This week saw a total of $887m raised over 30 deals, with the PayTech sector performing particularly well.
The biggest deal of the week came from DailPay, an on-demand payment platform, which raised $260m in funding.
The PayTech sector also provided the runner-up this week – Israel-based PayEm, which secured $220m in funding.
In fact, out of the top ten deals, PayTech companies account for four of them. In addition to the two leaders, US-based Tranch raised $100m, and Indian PayTech company Bike Bazaar landed $21m.
Research from FinTech Global revealed that FinTech deal activity in India fell to 374 deals in 2022, an 18% reduction compared to the previous year. FinTech deal activity in the country has also slowed down.
Deals have consecutively dropped each quarter to 74 deals in Q4 2022, a 36% drop from Q1 2022 levels. FinTech investment in the country has also faltered, falling to $6bn in 2022, a 37% reduction from 2021. Q4 2022 FinTech investment was also the lowest in 2022 with $1.02bn in capital raised, a 65% drop from Q1 2022.
This week also saw a surprising deal enter the top 10. Bitcoin infrastructure firm Blockstream raised $125m to take third place in the top deals this week. Despite a catastrophic loss of confidence in the cryptocurrency market lately, the company claims that demand for its hosting services remain high due to its strong track record and substantial scale.
Here are the deals.
DailyPay scores $260m
DailyPay, an on-demand payment platform to help America’s workforce have more control of their finances, has netted $260m in funding.
The funding will enable DailyPay to bolster its domestic growth, as well as expand internationally. Capital has also been earmarked for product innovation.
This investment is divided between a revolving credit facility capacity from Barclays and Angelo Gordon and a new term loan funding from SVB Capital and a fund managed by Neuberger Berman.
The capital injection is split, $100m from Barclays, $60m through Angelo Gordon and $100m in term loan funding from SVB.
DailyPay previously announced a $300m revolving credit facility from Barclays in March 2022.
The on-demand payment platform is designed so companies can empower their workforce, as well as foster stronger relationships with them. Its mission is to create a new financial system for everyone.
Through earned wage access, employees can get early access to their earned pay. DailyPay’s most recent feature is the Friday Visa prepaid card and app. This gives employees instant, no-fee access to their earned pay.
Its services are used by several Fortune 500 companies, including Hilton, Target, Kroger and Dollar Tree.
Procurement management FinTech PayEm secures $220m in debt & equity
PayEm, which offers spend and procurement management services, has raised $220m in a mix of equity and credit financing.
The funds were supplied by Viola Credit, Mitsubishi Financial Group, Collaborative Fund and others.
With this fresh equity, PayEm plans to scale its credit cards operation and support larger customers with its payments platform. Funds will also support the continued development of the platform.
PayEm is a leader in procurement and spend management space for mid-market companies that are struggling to balance financial oversight and providing flexible tools to clients. Its all-in-one platform offers a selection of features, including smart procurement solutions, AP automation, expanse reimbursement and smart credit cards.
It also offers a unique solution that supports multi-national entities and cross-border payments. The platform enables finance and procurement teams to drive compliance, help create a culture of accountability and drive efficiencies and savings.
Over the past year, the procurement management platform increased its customer base by 300% and its revenues by 550%.
Bitcoin infrastructure firm Blockstream secures $125m
Despite the cryptocurrency market’s current troubles, bitcoin infrastructure firm Blockstream has raised $125m in a convertible note and secured loan financing.
It raised the funds to expand its institutional bitcoin mining colocation services. It claims demand for its hosting services remains high due to the company’s strong track record and substantial scale.
It also plans to expand its renewable energy mining products and continue the development of its own bitcoin miner.
Kingsway Capital led the convertible note, with participation coming from Fulgur Ventures, and others.
Blockstream stated that hosting is a resilient market segment, compared to prop miners who have more exposure to bitcoin price volatility and compressed margins.
BNPL firm Tranch scores $100m in seed financing
Tranch, a BNPL firm for SaaS sellers and services providers, has raised $100m in seed equity and debt funding.
