Funding News

Weekly Funding Highlights – 6 December 2023

New week – new closed funding rounds. This week’s funding highlights cover start-ups, fintechs, cybersecurity tech, RegTechs, and many more! Take a look at some major investments of this week.

ArmorCode secures $40m (€37m) in Series B funding to revolutionize software security

ArmorCode, known for its innovative approach to software security, has successfully closed a preemptive Series B funding round. This latest injection of $40m, led by HighlandX, elevates ArmorCode’s total funding to an impressive $65m. Among the notable investors participating in this round are Nokia General Partners, alongside previous backers such as Ballistic Ventures, Cervin Ventures, and Sierra Ventures. This robust support from both new and existing investors underlines the market’s confidence in ArmorCode’s vision and strategy. Read more

Mine’s breakthrough in data privacy governance secures $30m (€27.8m) Series B

Mine, a trailblazing company in the realm of data privacy, announced today the closure of a significant $30 million Series B funding round. This major financial boost, co-led by Battery Ventures and PayPal Ventures, also saw substantial contributions from Nationwide Ventures. Existing investors including Saban Ventures, Gradient Ventures (Google’s AI), MassMutual Ventures, and Headline Ventures also participated. Read more

UAE fintech start-up Flow48 lands $25m (€23m) pre-Series A funding

UAE-based fintech start-up Flow48, which provides SMEs with access to revenue-based financing, has secured $25 million in a pre-Series A funding round. Comprising a mixture of equity and debt funding, the round featured participation from Speedinvest, Daphni, 212, Blockchain Founders Fund, Unpopular Ventures, Endeavor Catalyst, TLG and a number of angel investors. Read more

AI-backed Aussie risk decisioning firm Rich Data Co raises $17.5m (€16m) Series B

Rich Data Co (RDC), an AI-based credit risk decisioning firm based in Sydney, Australia, has raised AUD 28 million ($17.5 million) in a Series B funding round, powering its plans for a North American expansion. The round was led by Australian heavyweight bank Westpac and cloud-based financial services platform nCino. Funds management firm BMY Group, which previously helped the firm raise $15 million in June 2021, made a reinvestment in this round, and was joined by new entrant Octava Fund, which is based in Singapore. Read more

January Technologies bags $12m (€11m) in IA Ventures led round

January Technologies, Inc. has secured $12m in Series B financing in a funding round led by IA Ventures. The firm plans to utilise its newfound capital to scaling their core product line for the country’s largest financial institutions. This includes launching a solution aimed at addressing creditors’ needs concerning delinquent accounts before reaching the point of charge-off. Notably, existing investors like Brewer Lane Ventures, Third Prime, and Reciprocal Ventures participated, alongside new investors such as Upper90 and Shrug Capital. This latest tranche follows January’s previous achievement of a $10m Series A fundraise in 2022. Read more

UK fintech Plum signs strategic partnership with Greece’s Eurobank, lands €10m investment

UK-based smart money app Plum has entered a strategic partnership with Eurobank which will also see the Greek firm make a €10 million investment in the start-up. The minority equity investment includes an initial tranche of €5 million, which was secured in November. The second €5 million tranche will then form part of a larger €15 million funding round that Plum plans to close early next year with participation from additional institutional investors. With the help of the new strategic partnership, Plum intends to grow its presence in Greece as well as the surrounding region, with the goal of onboarding 700,000 active customers in Greece by 2027. Read more

Finland’s issuer processing company Enfuce raises €8.5M for growth in key European markets

Espoo-based Enfuce, a provider of embedded finance solutions, announced that it has secured €8.5M in a new follow-on investment round. This funding comes on the heels of Enfuce’s €45M Series C funding round launched in 2021, bringing the total funds raised to €62M. The latest investment was led by Vitruvian Partners, with contributions from and Visa, a global leader in digital payments. Read more

Forensic accounting pioneer Valid8 Financial raises $8.5m (€7.7m)

Valid8 Financial, a global leader in Verified Financial Intelligence (VFI), has successfully secured $8.5m in Series A funding. This financial injection was led by Silverton Partners, with notable contributions from Touchdown Ventures, First Trust Capital Partners,, and Capital Midwest. Valid8 Financial specialises in AI-powered forensic accounting solutions. These innovative tools are designed for accounting and law firms, enabling professionals to swiftly unravel complex financial transactions. Their approach transforms the traditionally time-consuming process of dissecting financial data into a more efficient and reliable method. Read more

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