Venture capital funding landed at startups focused on accounts payable (AP) and cybersecurity this week — with one payables startup raising $23 million in funding. A managed security services provider has also concluded a $53 million Series B round to help accelerate research and development of its cloud security technology, among other uses.
Venture capital funding landed at accounts payable (AP) and cybersecurity technology firms, among other innovators that raised money this week.
PYMNTS details the latest funding rounds below.
deepwatch, a managed security services provider, has concluded a $53 million Goldman Sachs-led Series B investment with the participation of ABS Capital Partners, a current investor, according to an announcement.
The infusion will be used to speed up research and development of the firm’s cloud security technology and will also fuel ongoing “go-to-market growth” as well as augmentation of its partner ecosystem, according to the announcement.
“The demand for managed security services is expected to grow as staffing and skill shortages, an ever-evolving threat landscape, and an increasing compliance burden lead companies of all sizes to offload their security needs to specialist providers like deepwatch,” Morgan Gerlak of Goldman Sachs Growth said in the announcement.
Finexio completed $23 million in a capital raise, which was headed up by a Medalist Partners strategic investment.
The infusion backs the company’s ambition to streamline, maximize and monetize the “last mile” of accounts payable (AP) workflow via a cloud-based platform, according to an announcement.
“This funding round represents a critical milestone for Finexio, enabling us to leverage our innovative payments platform to reach more customers just as CFOs are seeking cost reductions and greater automation in the face of margin compression and cash flow challenges due in part to COVID,” Finexio CEO Ernest Rolfson said in the announcement.
Finexio says its integrated AP and procurement software installed client base has in excess of 150,000 bank accounts, creating more than $25 billion in AP spend.
The company claims that it offers the “only API-driven AP Payments as a Service platform in the United States.”
Qatalog notched approximately €12.7 million (about $14.86 million) in an Atomico-led Series A round on the heels of a roughly €2.9 million (about $3.4 million) landed by the firm in October of last year, EU Startups reported.
The company, which was started last year, will harness the new funding to develop its London workforce.
Qatalog arranges and contextualizes Software-as-a-Service (SaaS) technologies, such as Asana and Zoom, around the appropriate individuals, workforces and initiatives in a firm.
“We’re building an intuitive platform that brings all the pieces of our chaotic workspace together,” Qatalog Founder and CEO Tariq Rauf said. “It’s an entirely new infrastructure for collaboration and information sharing, rebuilt from the ground up to support how we really work today.”
Bling Capital headed up the financing round, with participation from Alumni Ventures Group and Accomplice, in addition to former high-level officials at multiple firms and other advisors.
The company says it will harness the funding to grow its unique search engine infrastructure, speed up product formation and expand its sales and engineering functions.
"Reaching and selling to SMBs is a major business challenge,” Bling Capital Founding General Partner Ben Ling said in an announcement. “Grata's mission is to identify and enable access to every U.S. business, which will fundamentally change business development and open doors for companies selling products and services to SMBs."
Shorooq Partners headed up the round, while 92 Ventures and 500 Durian participated as well, in addition to angels from upstarts and management consulting companies.
Retailo, a B2B eCommerce upstart, aims to bolster the capacity of merchants to collect inventory for their shops. Muhammad Nowkhaiz, Talha Ansari and Wahaj Ahmed are founders of the company, which is just a few months old.