The round was led by Soma Capital and FoundersX, and saw participation from several US and the UK FinTech founders. The funding round includes a credit facility from Clear Haven Capital Management.
Businesses spend over $29trn on invoice payments in the US every year. Moreover, most invoices are payable within 10 to 30 days, which puts significant pressure on both suppliers and customers working capital alike.
Tranch was created to transform these payments for both parties. Suppliers that offer a “Pay with Tranch” checkout get paid upfront, while their customers can settle invoices worth up to $500,000 on terms that suit them, ranging from two to 12 months.
Tranch claims it is bringing to the B2B market a level of flexibility and choice that significantly improves cash flow management for both suppliers and customers and is gaining traction quickly.
Sanctions screener GSS lands £37m
Global Screening Services (GSS), a sanctions screening platform, has scored £37m in its first funding round.
The round saw participation from AlixPartners, MUFG and the Cynosure Group. Randal Quarles, former Vice Chairman of the Federal Reserve System and Chairman of the Financial Stability Board, also joined the GSS board.
According to Financial IT, over the past two years, GSS has partnered with leading financial institutions around the globe to create what it claims to be a new approach to compliance, initially focusing on sanctions screening.
Founded in 2021, GSS claims it brings global financial institutions together to deliver higher standards in compliance, providing a trusted platform to enhance and exchange information.
Cyber risk firm Egerie scores £30m
Egerie, a cyber risk company, has raised £30m in a funding round backed by investors in the insurance and cybersecurity spaces.
The round was backed by Tikehau Capital, TIIN Capital, Open CNP and Banque des Territoires.
Egerie has developed a model that links companies’ data assets with associated business risks. In the example of a sales process, the platform can evaluate and adjust risk responses in real time, based on the evolution of threat landscape, hardware, software, suppliers, and previously unknown security vulnerabilities.
The firm provides customers with a complete “digital twin” of all their information assets and processes. And thanks to the decision-making capabilities of “the equation”, they can formulate effective cybersecurity strategies and calculate ROI.
Through Egerie, executives can understand and quantify their companies’ cyber risks. They can also precisely calculate the return on investment of the actions taken to mitigate the risk. This knowledge is a valuable corporate asset for shareholders, investors, and partners.
Egerie’s next priority will be growth across Europe.
Colombian FinTech KLYM nets $27m to expand in Brazil
Colombian FinTech company KLYM, which is on a mission to build a scalable credit system for companies, has reportedly raised $27m in funding.
The capital injection was led by JP Morgan and the International Finance Corporation, according to a report from Contxto.
This fresh capital will enable KLYM to expand its operations. A key part of this will be boosting its presence in Brazil, where it opened an office last year.
With the round closed, KLYM is already looking to raise more funds this year. The FinTech also expects it will reach profitability having quadrupled its revenues last year.
KLYM is a data-driven solution that enables it to offer real-time financial services. Its data capabilities allow it to offer solutions such as working capital.
The platform can provide supply chain finance locally in over 25 currencies through a partnership with JPMorgan. It can also provide suppliers financing to guarantee the delivery of goods on quality and time as required.
Strata nets $26m in Series B financing haul
Strata, a distributed multi-cloud identity orchestration firm, has secured $26m in a Series B funding round led by Telstra Ventures.
Also participating in the round were investors such as Menlo Ventures, Innovating Capital and Forgepoint Capital.
The company has developed, Maverics, the first distributed identity orchestration platform that enables organisations to adopt modern cloud identity systems without the need to rewrite applications, which Strata saves millions and years of manual migration.
Strata’s Maverics is a global platform that enables any number of identity systems to work together as a unified whole called an Identity Fabric, without making any changes to them or to applications.
The firm has raised more than $42M in financing to date and will use the additional funds to further scale sales and marketing, go-to-market activities and customer success initiatives.
Dayforward acquires Commercial Travelers and bags $25m
Dayforward, a digital life insurance company built for modern families, has acquired Commercial Travelers Life Insurance Company and secured $25m of funding.
The acquisition, Dayforward said, coincides with launching its innovative life insurance solution.
