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Weekly Funding Highlights – 24 January 2024

Welcome to our latest Weekly Funding Highlights! In this roundup, we cover developments across the funding landscape, including strategic investments, funding rounds, and innovative initiatives from key players in the industry.

Silverfort elevates enterprise identity security with $116m (€106m) Series D investment

Silverfort, a leader in the identity protection sector, has secured $116 million in Series D funding, bringing its total funding to $222 million (€203 million). The funding round was led by Brighton Park Capital (BPC) and included participation from existing investors such as Acrew Capital, Greenfield Partners, Citi Ventures, General Motors Ventures, Maor Investments, Vintage Investment Partners, and Singtel Innov8. The company’s platform addresses identity security challenges by providing comprehensive solutions across on-premises and cloud resources, including Multi-Factor Authentication (MFA), Identity Threat Detection and Response (ITDR), and Identity Security Posture Management (ISPM). The funding will be used to scale global presence, enhance platform development, and strengthen go-to-market strategies, with a focus on channel partnerships. Mike Gregoire from BPC will join Silverfort’s Board of Directors. Read more

FTV Capital fuels BillingPlatform’s growth with $90m investment

Enterprise revenue lifecycle management platform BillingPlatform has secured a significant $90 million investment from FTV Capital, a growth equity investor. BillingPlatform, known for its flexibility in supporting innovative business models, plans to use the funding to expand further in the growing $10 billion market. The platform, designed for the Office of the CFO, offers solutions that help enterprises unlock new revenue streams, fortify go-to-market strategies, reduce revenue leakage, and enhance customer satisfaction. BillingPlatform’s three-year revenue growth rate of 296% has earned it recognition on Deloitte’s Technology Fast 500™ for four consecutive years and top rankings in billing and subscription management reports from influential research firms. The investment from FTV Capital is expected to fuel accelerated growth and expansion, with FTV partners Kyle Griswold and Richard Liu joining BillingPlatform’s board of directors. Read more

AI voice startup ElevenLabs hits unicorn status after raising €73.4M at €1B valuation

Voice AI company ElevenLabs has raised $80 million (€73.5 million) in a Series B funding round, reaching a unicorn valuation of $1.1 billion (€1 billion). The round was led by Andreessen Horowitz, Nat Friedman, and Daniel Gross, among others. The company specializes in natural speech synthesis, enabling users to create AI voices with diverse languages and emotions. ElevenLabs plans to use the funds to enhance products, deploy AI technology responsibly, and collaborate with distribution platforms. The company has introduced new products, including a Dubbing Studio, a Voice Library marketplace, and a Mobile App reader. ElevenLabs’ technology is already used by 41% of Fortune 500 companies, spanning entertainment, education, and accessibility sectors. Read more

HeavyFinance secures €50m to revolutionise European agricultural lending

Climate tech investment platform HeavyFinance has successfully directed €50 million into agricultural loans across Europe, benefiting 1,700 projects. This strategic allocation has fostered connections between small and medium-scale farmers and a global investor community of over 10,000 registered investors. HeavyFinance, known for promoting sustainable agriculture, is set to launch its first nature-based carbon credits in H1 2024, marking a significant step in sustainable practices. The company’s Green Loans, launched last year, support European farmers in transitioning to regenerative practices with a 0% interest rate, while also providing an opportunity to generate income through the sale of carbon credits. The milestone reflects HeavyFinance’s commitment to sustainable agriculture and climate action, contributing to global efforts to achieve net-zero emissions by 2050 and the UN Sustainable Development Goals. Read more

FinTech leader Sygnum raises $40m (€37m), fortifying its position in digital asset banking

Digital asset banking group Sygnum has successfully raised over $40 million in its Strategic Growth Round, surpassing the initial target and reaching a post-money valuation of $900 million. The round was oversubscribed, with Azimut Holding leading the investment. The funds will be used to expand Sygnum’s geographic reach and enhance its fully regulated offerings, including the B2B platform supporting the crypto offerings of over 15 banks and financial institutions globally. Sygnum, dedicated to reshaping the digital asset industry, recently collaborated with PostFinance and strengthened ties with Bordier & Cie’s Singapore branch. The fundraising success reflects Sygnum’s commitment to providing regulated digital asset services, and CEO Mathias Imbach expressed gratitude for investors’ trust and emphasized the company’s dedication to building trust through regulation and good governance. Read more

German fintech Mondu bolsters European expansion plans with additional €30M debt funding

