Equity investments reigned this week, thanks to backing for accounts payable (AP) automation firm MineralTree and treasury management company Kyriba, but it was the logistics market that saw the largest venture capital round — and secured another unicorn for the B2B startup space. Below, see how more than $690 million landed across the market, with corporate travel, small business (SMB) cybersecurity and trade finance also securing new funds.
The accounts payable automation technology developed by MineralTree has attracted $50 million in growth equity from Great Hill Partners, the companies announced this week. Existing backers .406 Ventures and Eight Roads also participated in MineralTree’s latest investment, which the firm plans to use to focus on growth acceleration and expand its presence in the AP automation space for middle-market corporate customers. Citing MineralTree’s 80 percent revenue growth in 2018, Great Hill Partners said the demand for AP automation solutions is on the rise, particularly in the middle market, with firms more focused on process optimization.
The $160 million investment in corporate treasury firm Kyriba means private equity firm Bridgepoint will secure a majority stake in the firm. According to a press release, the investment values Kyriba at $1.2 billion, and will be used to propel the company’s position in the treasury technology space. The release noted Kyriba’s $110 million in 2018 revenue, which Bridgepoint aims to accelerate moving forward by targeting product development and customer support — Kyriba will invest $60 million in product development through 2021. The company will retain its current management structure, which includes CEO Jean-Luc Robert.
India’s Delhivery secured unicorn status this week, as the logistics company landed a $413 million investment round from SoftBank. The company, now valued at $1.5 billion, wants to add even more to its coffers via a share sale, which could land an additional $150 million for the firm, unnamed sources told The Times of India this week. Delhivery provides businesses in the country with parcel logistics services, but is planning to expand that offering to include freight, while it also has partnerships with other logistics players in the works, reports said.
Corporate travel and expense management solutions provider Lola.com announced $37 million in venture capital raised, with investors at General Catalyst and Accel leading the Series C round. CRV, Tenaya Capital and GV also participated. Lola.com provides a platform through which corporates can manage their travel expenses and related receipts, while also creating individual profiles for travelers booking air and hotel reservations. Lola.com said in its company blog that it will be doubling its staff levels, with plans to continue focusing on customer satisfaction and product development.
Based in Hong Kong, Qupital announced $15 million in Series A funding to broaden its small business financing reach into Mainland China. Reports this week said CreditEase FinTech Investment Fund led the round, while Alibaba Entrepreneurs Fund and MindWorks Ventures — both of which participated in Qupital’s Seed round — also invested in the Series A. Qupital’s focus on expansion in China will be joined by plans to add new products to its existing small business financing platform, which currently focuses on supply chain finance. Reports said the company also plans to expand its staff, with a focus on risk management and technology development teams.
India’s Zetwerk operates in the B2B procurement space by providing custom manufacturing solutions for businesses with highly specialized equipment needs throughout India and Southeast Asia. Reports in Financial Express said the company raised $9 million in Series A funding this week, led by Sequoia Capital India, Accel and Kae Capital. With a focus on mid-to-large original equipment manufacturing (OEM) firms, Zetwerk addresses companies’ machinery procurement needs when off-the-shelf products don’t cut it. The firm also works with small and medium-sized companies across industries on the supplier side to fulfill that need. The funding comes as the company aims to expand its supplier base and develop more solutions for both buyers and suppliers, reports said.
Targeting the small business cybersecurity market, Sayata Labs raised $6.5 million, reports in VentureBeat said this week, as the company provides cyber insurance providers with a risk underwriting solution. The firm, based in Israel, uses artificial intelligence to underwrite cyber insurance for SMBs. Investors at Elron led the Seed investment, which will be used to focus on accelerating operations across the globe, Sayata Labs said.