The company also announced a $25m round of funding led by AXA Venture Partners, with participation from existing investors including HSCM Ventures, Juxtapose, and Munich Re Ventures.
Dayforward was founded in 2021 with the mission to help families across the US create financial security for the people they love.
Its term life insurance offering guarantees the policyholder’s family will continue to receive their income in the event that the policyholder passes away.
The latest round of funding round brings the company’s aggregate amount of capital raised to $45m.
Dayforward said this will allow it to invest in three key areas in 2023: scaling its business nationwide, continuing to launch its proprietary solutions through strategic partners, and developing new insurance products for its portfolio.
The acquisition of Commercial Travelers Life Insurance Company (CTLIC), Dayforward said, will enable it to expand nationally and broaden its product lines across life, health, disability and retirement, making the company a more comprehensive financial security solution to its customers and partners.
Bike Bazaar nets $21m for its two-wheeled vehicles loans
India-based Bike Bazaar, which offers financing options for two-wheeled vehicles, has reportedly raised $21m as part of an ongoing Series D.
The Series D is led by Women’s World Banking Asset Management, according to a report from VcCircle, which cites a senior executive at the company.
Bike Bazaar is also in discussions to raise an additional INR 80 crore ($9m), which would bring the Series D’s total to INR 250 crore ($30.8m).
Capital from the round will be used to bolster Bike Bazaar’s lending across new segments, scale its electric vehicle business and grow its international presence.
Founded in 2017, the company offers financing options for two-wheel vehicles. There are multiple options for loans, including used bikes, new bikes, refinancing of vehicles, P2P and electric vehicles.
It claims to have issued over 300,000 two-wheeler loans since it was launched.
Mad Mobile lands $20m in financing
Mad Mobile, a connected commerce and mobile payments firm, has scored $20m in financing from Eastward Capital Partners.
This capital influx will accelerate further development of Mad Mobile’s unique technology platform for modern point-of-sale and payments and will fuel commercial market growth.
Mad Mobile’s platform processes more than $3B in payments annually. Mad Mobile is a go-to-market partner for some of the most trusted names in mobility and enterprise software, including Apple, Samsung, Amazon, and Salesforce.
Mad Mobile has experienced substantial growth in recent years as the mobilisation of retail and restaurants has accelerated. Mad Mobile offers retailers and restaurants a complete solution for modern point-of-sale with mobile POS, mobile ordering, self-checkout, clienteling, mobile fulfilment, and contactless payment.
AML and fraud prevention RegTech Hawk AI scores $17m in Series B
Germany-based RegTech Hawk AI, which provides AML and fraud prevention technology to banks and payments companies, has secured $17m in its Series B.
Sands Capital served as the lead investor, with participation coming from both new and existing investors, including DN Capital, Coalition, BlackFin Capital Partners, and Picus Capital.
Funds from the Series B have been earmarked for product development and global expansion.
Hawk AI leverages explainable AI and cloud infrastructure to help financial institutions detect and prevent financial crime. Its technology is able to spot crime other systems miss and empowers efficient investigations of suspicious account behaviour in a user-friendly case management environment.
Its technology can reduce false positive rates by 70%, compared to legacy AML/CFT solutions.
Hawk AI explained that over $2trn is laundered annually, fraud losses in the US exceeded $41bn in 2022 and fraud levels increased by 37% in high-growth markets over the past 12 months.
This Series B comes after a strong period of growth for Hawk AI. It experienced 298% year-over-year revenue growth and added Singapore to its global footprint. It now has presence in Munich, London, New York, San Francisco and Paris.
The AML and fraud prevention company operates in over 60 countries across Europe, North America, Asia and Latin America, processing billions of transactions for customers.
Embedded repayment and data API dev Method scores $16m
Method Financial, an embedded repayment, data, balance transfers and automation through an API, has secured $16m in its Series A.
Andreessen Horowitz served as the lead investor, with commitments also coming from Truist Ventures, SV Angel, Abstract Ventures and many FinTech operators. Investors from Method’s seed round also committed capital, including Y Combinator, Ardent, Cameron Ventures, and Leonis Capital.
