With more than $65 million placed with B2B FinTech firms this week, it wasn't the most lucrative roundup for the industry. Yet, venture capitalists revealed revamped interest in the B2B eCommerce and procurement spheres, exploring technologies like blockchain to enhance supply chains and the buyer-supplier relationship. Below, PYMNTS rounds up the latest in B2B investments.
Supply chain technology firm Chronicled is among the growing roster of companies deploying blockchain to integrate automation and security into its services. Investors at Mandra Capital led a $16 million Series A funding round for the firm in support of its blockchain supply chain solutions, while Streamlined Ventures, The Perkins Fund and other investors also participated, the company announced in a press release. Based in California, Chronicled is in the midst of pilot testing its MediLedger Network; the funding has come as the company readies for a commercial launch of the tool later this year. The new funding will also go toward further development of an office in Canada, and the addition of new staff.
Based in Malaysia, Dropee operates a B2B eProcurement platform that caught the attention of investors at Vynn Capital. The firm announced this week that it secured $341,000 in Seed funding, which it plans to use on marketing efforts, hiring and the launch of new product features, e27 reported, noting that Dropee targets small and medium-sized business (SMB) buyers with its platform. For B2B suppliers, the company specializes in retail and food & beverage, and aims to promote supply chain transparency by fostering stronger relationships between buyers and suppliers.
Reports in VCCiRCLE said India's restaurant eProcurement firm Adcount Technologies has raised an undisclosed amount of Bridge funding led by Venture Catalysts. Adcount plans to use the investment to expand operations in the country, and establish a supply chain network to augment its restaurant software that helps industry businesses manage inventory, connect with vendors and source products. The firm also enables restaurant vendors to access logistics and distribution services.
With a $30 million Series B funding round now under its belt, ScaleFactor will focus on expanding its operations as it targets small businesses in the U.S. with automated accounting software. Reports in Fortune this week said the company augments its bookkeeping capabilities with technology to identify areas where companies can improve their finances — for instance, analyzing inventory flows. In addition to operational expansion, the company told reporters it will explore the launch of new products, including loans, to SMB customers.
India's Instamojo has a hand in an array of small business financial processes, including loans, payments and eCommerce. The company landed $7 million in Series B funding this week, reports said, with backers at AnyPay, Kalaari Capital, BEENEXT and Gunosy Capital among the round's participants. The new funding won't necessarily be used for international expansion, Instamojo told reporters, though the company does see opportunity across Southeast Asia or Africa. Instead, it will focus on its small business technology offerings to continue helping India's SMBs move online.
Inxeption, also operating in the eCommerce arena, deploys blockchain technology to enable businesses to trade with each other. Reports in Token Post said Inxeption secured an undisclosed investment from UPS Strategic Enterprise Fund for its B2B eCommerce platform, with Inxeption noting that it will use the funding to develop new features and solutions for B2B buyer and seller customers. The company claimed to have developed the first B2B eCommerce platform that automatically catalogues and digitizes information, with data stored on a proprietary blockchain system to manage product information and history. Real-time analytics enable vendors to monitor their online sales and order status information. In addition to the investment from UPS' investment unit, Inxeption said it will collaborate with UPS on new solutions, likely in the logistics arena.
U.K. corporate payments startup AccessPay landed backing from U.S. investors this week, with reports in The Telegraph noting that Beringea, True Ventures and Route 66 provided a combined $11.6 million for the firm. AccessPay operates a digital platform with integrated payments, cash management and treasury functionality, focusing on the ability to integrate its solutions across existing platforms of the enterprise. The investment will go toward expanding its current staff levels, reports said.