The FinTech sector is continuing to take the world by storm, and last week saw an impressive 46 companies close fresh investment rounds.
Celebrities have been no strangers to the FinTech sector, with Ashton Kutcher, Ryan Reynolds and Robert Downey Jr. regular investors in the space. The biggest fundraise of last week was completed by password management platform 1Password, which raised $620m for its Series C. Among its rafters of investors were a smattering of stars.
The company is apparently popular with on-screen superheroes, with Ryan Reynolds, Scarlett Johansson, Robert Downey Jr. and Chris Evans all committing to the round. These are only some of the big names to back the company, with other actors and singers also giving 1Password their support.
Last year, FinTech Global released a list of just some of the FinTech companies that have attracted the attention of celebs.
Another notable trend from last week was several African FinTech companies closed investments. The FinTech sector in Africa had an incredible 2021, with a total of 287 deals completed. Since 2017 a total of $4bn has been invested into FinTech companies across the continent, of which, $2bn was invested in 2021 alone.
With several African FinTech companies closing funds this week, 2022 could be another record year for funding in the continent.
Here are the 46 companies to raise funds last week.
Scarlett Johansson, Chris Evans among celebs to back 1Password
Canadian cybersecurity unicorn 1Password has extended its valuation to $6.8bn after it closed a star-studded Series C round on $620m.
1Password claims this is the largest investment raised by a Canadian company.
The investment was backed by several high-profile celebrities, including Ryan Reynolds, Scarlett Johansson, Robert Downey Jr., Matthew McConaughey, Chris Evans, Rita Wilson, Ashton Kutcher, Trevor Noah, Justin Timberlake and Pharrell Williams.
It was also supported by many business leaders, such as Robert Iger, former CEO and chairman at The Walt Disney Company; Jeff Weiner, executive chairman at LinkedIn; Mary Barra, CEO at General Motors and many others.
It wasn’t just high-profile angel investors to join the round. ICONIQ Growth led the round, with support also coming from Tiger Global, Lightspeed Venture Partners, Backbone Angels, Salesforce Ventures and Accel.
The investment capital has been earmarked to develop and scale security solutions to help everyone protect their sensitive data and information while seamlessly integrating between their work and personal lives.
1Password offers password management services to businesses and consumers. Users can create passwords and auto-fill logins for websites and applications.
Checkout and shopper network platform Bolt secures $355m
The FinTech company raised $355m in its Series E funding round, which was led by BlackRock, an American multinational investment management corporation.
This investment puts Bolt on the cusp of a $1bn valuation, but the exact number was not given.
Other participants in the round were Schonfeld, Invus Opportunities, CE Innovation Capital, H.I.G Growth, Moore Strategic Ventures and Activant Capital.
Bolt experienced strong growth in 2021, including expansion into Europe and the launch of new customers and strategic partnerships.
The company offers a checkout experience that lets retailers access one-click payments, as well as protections from fraud.
Accelerant secures $190m in funding
Accelerant, an InsurTech empowering underwriters with superior risk exchange and data analytics coupled with long-term capacity commitments, secured an investment of $190m. This fundraise was completed at a pre-money valuation of $2bn.
Eldridge led the round, with Deer Park, Marshall Wace, MS&AD Ventures, and Altamont Capital Partners also committing to the round. It plans to use the funds to further its technology development.
Accelerant aims to transform how underwriters share and exchange risk to improve outcomes for programme managers, primary issuing carriers, and ultimate risk-bearers.
Arc comes out of stealth with hefty Series A
Arc, a full-service finance platform for SaaS companies, launched out of stealth following the close of a $161m investment from equity and credit investors.
The San Francisco-based company is working with Stripe to create a first-of-its-kind FinTech solution where software founders can borrow, save and spend through one digital platform. Its technology can programmatically underwrite credit risk, ensuring funds can be released to borrowers within minutes.
It launched its services in the summer of 2021 and has since onboarded 100 startups to its platform.
