partners, Rally Ventures and Upslope Ventures also participated, reports said, noting the firm plans to use the cash to focus on growth and develop integrated digital payment functionality.