Pipefy, a back-office process support technology platform, has scored $16m in its Series A funding round.
OpenView and Trinity Ventures led the equity injection, with participation also coming from existing backers Redpoint eventures and Valor Capital. Other investors that contributed to Pipefy seed round include 500 Startups, Founders Fund and the founders of Zendesk, Morten Primdahl and Alexander Aghassipour.
Pipefy is a cloud-based platform that helps business-operation managers to compose and deploy new processes for their own products. It is a self-service platform with department specific templates to create New solutions and easily integrate them with any existing ones. The company solutions are used by financial services, customer service, HR, finance, marketing and sales.
Financial services can implement the technology to automate various manual back-office processes, centralise all data to a secure and compliant platform, and manage and automate tickets and claims tasks. Current clients include IBM, Santander, VISA, Accenture, and Wipro.
Proceeds from the round will be used to scale the company operations, as it looks to grow both its San Francisco and Brazil teams.
“It’s hard to create a great product experience in this market due to the significant complexities of internal business operations. Pipefy has managed to build a beautiful product that puts the end-user first and gets straight to the heart of the business problems they’re solving,” says Dan Scholnick, Trinity Ventures general partner. “Thousands of customers around the world have spoken with the time and money they spend each day on Pipefy.”
As part of the transaction, OpenView managing partner Dan Demmer will join Pipefy board of directors.
Late last year, Trinity Ventures participated in the $17.5m Series B funding round of fraud and risk prevention provider Simility. Through machine learning, big data analytics and data visualisation, Pipefy helps financial services protect against fraud and abuse.
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