Crypto trading app iTrustCapital a unicorn after first investment
iTrustCapital managed to reach an impressive valuation of $1.3bn after closing its first external investment. Prior to this investment, the FinTech company had been bootstrapped.
The company, which claims to be the number one software platform in the US for buying and selling cryptocurrency, bagged $125m in its Series A. Left Lane Capital served as the lead investor.
With the funds, iTrustCapital plans to expand its products and services and expand its client service and development teams. Funds will also be used for strategic acquisitions and launch additional marketing channels.
iTrustCapital’s mission is to simplify the IRA investment process. Users can access 24/7 trading, with live customer support and a diverse list of crypto assets.
France-based Spendesk bags extends Series C
Spendesk, which styles itself as a seven-in-one spend management solution for SMBs, has collected an additional €100m in an extension to its Series C round. It originally raised €100m in its Series C round in 2021.
American VC fund Tiger Global led the round, with existing Spendesk investors General Atlantic, Eight Roads Ventures, Index Ventures and eFounders also contributing to the round.
With the investment’s support, Spendesk will hire 300 people over the course of 2022.
The FinTech company has experienced strong growth during the pandemic. It claims to have more than doubled its revenue every year and more than €3bn of spend has been managed on the Spendesk platform in 2021.
Spendesk offers businesses tools for corporate cards, invoice payments, expense reimbursements, budgets, approval, reporting, compliance and pre-accounting.
Facet Wealth gains funding for financial wellness
Personalised financial advice platform Facet Wealth has picked up $100m for its Series C round.
Durable Capital Partners led the round, with Warburg Pincus, TeleSoft Partners and Green Cow Venture Capital also contributing. The capital will help it make investments into its technology and product suite.
Facet was founded in 2016 and hopes to empower customers via personalised and unbiased financial advice. Its platform pairs customers with a certified financial planner that can help them integrate financial planning into their life.
The company previously raised $25m in its Series B round in 2020. Since then, Facet claims to have grown by ten-times.
Personalisation software Personetics nets $85m
Personetics, a provider of financial data-driven personalisation and customer engagement services, has collected $85m in growth funding from Thoma Bravo.
The company’s ambition is to actualise the world of “self-driving finance” where financial institutions proactively act on behalf of their customers to increase lifetime value and drive business impact.
Its platform analyses financial data in real-time, understands individuals’ financial behaviours, anticipates their financial advice and automates wellness programs.
The FinTech company previously raised $75m in February 2021 from Warburg Pincus.
INDmoney lands funding for “super money app”
Based in India, INDmoney has raised $75m in a fresh batch of funding. Tiger Global, Steadview Capital and Dragoneer supplied the capital to the round.
Founded in 2019, the company helps manage, track and get advice on financial information such as investments, loans, expenses and taxes.
It stylises itself as a super money app and has registered 3.5 million customers who track over $15bn in investments.
Following the close of the deal, INDmoney has raised a total of $133m in funding.
India’s FPL Technologies closes Series C
FPL Technologies raised $75m in its Series C investment, which was led by QED Investors. Other backers to the round include GIC Singapore, Janchor, Sequoia Capital India, Matrix Partners India and Hummingbird Ventures.
With the funds, the FinTech company plans to bolster its value proposition, scale its product teams and expand its customer base.
Based in India, FPL has created a full-stack technology platform to offer a next-generation credit card experience for customers.
FPL previously raised $35m for its Series B last year and $10m in its Series A round back in 2020.
Cybersecurity training platform SoSafe nabs $73m
SoSafe, which helps employees become more aware of cybersecurity risks, collected $73m in its Series B round last week.
Highland Europe led the investment, which was also backed by Acton Capital and Global Founders Capital.
Its platform offers simulated phishing attacks, modular e-learning and a dashboard to support the training of employees on data protection and cybersecurity.
Canalyst lands $70m
Financial model developer Canalyst has raised $70m from a Series C.