Berlin-based B2B payments company Mondu has secured an additional €30 million in debt financing from German bank Vereinigte Volksbank Raiffeisenbank (VVRB), adding to the €20 million raised in October 2022 and bringing Mondu’s total funding to €50 million. The funds will support Mondu’s European expansion in 2024, following its success in Germany, Austria, the Netherlands, and the UK. Mondu, founded in 2021, offers a “Buy Now, Pay Later” solution for B2B merchants and marketplaces, providing payment flexibility and contributing to higher conversion rates and average order values for businesses. The latest funding is expected to further strengthen Mondu’s position in the B2B BNPL ecosystem. Read more

Cybersecurity innovator Vicarius clinches $30m (€27.5m) in Series B for AI growth

Vicarius, a cybersecurity company, has raised $30 million (€27.5 million) in a Series B funding round led by cybersecurity-focused investment firm Bright Pixel. Other contributors to the round include AllegisCyber Capital, AlleyCorp, and Strait, along with previous backers like JVP. Vicarius is known for its fully autonomous end-to-end vulnerability remediation platform called vRx, designed to proactively mitigate cyber risks by automating the complex process of vulnerability remediation. The funds will be used for global expansion and to enhance the company’s AI capabilities. Vicarius has experienced rapid growth, achieving a 5x increase since its last funding round in 2022, with a customer base exceeding 400, including PepsiCo, Hewlett Packard Enterprise (HPE), Bupa, and Equinix. The company aims to lead innovation in the vulnerability management market, projected to reach over $21 billion (€19 billion) by 2028. Read more

Dutch BNPL-Fintech Billink raises €29.5 million (€27 million) to make online purchases fairer

Netherlands-based Buy Now Pay Later (BNPL) solution, Billink, has raised €29.5 million (€27 million) from Varengold Bank to expand its services to the top-50 largest Benelux web shops, enter the German market, and enhance online buying fairness. Billink, with 3 million users and 3,000 web shops, allows payment after receiving purchases. The funding will also support the development of Billink Check-out 2.0, aiming to provide a more personalized customer experience. The company aims to compete with Klarna and Riverty, emphasizing innovation and customer satisfaction in becoming a reliable online payment method. Read more

Ansel secures $20m (€18.4m) in funding round led by Portage

InsurTech Ansel, formerly known as Brella, has successfully raised $20 million in a funding round led by Portage, with participation from Two Sigma Ventures, Brewer Lane Ventures, SixThirty Ventures, Plug and Play Ventures, Digitalis Ventures, Symphony AI, Operator Partners, Morgan Creek Capital Management, and others. Ansel, with a focus on simplifying supplemental insurance, aims to revolutionize the market with innovative solutions. The company offers payouts for over 13,000 conditions, utilizing cutting-edge technology to streamline the claims experience and provide a paperless approach to implementation, enrolment, and ongoing administration. With this funding, Ansel has raised over $50 million to date and plans to expand its modern supplemental insurance solutions across the United States. Read more

Andreesen Horowitz leads $14m investment in Doppel’s digital risk technology

Doppel, a company specializing in innovative brand protection solutions, has successfully raised $14 million in a Series A funding round led by venture capital firm Andreessen Horowitz (a16z). Other contributors to the investment include Strategic Cyber Ventures, Script Capital, South Park Commons, and SVAngel. Doppel focuses on transforming how organizations manage digital risks by utilizing advanced AI technology to address challenges such as AI impersonation, phishing, and disinformation campaigns. The funds raised will be used to further develop Doppel’s AI-powered technology, aiming for continuous monitoring, rapid detection, and efficient takedown of harmful content across various platforms, including the dark web and emerging channels like Telegram and crypto. Doppel’s approach involves leveraging AI and automation to enhance the efficiency of digital risk protection efforts, offering a future where analysts can operate with significantly greater efficiency and effectiveness. Read more

Norm Ai secures $11.1m (€10m) seed investment, revolutionising regulatory compliance with AI

Norm Ai, a New York City-based company, has raised $11.1 million (€10 million) in a seed funding round led by Coatue. Other contributors include Haystack Ventures, M13 Ventures, Basis Set Ventures, Expa Ventures, Atypical Ventures, and the founding CEO of the Allen Institute for AI. Norm Ai focuses on simplifying regulatory compliance by transforming regulations into AI agents capable of making autonomous compliance decisions. The funds will be used to further develop its Regulatory AI Agent platform, aiming to automate and streamline the regulatory compliance process, addressing the increasing challenges faced by businesses due to the growing body of regulations. The company’s approach is designed to reduce time and resources traditionally required for compliance tasks. Read more

 

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