With $521 million raised this week among B2B FinTech startups, the industry continues to prove its appeal among venture capitalists. PYMNTS' latest roundup finds investor interest for B2B eCommerce, small business banking, corporate card technology, cybersecurity and autonomous supply chain tech, but it was a ResTech startup that secured the most funding of the week, by a considerable margin.
B2B eCommerce platform MaxWholesale announced a $3 million funding round this week, reports in Inc42 said, with the Series A funding led by Indian Angel Network's Fund I and private family office Al Falaj Investment Company. MaxWholesale targets India's kirana stores, connecting the small, mom-and-pop retailers to a digital wholesale platform to restock their inventory. The company also manages its own warehouses and inventory to support next-day delivery. The new funding will be used to partner with non-bank financing companies to introduce small business lending into its platform, reports said.
France- and China-based neobank EasyEuro revealed a $4 million funding round this week, noting that it plans to use the funding to develop its products and invest in talent acquisition as it targets small businesses that trade between the two countries. EasyEuro connects SMBs to a multi-currency bank account accessible on their smartphones, cross-border payment services, a Mastercard card product and digital wallet support for Visa, WeChat Pay, Alipay and UnionPay. The company also offers a suite of APIs to integrate with various payment services to facilitate collections.
Corporate card startup Ramp announced the debut of its product this week, alongside its $25 million funding round led by Founders Fund's Keith Rabois, as reported by Pulse 2.0. Coatue, BoxGroup, Conversion Capital, Soma Capital, Backend Capital and more than 50 startup founders also participated. Ramp offers businesses a corporate credit card product linked to cash-back rewards and expense management technology designed to help businesses spend less. In a recent conversation with Karen Webster, Ramp CEO and Co-founder Eric Glyman also emphasized the company's ability to connect business owners with credit cards without the need for a personal guarantee.
Enterprise cybersecurity outfit CybelAngel landed $36 million in Series B funding led by Prime Ventures, according to AIthority reports, with the company planning to deploy the investment toward global expansion, investment in strategic partnerships and further optimization of its artificial intelligence (AI)-powered technology. The firm connects businesses with a Software-as-a-Service solution that safeguards enterprise data across third-party platforms as businesses embrace data integration via the cloud, data centers and IoT-connected devices, and via suppliers and business partners. The company automatically assesses data sensitivity across corporate documents, using AI to secure that information.
Outrider has developed an autonomous distribution yard truck that aims to propel the adoption of self-operating vehicles within the supply chain. The company's technology enables automated yard operation traditionally carried out by manual labor, including hitching trailers and moving them between loading docks. The company has raised $53 million for its technology, according to reports, with investors at NEA and 8VC leading the seed and Series A funding rounds. Koch Disruptive Technologies, Fraser McCombs Capital, Prologis, Schematic Ventures, Loup Ventures and Goose Society of Texas also participated.
The leader in this week's funding roundup – by a considerable margin – is Toast, the restaurant technology startup that secured $400 million in Series F funding this week led by Bessemer Venture Partners, Greenoaks Capital, Tiger Global Management and TPG. TCV, Durable Partners LP, G Squared, Light Street Capital, Alta Park Capital and others also participated. Toast offers restaurants a range of technology solutions to optimize operations, including hardware and software to enhance the patron experience, connect restaurant owners to financing, provide employee management solutions and more. The company said it will deploy the funding to further develop its technology platform.