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Weekly Funding News Highlights – 14 December 2022

New week – new closed funding rounds! This week’s funding highlights cover personal finance, AI software, data, security,  and many more! Take a look at some major investments of this week.

Dataiku bags $200m Series F funding at $3.7bn valuation (Fintech Futures
Artificial intelligence (AI) firm Dataiku has raised $200 million in a Series F funding round led by new backer Wellington Management at a reduced valuation of $3.7 billion. The company raised $400 million in its Series E funding round in August last year at a valuation of $4.6 billion. The new investment brings Dataiku’s total capital raised to date to approximately $600 million. Founded in 2013 and headquartered in New York, USA, Dataiku’s tech enables organisations to deploy AI and machine learning for various use cases including predictive maintenance, supply chain optimisation, quality control in precision engineering and marketing optimisation, among others. Read more

European fintech Novicap bags €200m debt facility from Fasanara Capital (Fintech Futures
Novicap, a European fintech providing working capital solutions to businesses, has secured a €200 million debt facility from Fasanara Capital. Founded in 2014 and based in Barcelona, Novicap’s technology platform offers credit and Software-as-a-Service (SaaS) solutions to customers including small and medium-sized enterprises (SMEs), mid-market companies and public administrations. The company claims its platform has exceeded €1 billion in transaction volume since launch. The fresh funding will be used to accelerate the company’s growth, bolster its credit portfolio and support the development of new product offerings. The facility also enables Novicap to expand its funding capacity to over €1 billion of financing volume per year. Read more

French fintech Younited raises €60m to offer consumer credit (Retail Banker International)
French consumer credit platform Younited has raised €60m in funding from its main shareholders including Goldman Sachs. The round was also joined by Eurazeo, Crédit Mutuel Arkéa and Bpifrance via its Large Venture fund. With this round, the firm’s valuation has touched €1.1bn. Younited will use the proceeds to support the deployment of its ‘instant credit’ and open banking solution. Currently available in Spain, Portugal and France, the ‘instant credit’ offering will be launched in new geographies, the firm said. Read more

Vic.ai raises $52M, shows that automating accounting processes can be profitable (Fintech Futures
AI accounting firm Vic.ai has secured $52 million in a Series C funding round led by existing investors GGV Capital and ICONIQ Growth. The round, which also saw participation from Cowboy Ventures and Costanoa Ventures, brings the company’s total funding to $115 million. Founded in 2017 with its bases in New York City and Oslo, Vic.ai’s artificial intelligence (AI) platform helps accounting firms and businesses automate invoice processing, with claims of up to 99% accuracy, boosting customer productivity by 500%, and nearly $200 million in cost savings. It also provides data insights through its dashboard. Read more

Beamery raises $50M to help businesses make right decision through AI; reaches unicorn status (TFN)
Beamery, a London-based talent lifecycle management platform, announced that it has secured $50 million in a Series D funding round led by Teachers’ Ventures Growth (TVG), bringing the valuation to over $1 billion. With this, the firm has been added to the list of the hottest unicorns in London right now. The unicorn firm will use the funds to support businesses through each stage of the talent lifecycle – from recruiting, to talent mobility and development, to upskilling. “For nearly a decade, we have been hyper-focused on building technology that enables our clients to unlock the full potential of the global workforce,” says Abakar Saidov, CEO of Beamery. Read more

Setpoint raises $43mn to overhaul real-estate transactions (Fintech Magazine
Setpoint has raised US$43mn in Series A led by Andreessen Horowitz to continue building a new generation of infrastructure for asset-backed lending. Setpoint, a New York-based fintech that is building new infrastructure for real estate transactions and asset-backed lending, has raised US$43mn in Series A funding led by prominent technology backer Andreessen Horowit. The funding will allow Setpoint to invest further in software engineering and develop critical tools for their customers on both sides of asset-backed transactions. The firm will continue to focus on relationships with borrowers and lenders, while also expanding beyond its core market of real estate. Read more

Payments automation firm Plooto snares $20m Series B (Global Fintech)
Plooto, an end-to-end accounts payable and accounts receivable automation software platform, has scored $20m in a Series B raise. The round was led by Centana Growth Partners as well as participation from investors Luge Capital and FINTOP Capital. While building their first company, the founders of Plooto experienced the pain of operating a growing business firsthand. In 2015, the firm began by building a payments platform for small businesses to achieve greater control, convenience, and visibility over their financial practices at a reasonable price point. Today, over 8,500 finance teams as well as accountants and bookkeepers use Plooto’s cloud-based financial solutions. Turbocharged by the adoption of remote-first work, Plooto continues to grow at a rapid pace. Read more

Bondaval secures $15m for the future of B2B credit (Global Fintech)
Bondaval, a London-based B2B receivables and mini bonds FinTech reimagining the future of B2B credit, has raised $15m in Series A funding, led by Talis Capital. The Series A round, which brings the total raised to more than $25m, also saw participation from Bonaval’s existing investors, Octopus Ventures, Insurtech Gateway, TrueSight and Expa, as well as its new partners Talis, FJ Labs and Broadhaven Ventures. Founded in 2020 by am Damoussi and ex-England Rugby 7s captain Tom Powell, Bondaval is on a mission to redefine the future of B2B credit. The startup’s FinTech product allows B2B financiers to rationalise credit and insurance underwriting, processing and cost. Bondaval’s offering includes MicroBond, a no-cancellation financial instrument wholly underwritten through its digital platform without the customer putting down collateral. MicroBond is used by blue chip FTSE 100 and S&P 500-listed companies including oil majors Shell and BP to provide receivables coverage. Read more

Amsterdam’s ‘Uber’ of electric cargo bikes, Cargoroo pedals €10M funding (TFN)
While, the e-bike market is expected to witness growth due to an increase in demand for sustainable mobility solutions, rising traffic congestions, increasing fuel prices, and growing interest in cycling as a fitness and recreational activity, Cargoroo, the Dutch company behind the yellow e-share cargo bikes, has raised €10 million from investors recently. The funding was led by The Sharing Group and Participatiefonds Duurzaam Economie Noord-Holland (PDENH) who were joined existing investors Fairtree Elevant Ventures. With the new investment round, Cargoroo wants to expand into more European markets such as Lyon in France and increase its network where it is already present, including The Netherlands, France, Belgium, and Germany. Read more

Family finance startup Bling secures €3.5 million seed financing (Finextra)
Bling Europe, a pocket money card and financial education app for children, has secured €3.5 million in seed funding just six months after launch. Bling founder Nils Feigenwinter says the firm has issued more than 10,000 Bling cards to children since its launch in the summer. Bling developed the initial product with support from SocGen-owned BaaS player Treezor. Investors in the round include Peak and La Famiglia, with support from the founders of Amorelie, Orderbird and IDnow. Other participants include former ING-Diba CEO Ben Tellings, family influencer Carmen Kroll, Angel Invest, IBB Ventures and Prediction Capital. Read more

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