The round was led by Investment Group and supported by Canada Pension Plan Investment Board, Alta Fox Capital, Vanedge Capital, HighSage Ventures and ScaleUP Ventures. The capital infusion will help Canalyst double its team, bolster product development and further global expansion efforts.
Canalyst claims it combines software with human expertise to create accurate and detailed financial and KPI data on global public companies, providing finance professionals with access to data that can be trusted and at scale.
Digit Insurance collects $70m
Another Indian FinTech company to raise funds last week was Digit Insurance. The InsurTech unicorn raised $70m from Wellington Hadley Harbor and Ithan Creek Master Investors.
Wellington invested $55m into Digit and the remaining $15m came from Ithan.
The company leverages technology to simplify insurance processes for customers, including smartphone-enabled self-inspection and audio claims. Its services are 100% on cloud and has launched several offerings to meet the various needs of customers.
Data protection platform Virtru collects $60m
Data protection platform developer Virtru has collected $60m in an investment round as it looks to bolster its team.
Existing investor ICONIQ Growth co-led the round with first-time backer Foundry Capital. Other participants in the round include Tiger Global, MC2, Bessemer Venture Partners and New Enterprise Associates. With the funds, the company plans to accelerate the delivery of new products across its data protection portfolio and hire more sales and marketing professionals.
Based in Washington, Virtru helps companies protect their data through encryption for Gmail, Google Drive, Google Cloud, Outlook and more.
Vartana launches following $57m seed raise
Managed checkout and buy now, pay later (BNPL) provider Vartana launched its services after the completion of its $57m seed round.
The round was comprised of a $7m equity investment from technology company Audacious Ventures and $50m in debt from speciality finance firm i80 Group.
The funds will help it bolster its product development, double its engineering capacity and hire more staff in its sales and operations team.
Vartana claims its platform enables companies to offer flexible billing options such as monthly and quarterly terms without compromising cash flow.
CyberTech company Anitian nets Series B
Anitian, a provider of pre-engineered cloud security and compliance automation, has netted $55m in its Series B round.
Silicon Valley-based Sageview Capital, with commitments also coming from existing investor Forgepoint Capital. With the capital, the RegTech company will bolster its expansion efforts and further the transformation of its cloud security and compliance automation services.
Anitian makes cloud applications secure and compliant so clients can enter new markets and unlock revenue within weeks, it claims.
Payroll platform Pinwheel picks up $50m
Payroll connectivity platform Pinwheel raised $50m for its Series B, which was led by GGV Capital. Other backers to the round include Coatue, First Round Capital, Upfront Ventures, AMEX Ventures, Indeed, Kraken Ventures and Franklin Templeton.
Pinwheel’s mission is to build a fairer financial system through APIs that helps businesses connect payroll accounts to their applications. It claims this helps FinTechs, financial institutions, and more can develop new tools or services that provide equitable access to financial services for everyone.
Canadian bitcoin buying app Shakepay collects Series A
Shakepay, a mobile app that enables Canadians to buy and sell bitcoin, has collected $44m in its Series A funding round.
US-based QED Investors served as the lead backer, with commitments also coming from Boost VC, BoxOne Ventures Golden Ventures, Broadhaven, Henri Machalani, Mike Murchison, Jevon MacDonald, Mark MacLeod, Dan Debow, Farhan Thawar, and several product leaders from Shopify.
With this backing, Shakepay hopes to release new products and services for customers.
Its mobile app lets users buy and sell bitcoins. The platform also nets users 1% in free bitcoin when shopping with a Visa merchant and an additional 1% on the first $5,000.
In 2021, the company grew by 381% to over 900,000 users, with $6bn in total volume.
Foresight lands funding for worker compensation
Foresight Group plans to bolster its technology-based workers’ compensation programme following the close of a $39m Series B.
The round was led by OMERS Ventures, with commitments also coming from Digital Garage Ventures, George Kaiser Family Foundation, Brick and Mortar Ventures and Builders VC.
Foresight Group describes Foresight as the first workers compensation InsurTech to focus on the middle market, and Safesite, a risk management platform.