With this burst of capital, Method plans to hire more staff and bolster its mission. It is looking to launch new experiences and products that will tackle the consumer debt crisis and make personal finance autonomous.
The lightbulb moment for Method came in 2019 when the founders saw the hurdles when interfacing with users’ student loans.
In a blog post announcing the Series A, Method co-founder and CEO Jose Bethancourt said, “We dug deeper and learned that there is a systemic data and payment access problem across all types of liabilities. Ultimately, this has hurt millions ​​of lower-income and under-online banked consumers to access a wide range of use cases that can help them holistically manage and improve their financial wellbeing.â€
Fast forward to 2021, the founders established Method Financial to reduce the inequality gap by providing consumers with more competitive and affordable credit. Additionally, they hoped to better manage liabilities in one place by utilising tools typically reserved for financial professionals.
Caffeinated Capital backs InsurTech Pathpoint in $12.5m raise
Pathpoint, a modern wholesaler where insurance agents can get bindable small commercial Excess and Surplus (E&S) quotes, has raised $12.5m in funding.
The round was led by Caffeinated Capital, with participation from other existing investors.
The company supplies retail agents P&C and professional lines products from ten top-rated carriers through its online platform. Agents can receive bindable quotes from multiple carriers, with the technology ensuring commissions are lower than traditional wholesale distributors.
On average, an agent using Pathpoint receives a quote in seven minutes and is able to bind the quote within a day, while traditional wholesale experiences often take days to return quotes.
Since its launch in late 2020, over 5,000 agents have been appointed with Pathpoint. Overall gross written premium quadrupled from 2021 to 2022, and monthly active users tripled.
To further scale distribution, Pathpoint began working with some of the largest networks, aggregators, franchise operations, and digital platforms in the commercial insurance agency space.
Pathpoint launched with 16 of the top 40 in 2022 and plans to use new funding to double this number in 2023. In addition to these partnerships, Pathpoint said it continues to expand supply and iterate on its product with independent agents, who continue to make up 40% of new users, in mind.
Indonesian POS platform iSeller bags $12m
iSeller, an omnichannel-based Point of Sale platform for online and offline merchants, has scored $12m in a Series B round.
The round was led by Intudo Ventures, with participation from KVision as well as existing investors Mandiri Capital Indonesia and Openspace Ventures.
iSeller offers an all-in-one solution with a fully integrated ecosystem for businesses to digitize sales and operations, including POS, digital payments acceptance, inventory management, instant online stores, marketplace integration, and food delivery integration.
Over the past year, iSeller has rapidly expanded, gaining significant traction in merchant adoption and payment processing. The company has expanded to cover 30 cities across Indonesia and claims it is trusted by more than 100,000 businesses.
With this funding, iSeller plans to launch a new version of its flagship products focusing on improved user experience, and faster performance and reliability.
For future outlook, iSeller aims to achieve profitability within the next three years by focusing on expanding reach through strategic partners, acquisition efficiency, and increasing customer lifetime value (CLTV) through more comprehensive and integrated merchant value-added services.
Vartana launches B2B platform and raises $12m Series A
Vartana has unveiled a B2B sales closing and tech financing platform and has raised $12m in Series A investment.
The round was led by Mayfield and saw strategic investment from Xerox Ventures, Flex Capital and Audacious Ventures.
Vartana deepens its product market fit with the launch of its new enterprise sales closing platform which has become the cornerstone for B2B sales teams around the country as they are now, more than ever, met with the need for payment flexibility.
In the last year, the Vartana platform has evolved from being a self-serve financing platform to an all-in-one sales closing platform which can be used on any B2B sales deal.
To achieve an 85% automatic approval rate, the company created the Vartana Capital Marketplace which operates in the backend of the Vartana system, where it matches a network of funding partners, including large banks, with buyer loan requests.
Automated security CyberTech Hadrian receives ABN AMRO backing
Hadrian, which offers real-time exposure management and automated security testing, has received an investment from ABN AMRO Ventures.
