U.S.-based B2B startups took control of the funding reins this week, with five of the seven newly-funded technology firms based stateside. More than $213 million was raised, with investors targeting a range of solutions from alternative lending to document and application programming interface (API) management. But it was the workspace sharing industry that saw the most funding. PYMNTS breaks down the latest B2B startup investment rounds below.
Based in Bahrain, Sinc operates a workforce management Software-as-a-Service solution that allows business users to manage their mobile workforces. The company raised $250,000 in pre-seed funding, a press release this week said, led by Dubai Angel Investors and a range of other angel investors. SINC said it plans to use the funding to grow its team and further develop its job tracking function, with plans to target North American small business customers. The platform also offers spreadsheet management, location tracking and job scheduling capabilities.
With $5.5 million in new funding, U.S.-based Salaryo will focus on scaling its online service that connects freelancers and entrepreneurs with financing for security deposits on co-working spaces. Investors at Ruby Ventures and Michael Ullmann's investment group provided the latest round, which brings the total raised by Salaryo to $6.3 million, a press release said. As a mix between an alternative lender and workspace solution provider, the company connects entrepreneurs to spaces from WeWork, Office Evolution and other on-demand workspace sharing companies — the company claims to be the first startup operating as an online lender specific to the workspace sharing industry.
California-based ReadMe has raised $9 million in Series A funding for its technology enabling business users to customize API documentation. Accel led the round, a press release said, while Y Combinator also participated; ReadMe plans to use the investment to expand operations and product development. The firm aims to help businesses more efficiently manage their documents APIs.
California's Tesorio, a FinTech startup enabling business users to automate and predict cash flow, announced $10 million in fresh funding, led by Madrona Venture Group. GeekWire reports did not reveal exactly how Tesorio plans to use the investment, though noted the company uses a range of data sources, including accounts payable and accounts receivable, combined with technologies like artificial intelligence and machine learning, to automate cash flow forecasting for its customers. Reports noted that so far, Tesorio has processed $56 billion in payments and 10 million invoices, using that data to forecast cash flow.
Fleet technology firm Bestmile, based both in California and Switzerland, has raised $16.5 million in Series B funding led by Blue Lagoon Capital and TranksLink Capital. Road Ventures, Partech, Groupe ADP, Airbus Ventures, Serena and other investors also participated, a press release said. Bestmile connects firms to a fleet management platform to help them manage autonomous and human-driven fleets, offering dispatching, routing and ride-matching solutions. Reports said Bestmile planned to use the funding to ramp up every part of its organization.
The $50 million raised by India's BharatPe this week will be used by the startup to broaden its working capital solution, TechCrunch reported this week. The company operates a solution that allows merchants to accept digital payments, but said it will invest in its financing offering that connects its business users to working capital, and to launch a new solution that connects merchants with their suppliers. Investors at California's Ribbit Capital and London's Steadview Capital led the Series B funding, reports said.
High-profile investors including Goldman Sachs have led a $42 million investment round in Mexico-based alternative lender Credijusto, a press release this week said. Point72 Ventures and other backers also participated, backing the FinTech that connects small businesses to loans and equipment leases. Credijusto said it plans to use the investment to introduce a credit card product for its small business users, reports in the Financial Post said.
While Salaryo aims to capitalize on the workspace sharing boom, U.S.-based Industrious hopes to disrupt it. The company offers flexible, on-demand workspace solutions, and this week reports in Real Estate Weekly said the firm raised $80 million in Series D funding, with investors at Riverwood Capital Partners, Brookfield Properties' retail group, TF Cornerstone, Granite Properties, Equinox, Wells Fargo Strategic Capital, Fifth Wall Capital and the Canada Pension Plan Investment Board. According to reports, Industrious collaborates with landlords to boost their revenue while connecting companies with flexible workspaces including large suites and amenities shared throughout a single property. The company takes a partnership-only approach to the market, it explained, and said it will continue to focus on strategic landlord collaborations as it grows.