Following the close of the round, the InsurTech has raised a total of $59m.
Cushon snares £35m
Workplace savings FinTech Cushon picked up £35m in its latest investment, which was led by Augmentum FinTech and AshGrove Capital.
The FinTech company offers consumers investment, pension, financial wellbeing and workplace savings support.
With the capital injection, it plans to enhance its mobile platform and bolster its onboarding capabilities to become more efficient.
Cushon previously raised £26m in an equity and debt fundraise in June 2021.
Saudi Arabian FinTech Lean Technologies raises $33m
Saudi Arabian FinTech company Lean Technologies has raised $33m in an investment that was led by Sequoia Capital.
The deal marks Sequoia’s first investment into the Gulf region. Several existing and first-time investors joined the funding round, including former General Electric chief Jeff Immelt.
With the funds, Lean Technologies plans to hire more staff and expand across the region.
Founded in 2019, Lean Technologies provides APIs so companies can build and launch financial products. Its APIs include digital accounting, robo advisory, personal finance, buy now pay later and P2P lending.
Bennie raises $33m for HR management
New York-based employee benefits platform Bennie picked up $33m in its seed round, which was co-led by Silverton Partners and Picus Capital.
Other backers to the round include Global Founders Capital, Interplay Ventures, and FJ Labs, among others.
The company is an all-in-one platform for HR managers to streamline and modernise benefit management.
Asaak lands funding to support gig workers
Uganda-based asset financing startup Asaak has collected $30m in its pre-Series A round, which was comprised of debt and equity.
The round was supported by new and existing investors, including Resolute Ventures, Social Capital, HOF Capital, Founders Factory Africa, End Poverty Make Trillions, Decentralized VC and a number of angel investors.
Asaak’s boda boda financing program approves drivers for loans based on their financial and behavioural data, such as the number of completed trips on driving apps Bolt, Uber and more.
Dylan Terrill, Asaak co-founder and chief business officer, said: “Asaak is unlocking mobility-based work, which literally moves the economy forward and creates upward mobility for these individuals.
“Bodaboda riders are the lifeblood of Africa, moving people and cargo from home to school to work. They just need access to motorcycles which leads them to better income opportunities and makes them able to provide for their families.”
Banyan Security nabs Series B funding
Zero-trust network access solution developer Banyan Security has raised $30m in its Series B funding round.
Third point Ventures led the round, with commitments also coming from first-time Banyan backers SIG and Alter Venture Partners. Existing Banyan investors Shasta Ventures and Unusual Ventures also contributed to the Series B.
Funds will be used to increase its sales and marketing teams, increase product innovation efforts and expand internationally.
The CyberTech company offers least-privileged access to corporate applications and laaS resourced in real-time. Its technology deploys in hybrid and multi-cloud environments, continuously enforcing access policies based on a combination of user, device and application contexts.
Smartcar lands funding for its mobility API solution
Smartcar, an API developer platform for connected vehicles, picked up $24m for its Series B investment.
The round was led by Energize Ventures, with contributions also coming from Andreessen Horowitz and New Enterprise Associates. With the funds, the company plans to further grow its US operations and accelerate its expansion to the European market.
Founded in 2015, Smartcar is a developer platform for mobility businesses. From auto insurance and car sharing to EV charging and fleet management, Smartcar said businesses of all kinds use its APIs to integrate their apps and services with vehicles.
Finclusion lands funding to fuel African neobank offering
Finclusion Group, a FinTech that aims to boost financial inclusion in sub-saharan Africa, has raised $20m amid a period of growth in startups in the region.
The investment was supported by Andela and Flutterwave co-founder Iyin Aboyeji, LendInvest founder Christian Faes and ComplyAdvantage founder Charlie Delingpole, as well as several other angel backers.
Founded in 2018, the company leverages AI algorithms to provide financial services to African customers. Its features include payroll, HR, financial wellness and insurance solutions. It also boasts early access to earned and future wages.