As part of the investment, ABN AMRO will integrate the Hadrian technology into its platform. The company stated it has formed tens of thousands of digital endpoints as it has grown its digital infrastructure over the years.
Security teams have more expansive and complicated architectures, and attacks have become more advanced and frequent. In order to keep pace with the threats, automation is the only option.
Hadrian’s technology will allow ABN to autonomously map exposed assets, discovers risks, and prioritises remediation.
Danish FinTech Scaleup Finance raises country’s biggest seed deal
Scaleup Finance, a Danish FinTech company offering financial management technology, has reportedly raised the biggest seed round in the country’s history.
It raised $8m to support its expansion into the UK market, according to a report from UKTN.
The investment was led by PROfounders Capital, with commitments also coming from FinVC, Clocktower VC, CircleRock Capital and unnamed angel investors.
Founded in 2021, Scaleup Finance stylises itself as “CFO-as-a-service”. According to its website, Scaleup Finance claims the CFO is “broken”. It said Cumbersome meetings, patronising tone, poor reporting and outrageous expenses have long been outdated. Next generation founders need sharp financial insights, advice and intel in a quick and clear format.
Scaleup’s platform offers a financial management hub that allows teams to monitor and manage their financial operations. Clients can use Scaleup Finance for bookkeeping, payments, payroll, reporting, budgeting, specialised finance, financial modelling and fundraising.
It claims to have over 150 companies leveraging its technology.
US-based Core10 closes Series B to support digital transformation
US-based Core10, which offers lending and account opening products, has raised $6.5m in its Series B funding round.
Patriot Financial Partners, a US-based private equity investment firm, served as the lead investor. Contributions also came from JAM FINTOP and the Independent Community Bankers of America (ICBA).
With the capital, Core10 will expand its Accrue platform and banking integration services.
Core10 offers banking technology integration services, as well as banking and lending products. Its Accrue solution offers digital account opening, digital lending and core/FinTech connectivity to help accelerate digital transformation strategies in community banks.
ICBA executive vice president and chief innovation officer Charles Potts said, “Accrue offers an efficient and affordable pathway for community banks responding to growing demand for digital experiences that deliver convenience and speed.
We believe Core10 is at the forefront of technology companies that are fuelling the success of community banks digital transformation strategies and are pleased to be part of their innovation journey.
With the fresh investment, Core10 has raised a total of $12.5m in funding.
Singaporean FinTech Pilon lands $5.2m seed
Pilon, a FinTech firm based in Singapore, has raised a seed round of $5.2m in both debt and equity funding.
The round was led by Wavemaker Partners and saw participation from Octava Pte and Polaris Kin Pte.
Pilon enables Southeast Asia’s small and medium-sized enterprise suppliers and their corporate buyers to digitise their factoring processes and unlock cash flow by accessing credit from financial institutions all via web and mobile interfaces using a cloud-based engine.
Through the technology, suppliers can easily access and track their owed invoices, and choose one or multiple invoices for early financing via their mobile app. They will also be able to choose the date they want the funds in their bank account by the built-in spot factoring and dynamic discounting, which will present the discounted offer to the supplier for consideration before accepting it.
The firm will use the funds raised to improve its digital product offerings, expand its footprint in existing markets like the Philippines and Cambodia, and make their foray into either Vietnam, Thailand or Indonesia within the next one year.
Pilon will also scale up business acquisition and talent in areas like marketing and technology. Pilon currently has 14 people across Singapore, the Philippines, and Cambodia.
Sandbar secures $4.8m in seed investment
Sandbar, a provider of AML, fraud and counter-terrorism risk detection software, has scored $4.8m in seed funding.
The round was led by Lachy Groom and Abstract Ventures and also saw participation from BoxGroup and 45 other angel investors.
Sandbar recently launched its product to allow organisations to fortify their AML program by identifying risks and providing more effective models to accurately identify suspicious behaviour across products and services.
By offering an API-based plug-and-play solution for financial products and services, Sandbar reduces the need for time-consuming and expensive engineering resources and consolidates multiple compliance products to save organisations time and money.
