B2B Tech Startups Land Funding For Payroll, Supply Chain
Venture capital funding landed at payroll- and supply chain-focused startups this week. Investors backed a variety of companies to support expansion and launch new offerings.
PYMNTS rounds up the latest funding rounds below.
Papaya Global has notched a $40 million investment in a funding round headed up by Scale Venture Partners. The international payroll firm said the money will be used to support its quick growth, launch new offerings and “invest in scaling market growth” alongside a connection with Workday. Access Industries (via its Israeli vehicle Claltech), Workday Ventures and each of its current investors participated in the round. Group 11, Bessemer Venture Partners and Dynamic Loop are among some of the company’s current investors. The firm’s new funding round came 10 months following its completion of a Series A.
PayCargo has received a $35 million investment led by Insight Partners. The supply chain payments network will use the funds to expand global adoption of its electronic payments network and accelerate technology investments. PayCargo’s infrastructure, which is based on the cloud, has developed a touch-free payment ecosystem that allows entities to quickly and securely make payments to recipients, such as maritime ports and freight forwarders. The firm has collaborations with CHAMP Cargosystems and the International Air Transport Association (IATA), among others.
Controlant has secured $15 million in Series B funding to power market growth of the Cold Chain as a Service Digital Visibility Platform, bringing the digital supply chain company’s total funding to $50 million. The firm said that existing shareholders and local institutional investors headed up the oversubscribed round, with current and incoming private investors and family offices also participating. Its Cold Chain as a Service technology brings together analytics, Internet of Things (IoT) and advanced visibility via a software infrastructure that is enabled by the cloud. As of now, the firm said it is helping with the distribution of COVID-19 test kits and has teamed with pharmaceutical firms to keep watch over the distribution of COVID-19 vaccines.
Intelage has landed $3.5 million in seed funding, which was headed by Blumberg Capital with Vulcan Capital’s participation. The funds will be harnessed for technology development in the future in addition to growing its sales workforce and high-level management. Intelage’s TradeDesk technology brings everyone participating in the trading process into one location, unifying paperwork and product data, among other elements. As a result, customers can automate manual process, do away with costly exceptions, receive further visibility into pivotal decisions and simplify overall trading experiences. The firm’s client network currently runs in the Korea, Vietnam, Egypt, Indonesia, the U.S. and China.
Strigo has completed an $8 million Series A financing round and said it has grown its customer base by three times since the outbreak of the coronavirus. The customer training technology company said it would harness the round to grow product development and its “go-to-market strategy” to meet quickly growing demand and speed up customer growth. Strigo said firms such as Sage and VMware have harnessed its unified platform to provide off-site training. It said its Customer Training Cloud helps firms further their clients’ product knowledge via hands-on instructional experiences that can be provided in different formats at any time.