Finclusion previously raised $20m in a funding round in October 2021, which was raised in partnership with loan provider Lendable.
Ghanaian FinTech Float scores seed round
Float is among the several African FinTech companies to raise capital last week. The SME cashflow management solution collected $17m in its seed round, which was made of both debt and equity.
Cauris Finance supplied the $10m of debt, while the remaining $7m of equity was supplied by Tiger Global, JAM Fund, Kinfolk, Soma Capital, Ingressive Capital and Magic Fund. Several unnamed angel investors also committed capital to the equity injection.
The capital will help Float launch in South Africa and Kenya by the second quarter of the year. It will also help the company enhance its cash management services and launch products aimed at specific business verticals and industries.
It currently provides businesses in Ghana and Nigeria with tools to manage their cashflow and expenses, such as payroll and inventory.
Seel secures Series A for e-commerce insurance
Based in San Francisco, Seel bagged $17m for its Series A round led by Lightspeed Venture Partners.
Other investors to the Series A include Foundation Capital, Afore Capital and West Loop Ventures.
Founded in 2019, Seel specialises in underwriting e-commerce returns and giving merchants better control of these scenarios. Through AI underwriting software, it can predict the probability of return once an order has been made.
Seel co-founder Zach Peng said, “Merchants typically won’t know their true revenue until the return window expires six to eight weeks after an order is sold… That means they often have to reconcile refunds, correct financials and adjust marketing plans for orders sold weeks ago. Instead, they can pay a variable return assurance fee when an order is sold, and instantly lock in the net revenue and streamline a significant amount of revenue operations.”
The InsurTech company has raised a total of $23.6m in funding, to date.
France-based Coinhouse bags $17m in its Series B
Coinhouse, which claims to be France’s first cryptocurrency management and transaction platform, has raised $17m in Series B funding.
The investment was led by True Global Ventures 4 Plus, which invested $5.7m into the company.
Coinhouse, which spun out from Ledger in 2017, helps users build their asset portfolio and better understand the ecosystem. It currently has over 50,000 clients in Europe.
Conduit scores $17m
Conduit, which develops DeFi products for FinTechs, neobanks and exchanges, netted $17m in funding.
The round was led by Portage Ventures, which focuses on backing FinTech companies. Other participants to the round include Diagram Ventures, FinVC, Gemini Frontier Fund, Gradient Ventures, Core Innovation Capital, Inovia Capital, Gaingels, Discovery Ventures and Jump Crypto.
It was also joined by several angel investors, including Paypal chief product officer Mark Britto and former PayPal CCO Gary Marino.
The FinTech company initially launched its services in Canada, but the capital will help it build products and go-to-market teams in Latin America and the US.
Conduit’s ambition is to remove the issue of unequal access to financial services. It claims the average person cannot earn on their savings, but its let people access decentralized finance accounts.
Honeycomb poised to “change the game of real estate insurance”
Israel-based InsurTech startup Honeycomb Insurance has secured $15.4m for its Series A round. The deal was led by Ibex Investors, with participation also coming from Phoenix Insurance Company, Distributed Ventures, IT-Farm, Sure Ventures and SiriusPoint.
The company, which was founded in 2019, offers simple and affordable multi-family property insurance via an end-to-end digital platform.
Cryptobank Coinhouse raises Series B
Coinhouse has closed a €15m Series B round as the company becomes Europe’s first ever cryptobank.
CF Partners, Raise Ventures, XAnge, Expon, ConsenSys AG and Ledger co-founder Eric Larchevêque all joined the round.
With the funds, Coinhouse plans to diversify its product offering to support access to crypto markets. It also hopes to bolster its position in the European market.
Coinhouse has developed an online platform that allows them to invest in over forty different crypto assets. The company claims what differentiates it from other companies is a customer service open to all, multilingual, accessible by email and over the phone. The firm also has a team of account managers and experts dedicated to companies.
March Capital pours $15m into Gr4vy
Cloud-native payments firm Gr4vy has collected $15m in its Series A extension round. It initially raised $11.1m in its Series A funding round back in 2021.