The investment will be used to develop the product further, expand the pipeline, and support customers as Sandbar continues to accelerate growth following the public launch of the product.
Vietnamese FinTech GIMO scores Series A
Vietnamese FinTech company GIMO, which offers earned-wage access, has reportedly raised $4.6m in its Series A funding round.
The investment was led by Southeast Asia-focused venture capital firm TNB Aura, according to a report from Nikkei Asia. Of the total Series A capital, $3m was supplied by TNB.
Other investments to the Series A came from Integra Partners, ThinkZone Ventures and Resolution Ventures.
As part of the deal, TNB Aura co-founder and managing partner Charles Wong and Integra Partners partner Jennifer Ho will join the GIMO board of directors.
The FinTech company is reportedly looking to improve its financial stability, hire senior engineers and integrate advanced technologies, such as data analytics and AI.
Collaborative crime-fighting technology dev Salv scores £4m
Salv, which has built collaborative crime-fighting technology, has raised €4m for its seed round extension.
The capital injection was led by ffVC, with commitments also coming from G+D Ventures and existing investors also participating.
With the capital, the company plans to further the development of its modular technology and expand into new territories, including Poland.
Its platform includes all the necessary AML functions, including automatically identifying and prioritising suspicious activity and processing vast amounts of data in real-time. One of its solutions, Salv Bridge, is a collaborative crime-fighting platform that uses the collective power of its network to minimise non-compliance and financial crime.
Through the technology, financial institutions can collaborate on investigations through a direct line of communication. With this, they can exchange and enrich data on potential threats, accelerating the time to solve fraud cases.
Employee payments firm Grazzy bags $4.25m
Texas-based employee payments platform Grazzy has scored $4.25m in a recent seed funding round.
The funding was provided by Next Coast Ventures and Tuesday Capital to fuel the expansion of its digital tipping, same-day pay and inclusive banking capabilities.
Grazzy powers hospitality’s future of digital tips, same day pay, and financial wellness for hourly workers. The company helps hotels, bars, restaurants, salons and more improve employee retention and recruiting by increasing wages, unlocking instant access to same-day earnings, and offering more inclusive financial wellness for hourly employees.
This latest infusion of capital will be used to accelerate growth across large hotel brands and operating groups, restaurant groups, and salons looking for modern ways to improve the employee experience, while reducing costs.
Additionally, this funding will support the continuation of seamless integrations between the Grazzy platform and the major systems (PMS, HMA, and POS) that most hospitality and service businesses rely on to run their operations.
Financial crime platform Themis locks in £3.1m
Themis, a digital financial crime platform, has scored £3.1m in its latest pre-Series A funding round.
Themis is currently valued at £15.4m and reported a 57% growth in revenues in 2022 from the previous year.
Themis uses advanced AI and ML technology, powered by threat-based data, research and intelligence to detect potential links to financial crime.
Its AML software provides a simple way to conduct screening, KYC onboarding, risk mapping, enhanced due diligence and automated monitoring in one platform to make sure that you are not inadvertently dealing with companies, entities or individuals with criminal records, links to serious & organised crime or other forms of financial crime.
FinTech startup Keyzy lands £3m
Keyzy, a UK-based rent-to-own startup for key workers, has secured £3 million in a seed funding investment round.
The round was led by Axeleo Capital and Outward VC. Also taking part in the round were Seed X, ActivumSG Ventures and Global Founders Capital.
According to Finextra, Keyzy gives successful applicants a budget to find a home that suits their needs. It then acquires the home chosen by the customer and leases it to them at a fixed rent for three to seven years.
Keyzy customers are able to establish a credit history to facilitate a future mortgage application while up to 25% of their rent is converted to lower the locked in buy-back price of the property.
Customers have the right to buy the home at the original total cost minus the converted rent that has accumulated.
The company uses open banking, credit and other customer data to shorten the application process to less than 10 minutes and to accelerate budget and home purchase approvals.
Keyzy claims the proceeds will accelerate its purchases of homes and the development of its technology platform, enabling more of its target group of key workers and young professionals to join the property ladder for the first time.
