SMB SaaS: December Funding Roundup, Part II
December 26, 2019 | Contributed by: Mike Boland
Things continue to heat up in SMB Saas. For those unfamiliar, this sector is represented by companies that build software tools for small businesses. It’s everything from “front of the house” marketing and customer acquisition tools, to “back of the house,” operational management (think: payroll).
This is a wide range of companies and opportunities as we examine in an upcoming white paper. And while following the sector on an ongoing basis, we’re struck by the level of venture funding it’s receiving. So for the latest Funding Watch post, we’re rounding recent SMB-Saas funding inflows.
Following our last funding roundup in Part I of December’s installment, here’s Part II (listed in order of funding amount).
Trouva: $21.8 million
London-based Trouva is an online marketplace for brick & mortar boutiques to scale up their distribution of bespoke fare. It raised $21.8 million led by Octopus Ventures, C4 Ventures and Downing Ventures, with participation from BGF and LocalGlobe.
Syte: $21.5 million
Tel Aviv-based Syte brings advanced visual search (a la Google Lens and Pinterest Lens) to smaller and less deep-pocketed eCommerce merchants. It raised a $21.5 million Series B led by Viola Ventures, with participation from Storm Ventures, Commerce Ventures, Axess Ventures and Remagine Ventures.
FintechOS: $14 million
FintechOS helps traditional banks roll out digital products to compete with the agility of fintech startups and challenger banks. It secured a $14 million Series A investment led by Earlybird Venture Capital and OTB Ventures, with participation from Gapminder Ventures and Launchub.
Gtmhub: $9 Million
GTM Hub has structured a software package to manage the new workplace productivity trend of objectives & key results (OKRs). With roots in Google’s internal project management culture, GTM Hub brings the process to smaller outfits. It raised $9 million in Series A funding led by CRV.
BuildOps: $5.8 million
BuildOps serves the construction vertical with operational software that integrates key functions like scheduling, dispatch, inventory management and contracts. It raised $5.8 million in seed funding from an ensemble cast of LA investors including Fika Ventures MetaProp VC, Global Founders Capital, CrossCut Ventures, TenOneTen, IGSB, 1984 Ventures, L2 Ventures, GroundUp, NBA all-star Metta World Peace, Oberndorf Enterprises, Wolfson Group and scouts from Sequoia Capital.
Postscript: $4.5 million
Postscript helps Spotify-based eCommerce merchants manage SMS communications with customers. It has raised $4.5 million led by Accomplice with participation from angels including Paul English, Kevin Hale, Andrew Bialecki, Elias Torres, Mathilde Collin, Eric Rea and Dennis Steele.
Rossum: $4.5 million
Rossum helps SMBs streamline data entry with a machine learning process that replaces traditional Optical Character Recognition (OCR) software. It has raised $4.5 million led by LocalGlobe with participation from Seedcamp, Elad Gil, Michael Stoppelman, Vijay Pandurangan and Ryan Petersen.
RaySecur: $3 milli0n
RaySecur helps SMBs secure their mailrooms with hardware that streamlines the scanning incoming packages. The company has raised $3 million in seed-round funding led by One Way Ventures, with participation from Junson Capital, Launchpad Venture Group and Dreamit Ventures.
Kinside: $3 million
Kinside manages childcare as a service for small businesses to offer their employees. This serves as both a perk for employees and a productivity enabler for employers. After signing more than 1000 businesses, it has raised $3 million in a funding round led by Initialized Capital.
TapRM: $1.5 million (See our recent profile here.)
TapRm enables small breweries by bringing eCommerce to beer — a traditionally untapped area due to variability in regulations from state to state. It raised $1.5 million led by The Broe Group, with participation from VU Venture Partners, Branded Strategic Hospitality and others.