It last raised a $50M Series C funding round in 2021.
TransferGo claims the new investment doubles its valuation to around $600M, from the $200M-$300M Dealroom valued it at back in September 2021.
We achieved sustainability of the business and became profitable and we still have proceeds from the last funding round.
We don’t need external capital to grow.”However, he saw the opportunity to raise funding from Asia to expand there.
“We are still taking customers from incumbents: 75% come from cash, banks, and Western Union — that’s still the gorilla in the room.”He puts TransferGo’s growth down to focusing on the consumer experience.
The carpooling and bus ticketing company has been around for so long that it’s hard to consider it a startup anymore.
Today, the company is announcing that it’s secured a €100 million revolving credit facility ($108M at today’s exchange rate).
And the good news is that there are BlaBlaCar users all around the world — not just France.
When the war in Ukraine started, BlaBlaCar had millions of users in Russia.
Even if you don’t book your next train ride on BlaBlaCar, the company is also experimenting with last-mile carpooling.
Save for fintech and cleantech, B2B e-commerce and retail was the leading destination for venture capital dollars over the last five years.
Most B2B e-commerce startups have struggled to keep subsidizing their products and expanding operations, leading to retreats, closures, downsizing and mergers.
Building a B2B e-commerce business in tech winterB2B e-commerce platforms provide convenience to FMCG manufacturers like Unilever and P&G for distributing their products to the last mile.
As a result, many B2B e-commerce startups have opted for asset-heavy models to reach their customer base.
The Lagos-based B2B e-commerce startup is currently in the middle of securing a new round of equity and debt to propel its expansion.
Telegram founder Pavel Durov said that the company expects to hit profitability next year with eyes on going public in the future.
While Telegram is not looking to raise a mega round, the company is open to investment in exchange for smaller equity.
The company also offers ad solutions for one-to-many channels and plans to launch ad revenue sharing with channel owners this month.
Durov told FT that ad solutions currently are limited to certain geographies and the company mandates agencies to spend between €1mn and €10mn.
Apart from these solutions, Telegram has also experimented with blockchain-based projects through the TON foundation.
Profitable car rental service Turo is still ready for an IPO, but its growth cratered in 2023Turo, the venture-backed, peer-to-peer car rental service reported its fourth-quarter and full-year financial performance this week in an updated IPO filing.
The company has put the capital to good use, posting quick revenue growth since 2019, positive operating income since 2021 and net profit since 2022.
In 2021 Turo’s growth rebounded from 2020’s pandemic-driven woes impressively, rising 213% that year to $469 million.
However, triple-digit growth was short-lived at the car rental company, which saw its revenue growth slow to 59% in 2022 when it recorded $746.6 million worth of total revenue.
TechCrunch calculates that its Q3 2022 to Q3 2023 growth rate was 13.6%, while its Q4 to Q4 growth over the same time frame was a slightly sharper 14.3%.
Interview Kickstart, a profitable startup helping tech professionals acquire career-advancing skills, has raised $10 million in its maiden funding from Blume Ventures, the companies said on Monday.
The startup avoided raising venture money in the past because Valles said Interview Kickstart has always been profitable and focused on sustainable unit-economics.
Interview Kickstart is finally raising external capital because it plans to focus on two to three new areas aggressively.
For Blume Ventures, the investment in Interview Kickstart is its largest opening check in its decade-old history.
“Interview Kickstart presented a unique opportunity,” said Karthik Reddy, Managing Partner of Blume Ventures, in a statement.
India’s Swiggy to cut another 400 jobs ahead of IPO later this yearIndian food delivery startup Swiggy is cutting about 400 jobs, or nearly 7% of its workforce, as the startup seeks to bring further improvements to its finances ahead of a planned IPO later this year.
This is the second round of layoff at the Bengaluru-headquartered startup, which cut just as many jobs early last year.
The move comes as Swiggy attempts to further improve its finances.
Though its food delivery business is profitable, the startup is not profitable at a group level.
Zomato, Swiggy’s chief rival, became profitable last year.
Digital Onboarding, a SaaS company specializing in helping financial institutions strengthen relationships with customers, secured $58 million in growth capital from Volition Capital to continue developing its digital engagement platform.
They changed the name to Digital Onboarding and began selling its engagement platform to banks and credit unions in January of 2018.
Communications from financial institutions, which are under strict regulations, is often paper-based, especially when opening a new account.
This often leads to between 25% and 40% of new checking accounts closed within the first year, said Brown, CEO of Digital Onboarding, citing a statistic from the 2023 Future of Finance Report.
Digital Onboarding is working with more than 140 financial institution customers.
After a year of people throwing money at AI companies, investors are now looking for startups that are more solid and viable.
That could prove daunting for AI founders: AI is expensive to build and maintain.
SymphonyAI CEO Sanjay Dhawan offers some tips on how to build a strong foundation for a profitable AI startup.
KaryneGenerative AI isn’t a home run in the enterpriseAh, we’ve found the one place that’s slowing down when it comes to generative AI: the enterprise.
According to a Boston Consulting Group survey of 1,400 executives, almost 70% said they’re ambivalent or dissatisfied with the progress their orgs have been making on generative AI.