The extension round was led by March Capital, with commitments also coming from Nyca Partners, Plug and Play Ventures and Activant Capital. This capital will help Gr4vy commit to its global expansion efforts and release new products.
While Gr4vy did not release its valuation, it claims to have doubled since it launched in April 2021.
The FinTech company was founded in 2020 and provides companies with a cloud-native payment orchestration platform. Its goal is to modernise the future of payment infrastructure around the world.
The company has raised a total of $27.2m in total funding.
Amplify gets backing for life insurance investment product
Digital life insurance platform Amplify Life Insurance has collected $12m in its Series A round, which was co-led by Greycroft and Crosslink Capital.
Commitments also came from Conversion Capital, Anthemis, and Transverse Asset Management.
This investment capital will help Amplify launch a mobile app that will let customers manage their investment portfolio and coverage deals. It will also let users manage family policies for retirement, savings, legacy and college education.
Amplify is a digital platform that offers customers the ability to invest in public equities or alternative investments with their life insurance premiums, accessing tax-free returns throughout their lifetime.
The InsurTech company previously raised $2.5m in its seed round in 2021, which was led by Anthemis.
Blockchain security firm Redefine claims $11m
Israeli blockchain security startup Redefine has picked up $11m for its seed round. This investment brings its valuation to $50m.
The investment was led by Ribbit Capital, with participation also coming from Jump Capital, ParaFi Capital, Accomplice Blockchain and More VC.
Proceeds from the round will help the CyberTech company hire staff for its Israel and US offices, as well as bolster its R&D efforts.
Founded in2021, the company offers a decentralised finance security solution that offers end-to-end risk management and mitigation to DeFi investors. Features include automated due diligence service, real-time portfolio risk monitoring and active risk mitigation.
Financial infrastructure provider Routefusion lands $10.5m
Routefusion, a company that helps provide cross-border finance infrastructure to FinTechs looking to expand, has raised $10.5m in seed funding.
Canvas Ventures and Silverton Partners served as the lead investors, with commitments also coming from Haymaker Ventures, Sherwin Gandi, Initialised Capital and several angel investors.
Founded in 2018, Routefusion’s API allows neo-banks, payroll providers, platforms, and marketplaces to begin offering cross-border payments to their customers in as quickly as two days.
Over the past 11 months, Routefusion claims it has experienced 200% organic customer growth and 5000% revenue growth.
Tax platform April bags $10m
US-based tech-powered tax platform April Tax Solutions has raised $10m from a seed funding round and has officially launched operations.
The company will use the funds to support the launch of its services in the first half of 2022. This will begin with a rollout to select customers.
Team8 led the round, with funds also coming from NYCA Partners, Bolt by QUED, Treasury, iAngels and Euclidean Capital. Angel investors, including Jeff Cruttenden, Eli Broverman, Shai Wininger and Lowell Putnam, also supported April.
April claims it has created a new standard for tax solutions by helping people take control of their taxes by using the latest in natural language processing and human-assisted AI.
Permiso Security nails down $10m
Cloud identity detection and response firm Permiso Security closed its seed round on $10m.
Point72 Ventures served as the lead investor, with commitments also coming from Foundation Capital, 11.2 Capital, Rain Capital and Work-Bench. Angel investors, including ex-Netflix Information Security VP Jason Chan and Hashicorp CSO Talha Tariq, also supported the seed round.
Permiso is a developer of identity-based detection and response services that profile and monitor human and machine identities used for malicious activity. Clients can bolster the cloud security and detect any instance of credential abuse.
With the funds, the company hopes to scale its engineering team, form more partnerships and grow its customer base.
Polar Security ices $8.5m seed
Israeli cloud security firm Polar Security collected $8.5m in its seed round, alongside the launch out of stealth.
Glilot Capital Partners led the round, with participation also coming from IBI Tech Fund and several angel investors.
