Though not the busiest week in B2B venture capital funding, investors presented a clear preference for corporate expense management and B2B eCommerce, with additional funding going toward logistics and small business banking firms for a total of $203.5 million raised this week.
The logistics space saw another boost this week with the $16 million Series B funding round in Ezyhaul, reports in YourStory said this week. Based in Singapore, Ezyhaul plans to expand its logistics and freight management technologies across South Asia and invest in technological innovation as it goes after a plug-and-play model of its platform. The company did not disclose who provided the funding, which follows the $5 million Series A investment closed last year. Since, the firm has expanded in India and Thailand, while adding support for cross-border logistics management.
Targeting the freelancer and small business space, FinTech startup Sensibill announced $31.5 million in Series B funding this week. The Canadian company provides receipt management for other mobile banking apps, enabling the apps and their small business users to aggregate and analyze spend and expense data. In a press release, Sensibill said it plans to use the funding to invest further in artificial intelligence (AI) as it continues to collaborate with banks to expand its product to end-users. Radical Ventures led the round, while National Bank of Canada and existing backers Information Venture Partners and First Ascent Ventures also participated.
In India, Horizons Ventures, Tencent and JS Capital provided $35 million in Series B funding to digital banking startup NiYO, a press release said this week. NiYO will deploy the cash to focus on rolling out new products, invest in marketing and distribution, and explore new markets in which to expand. The company offers technology that layers over existing banking infrastructure to support digitization of retail and small business customers. As it grows, the company noted it plans to also expand its cross-border solutions with its foreign exchange card product the NiYO Global Card.
Also in India, B2B eCommerce company Moglix revealed $60 million raised by Tiger Global, Sequoia India and Composite Capital. Existing investors Accel Partners, Jungle Ventures, IFC, Venture Highway and Tata Sons Chairman Emeritus Ratan Tata also participated, according to YourStory. The Series D found will go toward the development of industrial distribution centers in the country while also toward the firm’s investments in technology to streamline supply chain and procurement processes in the industrial goods arena. The investment announcement came the same week that another Indian B2B eCommerce startup, Udaan, raised about $5 million from parent company Trustroot, which acquired more than 50,000 shares in the firm.
Beating out the rest of the pack this week is Soldo, a U.K. startup that offers corporate spend management solutions in the U.K., Ireland and Italy. The firm announced $61 million in new funding led by Battery Ventures in the U.S., while European investors at Dawn Capital and Accel also participated. Soldo plans to use the investment for sales and product development. Separate reports in TechCrunch said Soldo Founder and CEO Carlo Gualandri pointed to the importance of education of the opportunities in spend management. “When you don’t know that a solution exists, you don’t even call it a ‘problem,’” he told the publication, “but you consider it just a fact of life.”