Weekly Funding Highlights – 18 November 2020

Weekly Funding Highlights – 18 November 2020

Weekly Funding Highlights – 18 November 2020

For this week’s transactions and investment deals, we bring you a range of funding rounds from insurance, credit lines, “SuperApps”, SaaS, open banking, BaaS, InsurTech, cybersecurity, clean energy and technology, buy now pay later platforms, cloud security, democratization of donor-advised funds, PaaS, gold as currency fintech, financial wellness, SMEs, and financial apps. Enjoy the reading!

SentinelOne: Cybersecurity

SentinelOne (Mountain View, CA, US), a cybersecurity platform company, raised $267m (€224.96m) in Series F funding, led by Tiger Global Management, with participation from Sequoia Capital Global Equities and existing investors including Insight Partners and Third Point Ventures. With the new raised sum, the company plans on accelerating its efforts to meet the demands for its Singularity XDR Platform. Read more

Gojek: SuperApp Provider

Gojek (Jakarta, Indonesia), an on-demand, multi-service tech platform providing access to a wide range of services including transport, payments, food delivery, and logistics, has raised $150 million (€126.38m) from state-owned mobile operator Telkomsel. With the new raised funding, both companies are aiming to launch new projects and promote joint products, with a focus also on the digital lifestyle area. Read more

Menlo Security: Cloud Security

Menlo Security (Mountain View, CA, US), a cloud security company, raised $100m (€84.25m) in Series E funding, led by Vista Equity Partners, with participation from Neuberger Berman funds, General Catalyst, JP Morgan, and other existing investors. With the new investment, Menlo Security further aims at growing its market expansion and increasing its engineering efforts in order to develop new products and services. Read more

SME Finance: SMEs industry

SME Finance (Vilnius, Lithuania), a fintech company, received €80M from the European Investment Bank (EIB) to support small and medium-sized Lithuanian, Latvian, and Estonian enterprises. The company will use the new received investment to fulfill the working capital financing needs of enterprises through its self-service factoring platform. Read more

Paddle: B2B SaaS

Paddle (London, UK), a B2B Software-as-a-Service (SaaS) provider, raised $68m (€57.29m) in Series C funding, led by FTV Capital, with participation from Kindred Capital, Notion Capital and 83 North. With the new funding, Paddle will further expand its services in the US and also globally, and further invest in its current product line, and workforce team. Read more

Railsbank: Open Banking 

Railsbank (London, UK), an open banking startup, has secured a $37 million (€31.17m) investment in a round led by MiddleGame Ventures and Ventura Capital, with participation from Anthos Capital, Global Brain, Clocktower Technology Ventures, Moneta VC, Mitsui Fudosan and Firestartr. With the new raised sum, Railsbank will further expand the company’s services and business, while also implementing new products and services. Read more

Turtlemint: Insurance Startup

Turtlemint (Mumbai, India), an insurance policy startup, has raised $30 million (€25.28m) in a new financing round, led by GGV Capital . American Family Ventures,  MassMutual Ventures and SIG, with participation from existing investors Blume Ventures, Sequoia Capital India, Nexus Venture Partners, Dream Incubator and Trifecta Capital. With the new raised sum, Turtlemint will grow its network of advisors and improve its technology stack. Read more

True Balance: Financial Apps

True Balance (South Korea), a financial services app provider, has raised $28 million (€23.59m) in a new financing round from SoftBank Ventures Asia, Naver, BonAngels, Daesung Private Equity, and Shinhan Capital. With the new raised sum, True Balance aims at leading the startup to reach the break-even point and then becoming profitable. Read more

Razor: Consumer Holding Company

Razor (Berlin, Germany), a consumer holding company, raised $25m (€21.06m) in combined equity and debt funding, led by Redalpine Capital IV, with participation from existing investors 468 Capital, Presight Capital and GFC. With the new capital injection, Razor plans on upscaling their business operations and speeding their acquisition initiatives. Read more

Modulr: Payments-as-a-service (PaaS) platform

Modulr (London, UK),a payments-as-a-service (PaaS) platform, has received a £9 million (€10.08m) investment from Paypal Ventures. With the new sum, Modulr will develop additional products, grow its team and expand its customer base. Read more

Northstar: Financial Wellness

Northstar (San Francisco, US), a fintech company that enables employers to offer financial wellness as an employee benefit, announced $10.7 million (€9.02m) in financing, including a new $7.3 million Series A led by M13 with participation from Foundation Capital and Workday Ventures. With the new investment, Northstar plans on continuing its mission to support employees’ financial wellness by providing personalized advice and automation. Read more

Happay: Buy Now Pay Later platform

Happay (China), a Buy Now Pay Later platform, raised $10M (€8.43m) in funding, led by AP Ventures, and reached a $50M valuation. With the new raised sum, Happay plans to further expand its business and operating model across China’s tier one cities. Read more

Amicus.io: Democratization of donor-advised funds

Amicus.io (Charlotte, US), a fintech focused to democratize access to donor-advised funds,  announced that it has closed on an $8.7 million (€7.33m) Series B funding, led by The FR Group. The Wells Fargo Startup Accelerator and Chris Jones, a former executive at JPMorgan Chase and Blackrock, also participated in the round. The new sum will go into marketing and sales efforts. Read more

Griffin: Banking-as-a-Service (Baas) Provider

Griffin (London, UK), a Banking-as-a-Service provider, raised £6.5m (€7.29m) in a new funding round, led by EQT Ventures with participation from Seedcamp, Tribe Capital, Paul Forster (co-founder Indeed.com), Matt Robinson (co-founder Go-Cardless/Nested), and Carlos Gonzalez-Cadenas (COO GoCardless). With the new capital injection, Griffin looks to further develop new products, expand its team and also implement bank authorisation processes with PRA and FCA. Read more

Finiata: Flexible Credit Lines

Finiata (Berlin, Germany), a company providing flexible credit lines to small businesses, has raised €7 million in a follow-on funding round from most existing investors. The European Investment Fund is also participating through the Corona Matching Facility. With the new raised sum, Finiata plans to expand its business internationally. Read more

Bdeo: InsurTech

Bdeo (Madrid, Spain), an InsurTech company, closed a €5m Series A round of funding, led by BlackFin, with participation from current investors K Fund and Big Sur Ventures, who invested €1m in Bdeo’s seed round in 2019. The new funds will be allocated to strengthening the company’s market position across Spain and Latin America. Read more

Spark Change: Clean energy and technology

Spark Change (London, UK), a new fintech focused on clean energy and technology, has closed a $4.5m (€3.79m) funding round led by Barclays, with participation from FinLab EOS VC Fund and Solactive AG. Other investors in the current and previous rounds include Techstars, Swing Ventures, Librae Holdings. Angel investors Matthew Le Merle and Chris Adelsbach also participated in the round. The seed round will be used by the company to further develop its proposition. Read more

Glint Pay: Gold as currency fintech

Glint Pay (London, UK), a  gold as currency fintech firm, has secured an additional £2.5 million (€2.11m) in funding to support its growth, with £1.25 million coming from private investment, and the remaining £1.25 million being contributed by the UK government’s Future Fund. With the new investment, Glint Pay further aims on continuing its growth plans. Read more

Turaco: Micro-InsurTech

Turaco (Nairobi, Kenya), a micro-insurtech startup has secured $2 million (€1.69m) in series seed equity investment from Novastar Ventures, Mercy Corps Ventures, Musha Ventures, GAN Ventures, Zephyr Acron, and several angel investors. With the new funding, the company aims at growing its business and upscaling its operations in Sub-Saharan Africa. Read more

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