Founded in 2021, Polar Security claims to be the first solution that automates cloud data security and compliance, regardless of where the sensitive data is. Its Data Security Posture Management solution automatically finds where a user’s data stores are, what sensitive data is inside and where the data is moving to. Through this, it is better placed to uncover vulnerabilities and compliance violations.
Payflow becomes most funded on-demand salary solution in EU
Following the close of its €8m funding round, financial wellbeing platform Payflow has become the best funded on-demand salary solution in the EU. Additionally, it claims to be the only on-demand salary solution in Spain that never charges employees. Instead, the business model relies on a monthly fee paid by client companies.
With the round closed, Payflow is looking to launch its services into two new countries. It recently launched operations in Chile and Colombia.
The investment was backed by Seaya Ventures, Cathay Innovation, YCombinator and Rebel Fund
Founded in 2020, Payflow’s goal is to become a neobank. It currently provides on-demand salary services to 175 clients in Spain.
FinTech Farm herds $7.4m
London-based FinTech company Farm raised $7.4m in its seed round. Flyer One Ventures served as the lead investors, with support also coming from Jiji, TA Ventures, AVentures Capital and u.Ventures.
This capital burst will help it launch neobanks into eight countries across Asia and Africa over the next couple of years.
Farm is building neobanks for emerging markets, giving consumers easy access to mobile apps and credit products. Its lending services are also designed to be available to those with little or no credit history.
WealthKernel picks up $7m
Digital wealth infrastructure company WealthKernel extended its Series A round with a fresh $7m. The company originally raised $6m in its Series A round back in 2020.
The Series A+ round was led by XTX Ventures, with commitments also coming from Digital Horizon, Big Start Ventures and ETFS Capital.
With the funds, the company plans to expand into new European markets and hire more staff. WealthKernel is currently exploring a new headquarters in Spain.
WealthKernel offers embedded investing tech that gives companies the tools to create a digital investing service from onboarding and trading to portfolio management and custody. Its flexible API infrastructure enables businesses to easily integrate the services.
CyberTech Evo Security scores seed funding
Identity and access management solution Evo Security has raised $3.9m in its seed funding round.
Sorenson Ventures, Inner Loop Capital, Secure Octane, Channel Angels and several angel investors supplied the capital. With the funds, the company plans to bolster its existing tools, expand product features and grow its success and support team.
Texas-based Evo Security was founded by Michael Roth with the aim to fix overlooked challenges MSPs face when managing identity access management (IAM) for their customers. The technology can stop phishing password hacks, brute force attacks, ransomware and more. Its platform also empowers the remote workforce
Cyber insurance startup Baobab nets pre-seed
Baobab, which bundles cybersecurity and cyber insurance services, has reportedly collected €3.5m in its pre-seed funding round.
The investment was led by Project A Ventures, with commitments also coming from LA Famiglia and Discovery Ventures. With the funds, Baobab plans to launch in Germany and grow in other European countries. Baobab also plans to use the funds to hire insurance, technical and cybersecurity professionals.
Baobab assesses a company’s risk, secures them and insurers them against losses. A risk assessment is completed to understand the vulnerabilities and cybersecurity experts then offer advice to protect the business.
Vinter scores $3.4m capital raise
Crypto asset index provider Vinter has raised $3.4m in funding. Octopus Ventures led the round, with commitments also coming from Ricketts family office, Pfeffer Capital, D4 Ventures and multiple angel backers.
Founded in 2019, the company supports crypto ETFs through its indexing services.
Finsall said to raise $1.6m in pre-Series A
InsurTech company Finsall has reportedly raised INR 12 crore ($1.6m) in its pre-Series A funding round.
The round was led by existing investors Unicorn India Ventures and SEA Fund. With this capital, the company hopes to scale its platform and form new partnerships with insurers. It also plans to increase its market share within the insurance premium financing segment.
The company provides insurance premium financing for employee benefits, medical and personal accident insurance policies, motor vehicles insurance, package policies, factories and construction equipment.
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