“ICYMI (in case you missed it) What’s New in SMB SaaS” is a periodic series on LSA Insider that curates and offers brief commentary on recent events related to the emerging SMB SaaS ecosystem that you may have overlooked. This week we look at development at Postmates, Grab, GoCardless, and Thryv.
On-demand delivery platform Postmates has raised another $225 million, bringing its running total to $681 million raised. According to CrunchBase News, this latest funding round brings Postmates valuation to $2.4 billion, up from $1.9 billion earlier this year.
In February, Postmates registered a private IPO filing with the SEC. The CrunchBase article also noted that the IPO was rumored to be unveiled in September, which would have given the world access to the S-1 and a much clearer picture of the economics of on-demand delivery services. However, the new infusion of capital suggests the timing may be delayed.
PostMates is in a fierce market share battle with DoorDash, a company we’ve written about here previously, mostly related to its controversy over how it used driver tips to subsidize delivery charges.
Also, the LSA analyst team devoted some time on a recent podcast to debating whether the popularity of food delivery would continue apace. You can listen to that conversation here
We’ve also written extensively recently on the phenomenon of the “Cloud Kitchen” which are kitchens built exclusively to service the home delivery phenomenon (and which has attracted an investment from Amazon).
GoCardless Brings Its SMB Payments Solution to America
GoCardless is a London-based fintech that has ambitions to become a worldwide solution for SMBs that want to let customers pay via recurring bank payments. The company has opened a San Francisco office and has launched a U.S., version of its solution, according to a company announcement.
Companies can use GoCardless to set up ACH payments with consumers as well as B2B customers (e.g., for SaaS subscriptions). This addresses at least one very clear pain point for SMBs, getting paid promptly, an issue we’ve covered previously on LSA Insider.
Some big players like what GoCardless is doing. Earlier this year, GoCardless received a $75 million investment from Alphabet and Salesforce.
Grab Invests Big in Race for SE Asia Super-App Status
Bloomberg reports that Grab plans to invest $150 million in AI to sharpen its technology. The end game is a regional “super-app” that does almost everything for consumers, not unlike the role WeChat plays in China.
We will have more to say about the “super-app” concept.
Thryv Gets a Boost from Leading Trade Expo
“At Thryv, we know contractors work better with the right tools — and that includes their software. Our team works exceptionally hard to ensure Thryv works specifically for our clients who spend the majority of their time out in the field,” said Chief Strategy Officer Gordon Henry.
Service World Expo is a trade show focused on services contractors (HVAC, electrical, plumbing) that takes place October 16-18 in Las Vegas, with an expected attendance of 2,700.
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