Accounts receivable FinTech for construction Suppli nets $3.1m
Suppli, a digital accounts receivable platform for the construction industry, has netted $3.1m in its seed funding round.
The capital injection was led by Equal Ventures, with commitments also coming from Audacious Ventures, Dash Fund, Built Technologies CEO Chase Gilbert and Wrapbook CEO Ali Javid.
With the funds, the FinTech company hopes to expand its team and launch new features and financial products during 2023.
Suppli explained that while over $500bn of construction materials are sold annually in the US, many vendors still use manual paperwork, homemade spreadsheets or dated software solutions that don’t meet the demands of customers.
A report from BLS Employment Projections, claims that by 2024 60% of material buyers will be digital natives.
Paying for construction materials requires an average of 15 documents for each sale, takes 83 days to get paid in construction and 40% of suppliers don’t offer online payments, Suppli said.
To help fix this gap, Suppli created a software solution that allows independent material suppliers and distributors to turn routine account management and payment tasks into a digital customer experience that competes with national and big box suppliers.
It also supplies construction credit and finance professionals with modern tools to manage accounts more effectively.
Since its launch in Q4 2022, Suppli claims its customer count is in double digits and includes top material suppliers across the country.
Cyber startup WhizHack bags $3m in pre-Series A
Indian cybersecurity startup WhizHack has secured pre-Series A funding up to $3m to boost its valuation to $40m.
The funding was raised by WhizHack’s existing investors SAA Capital and Vedswasti Holdings.
WhizHack was founded by Kallol Sil, Kaushik Ray and Sanjay Sengupta in 2020. The firm creates security product Ips, provides global security services as well as security training for students and enterprises.
According to VC Circle, the new influx of capital will be deployed for product development, geographical expansion and building centre of excellence in IIT Jodhpur and National Power Training Institute.
The firm claims it has grown in enterprise and consumer segments by over 200% and maximised shareholder value by over 20 times in less than two years with its products and services used by key defence, education and power institutions in India.
India-based CyberTech PrivaSapien secures $1m
India-based PrivaSapien has reportedly collected $1m in its seed round, which was led by Omidyar Network India.
The investment will allow PrivaSapien to enhance its product development and research initiatives, according to a report from Outlook Startu-Up. Funds will also be used to bolster its sales and marketing efforts in new countries.
PrivaSapien was founded by Abilash Soundararajan and Deepika Abilash. It offers privacy enhancing technology-based privacy risk assessment, mitigation and data collaboration
Clients can access the automated privacy risk assessment, which provides visibility of privacy issues, regulatory requirements and potential technical safeguards. Another of its solutions Is Event Horizon, which allows companies to anonymise data.
Coverdash secures seed funding for its business insurance solutions
Coverdash, a fully-digital business insurance startup providing simplified insurance solutions to businesses, has closed an oversubscribed seed funding round and officially launched.
The funding round was led by Bling Capital, with participation from other notable investors, including AXIS Digital Ventures, Tokio Marine Future Fund (in affiliation with World Innovation Lab), Expansion VC, and Cameron Ventures.
Multiple strategic angel investors also contributed to the round, including Greg Hendrick, CEO of Vantage Risk; Garret Koehn, president of CRC Insurance; and Steve Shenfeld, president of MidOcean Partners.
Based in New York City, Coverdash aims to simplify the process of buying and managing business insurance for e-commerce merchants, gig workers, and all other types of businessowners.
The company offers a broad range of commercial insurance products, including liability, property, workers’ compensation, and cyber.
Coverdash’s digital insurance experience enables businessowners to quote, bind, pay for, and actively manage insurance policies in a matter of seconds. Through relationships with many of the world’s most recognised insurers, Coverdash said it provides the coverages growing businesses need at the most affordable rates.
Coverdash’s embedded technology enables partners to easily offer insurance to existing customers with a single line of code. Integration is straightforward, requiring no extensive engineering resources or implementation.
Moreover, the insurance startup’s network of embedded partners include leading online market places, service providers, PEOs, lenders, brokers, and various other platforms who serve or transact with businesses nationwide.
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