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 we examine in an upcoming white paper. And while following the sector on an ongoing basis, we’re struck by the level of venture funding it’s receiving. So for the latest Funding Watch post, we’re rounding recent SMB-Saas funding inflows.
Here’s the latest roundup of the top 10 funding rounds (listed in order of investment dollars). We’ll be back next week with 10 more, as the year is off to a big start in SMB SaaS investment:
ClassPass has raised a $285 million Series E funding round led by L Catterton and Apax Digital, with participation from existing investor Temasek. This officially inducts ClassPass’s into the unicorn club with a $1 billion valuation (which doesn’t mean as much as it used to). As you probably know, ClassPass works with gyms and boutique fitness entities to fill remnant inventory and optimize yield.
Supply chain management platform Tradeshift has raised $240 million in equity and debt from a cadre of new and existing investors. The company helps merchants manage and optimize payments and marketplaces in their supply chain.
NextNav has raised $120 million in equity and debt for its indoor positioning system. The company works with businesses to pinpoint device location in a given building, including what floor it’s on. This is useful for businesses with several floors of a building and physical assets to track.
Field services automation firm Zinier has raised a $90 million Series C round led by ICONIQ Capital, with participation from Tiger Global Management, Accel, Founders Fund, Qualcomm Ventures, NGP Capital Newfund Capital. The company helps manage and streamline industrial field services.
Bookkeeping platform ReceiptBank has raised $73 million in equity and debt in a Series C round led by Insight Partners, with participation from Augmentum Fintech, Canadian Imperial Bank of Commerce, and Kennet Partners. The company specializes in a machine learning approach to SMB bookkeeping that reduces manual work.
Hotel-focused software company SiteMinder has raised a $70 million round led by “equity funds managed by BlackRock.” The company specializes in software to manage all aspects of hotel management, including website creation and guest booking.
Parking management software company FlashParking has raised $60 million in new financing from private equity firm L Catterton. Representing a perennial category in our funding roundups, the Austin-based firm offers software and services to manage all aspects of local parking facilities — payments, security, valet services, electrical vehicle charging, etc.
Transcription and captioning service Verbit has raised a $31 million Series B round led by growth equity firm Stripes with participation from Viola Ventures, Vertex Ventures, HV Ventures, Oryzn Capital and ClalTech. The company provides AI-based transcription and focuses on legal and education verticals.
eCommerce recommendation engine Lily AI has raised a $12.5 million Series A round led by Canaan Partners with participation from NEA, Unshackled and Fernbrook Capital. The company helps online merchants match style items to buyers’ interests in automated ways.
OCR technology provider Anyline has raised $12 million in Series A funding led by Project A, with participation from Johann Hansmann, Senovo and the Gernot Langes-Swarovski Foundation. The company provides optical character recognition technology for businesses to automate the process of scanning digital information and eliminating manual data entry.