Gynger, a software and infrastructure financing startup, has raised $11.7m in seed funding and $10m in debt financing.
The round was led by Upper90 and Vine Ventures. Also participating was Gradient Ventures, Deciens Capital, Quiet Capital and Upper90.
Gynger provides startups immediate access to non-dilutive capital to finance their software purchases so that they can secure the best pricing, pay on their terms, and optimize their cash flow. With Gynger, companies are underwritten within minutes, have their vendors paid the next day, and manage all their software contracts and payments in one dashboard.
In a market where raising capital is increasingly challenging and runway is top of mind, Gynger provides an alternative financing solution to help companies secure the tools they need. The barrier of entry for venture debt is high, traditional lenders are time consuming and tend to disfavor tech companies, and revenue-based financing is only relevant for ARR based businesses.
By putting the purchasing power in the hands of their users – without requiring the warrants, fees, commitments, and personal guarantees that other lenders demand – Gynger claims it has created a truly founder-friendly product.
Gynger CEO and founder Mark Ghermezian said, “In the early days of building Braze we needed the best software and infrastructure to get the company off the ground, but those tools were expensive. It was a challenge to balance our tech costs while focusing on extending runway.
“We wanted to figure out how to combine software with capital to really service the startup ecosystem, to help them get the best software while extending and managing their cash flow.”
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