Funding News

Weekly Funding Highlights – 10 August 2022

New week – new closed funding rounds! This week’s funding highlights cover credit cards, blockchain, investment, crypto and neo banks! Take a look at some major investments of this week.

Founderpath secures $145M in debt and equity to help B2B SaaS startup founders avoid dilution (Teach Crunch)
Enter Founderpath. The Austin-based firm recently secured $145 million in its own debt and equity financing to help B2B SaaS founders grow their businesses without diluting ownership. Founder Nathan Latka experienced firsthand the painful process of giving up too much of a stake in a startup he’d founded years ago — an experience, he says, ultimately led him to start Founderpath. The firm has deployed over $60 million in capital to 130 SaaS founders since launching in January 2020, according to Latka. In the last 12 months alone, the firm has deployed $50 million, and more than half of that took place in the last four months. Read more


Truework, which helps lenders verify borrowers’ income and employment, raises $50M (STARTUP&CHILL)
Truework, California based company that offers technology to help mortgage and consumer-focused lenders verify the income and employment of borrowers, has raised $50 million in a series C round of funding led by G Squared. The raise comes as consumer borrowing continues to surge in the U.S., with vehicle loans in particular seemingly driving a significant part of that. Read more 


Savana Raises $45M in Series A Funding (FINSMES)
Savana, a Malvern, PA-based provider of financial software for banks and fintech companies, closed a $45m Series A funding. The round was led by Georgian with participation from Fiserv, a global provider of payments and financial services technology, which also will expand its existing reseller agreement with the company. The company intends to use the funds for continued growth of its core-agnostic Digital Delivery Platform, ramp up its go-to-market activities, and accelerate its roadmap of new capabilities. Read more


Shopic gets $35M to bring AI-powered smarts to ordinary shopping carts (Silicon Angle)
The smart shopping cart startup Shopic Technologies Ltd. said today it has raised $35 million in funding to get closer to fulfilling its mission of making grocery shopping experiences smarter for stores and consumers. Today’s Series B round was led by Qualcomm Ventures and saw the participation of Vintage Investment Partners, Clal Insurance, IBI Tech Fund, Tal Ventures, Claridge Israel and Shufersal, bringing Shopic’s total amount raised to $56 million. Read more


Axio Raises $23 Million Series B Investment Round Led by ISTARI (Yahoo!)
Axio, New York based company, today announced the raise of a $23 million Series B investment round. The round is led by ISTARI, a Temasek-founded global cybersecurity firm dedicated to helping clients build cyber resilience, with additional participation from existing investors, including Distributed Ventures, IA Capital Group, and Bob Dudley, Axio Chairman and former CEO of BP. This round brings Axio’s total funding to $30 million, including a $4.5 million Series A round closed in 2018. Axio will use the investment to accelerate its mission of empowering security and business leaders to discover and respond to the cyber risks that most affect their organizations. Read more


Forage Raises $22M From Nyca Partners, PayPal Ventures, and Instacart Founder to Make Online Grocery Accessible to America’s 42 Million SNAP Recipients (GlobeNewswire)
Forage, a payments processor, based in US, that makes it easier for grocers to accept SNAP EBT (previously known as “food stamps”) payments online, announced today that it has raised a $22M Series A funding round to accelerate online grocery access for America’s 42 million SNAP EBT recipients. The round was led by fintech specialist firm Nyca with participation from PayPal Ventures, EO Ventures, and prominent angels including Apoorva Mehta, founder of Instacart. Forage will use the funds primarily for product development and to accelerate hiring to meet high demand for the company’s solutions. Ofek Lavian, co-founder and CEO of Forage, said, “This capital will help accelerate Forage’s mission to democratize access to government benefits. We’re proud of the technology we’ve built and are excited to expand the acceptance of SNAP EBT payments online for low-income Americans.” Read more


Blockchain Analytics Platform Merkle Science Raises $19M to Take on Bridge Exploits (Coin Desk)
Merkle Science, a Singapore based predictive blockchain analytics platform, has added $19 million to its Series A funding round. The amount brings the total funds raised in the round to more than $24 million at an undisclosed valuation. The capital will help Merkle expand in the U.S. and fund research and development for forensics and analytics tools for emerging technologies such as decentralized finance (DeFi), an area where Merkle is seeing interest among institutional investors, and cross-chain bridge protocols. DeFi refers to financial activities carried out on a blockchain without the need of third parties. Read more


Data integration startup Equalum raises $14M to support growth (Silicon Angle)
Data integration startup Equalum Ltd. said today it has raised $14 million in new funding to support international growth, product development and demand from organizations developing new processes or transforming old ones in the cloud. The Series C round included Planven, United Ventures, Innovation Endeavours, Saints Capital and SpringTide Ventures. Including the new funding, Equalum has raised $39 million to date. Read more

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