Funding Watch: The Localogy Global Investment Roundup

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 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). You may detect a pattern of investments driven by Covid-era demand signals, and the reopening of local commerce. We’ll be back semi-weekly with 10 more, as the investment landscape continues to shift.


— Mobile banking startup Varo has raised $241 million in Series D funding led by Gallatin Point Capital and The Rise Fund, with participation from musician Bono, Jeff Skoll, HarbourVest Partners, and Progressive Insurance. The challenger bank provides streamlined and app-based banking for individuals and SMBs.

— Marketing automation provider Bluecore has raised $50 million in Series D funding led by Georgian Partners, with participation from FirstMark and Norwest. The company ingests data from direct marketing like email, social media, and website activity to predict product demand and inform targeted marketing.

Locus Robotics has raised $40 million in Series D funding. The company provides robotic hardware and software to automate corporate and warehouse processes for small and large businesses. The company’s recent demand spike comes as social distancing in various operational functions compels more automation.

— Financial services software provider Appway has raised $37 million in funding from Summit Partners. The company helps small banks streamline their customer-facing apps and interfaces, including mortgage applications, account onboarding and other high-frequency customer processes.

— South Korea’s Danggeun Market has raised a $33 million Series C round led by Goodwater Capital and Altos Ventures. The company flagship app, Karrot, is a marketplace and community apps for peer to peer trading and commerce.

— No-code development platform Bryter has raised a $16 million Series A round led by Accel and Dawn Capital, with participation from Notion Capital and Chalfen Ventures. The company lets non-technical SMBs build various apps and database products for functions like legal, accounting and operational management.

— Employee rewards startup Bonusly has closed a $9 million Series A funding round led by Access Venture Partners with participation from Next Frontier Capital, Operator Partners, and FirstMark Capital. The company optimizes employee bonuses by collecting organization-wide data points and co-worker feedback.

— Employee wellbeing software provider Tictrac has raised a $7.5 million funding round led by London-based Puma Private Equity. The company’s Saas offering equips small and large businesses with tools to manage employee wellness and health incentive programs.

— Productivity startup Anvil has raised $5 million in seed funding, led by Google’s Gradient Ventures. The company provides tools for SMBs and small teams to gain more collaboration and interactivity around PDFs, eliminating the need for several apps and workflows to create, share, edit and sign official documents.

Benepass has raised a $2.4 million seed round from Google’s Gradient Ventures, Global Founders Capital, Y Combinator, Soma Capital, Amino Capital, AltalR, Elysium Ventures and Polymath. The company helps SMBs organize employees’ tax-advantage benefits such as health savings accounts and linked payment cards.

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