Funding Watch is Localogy’s series that tracks funding to SMB-focused startups and tech providers. See the rest of the series here.
Things continue to heat up in SMB Saas. For those unfamiliar, this sector is represented by companies that build software tools for small businesses. It’s everything from “front of the house” marketing and customer acquisition tools, to “back of the house,” operational management (think: payroll).
This is a wide range of companies and opportunities, as shown in Localogy Insider’s daily coverage. As a byproduct of that editorial process, we’re exposed to lots of deal flow (even in the current environment). So for the latest Funding Watch post, we’re rounding up recent SMB-Saas funding inflows.
Here’s the latest roundup of the top 10-funding rounds, listed in order of investment dollars. Similar to the last few roundups, this batch continues to reflect Covid-era demand signals and shifting investor theses. This includes lots of eCommerce and remote employee management.
French marketplace startup Mirakl has raised $300 million led by Permira Advisers, with participation from 83North, Bain Capital Ventures, Elaia Partners and Felix Capital. The company helps businesses launch and manage marketplaces and third-party seller functionality on their eCommerce websites.
Customer experience platform Sprinklr raised $200 million from private equity firm Hellman & Friedman. The company optimizes consumer-facing online products (websites, social media, messaging) based on customer data and its AI-based customization.
eCommerce enabler Salsify has raised a $155 million Series E funding round led by Warburg Pincus, with participation from Matrix, Underscore, Venrock and Greenspring. The company helps businesses get up and running with eCommerce capability including inventory tracking, transactions and analytics.
Custom manufacturing marketplace Xometry has raised a $75 million Series E round led by T. Rowe Price Associates with participation from Durable Capital Partners LP, ArrowMark Partners, BMW iVentures, and others. The company connects businesses with manufacturers with excess capacity to fullfil custom jobs.
Remote work enabler Deel has raised $30 million in Series B funding led by Spark Capital. The Y Combinator alum provides payroll, compliance and other HR-based services to businesses that manage remote employees.
SMB-focused insure-tech startup Sana Benefits has raised $20.8 million from Gigafund, Trust Ventures and Mark VC. The company specializes in self-funded insurance plans for SMBs, which have cost and flexibility benefits over off-the-shelf plans from insurance giants.
Cloud kitchen startup Kbox Global has raised a £12 million funding round led by Balderton Capital The company creates a marketplace for restaurants, hotels and any other entities with active kitchens to monetized their idle capacity. It helps rent out this unused space to local delivery startups.
SMB focused B2B financial service startup Finom has raised an additional €$12 million to add to its April seed round. Investors include Target Global, Cogito Capital, Entree Capital, Avala Capital, Tal Capital and Adfirst Ventures FJ Labs. The company provides invoicing, lending and other “challenger-bank” fare to SMBs
B2B SMB marketing startup Metadata.io has raised a $6.5 million Series A round, led by Resolute Ventures with participation from Greycroft, York IE, Stormbreakers and other angels. The company helps businesses target B2B ads towards look-alike audiences, based on existing customers and leads.
Sales and marketing automation company Demand Sage has raised $3 million in seed funding led by Eniac Ventures and Underscore VC. The company helps SMBs and low-tech marketers get data and insights by exporting from platforms like HubSpot into easy formats such as Google Sheets.
