If you take a gander at the funding action in the SaaS space, you would wonder where’s the VC winter. But this also reflects the strong fundamentals for SaaS businesses. Along with some significant funding announcements, the past week also saw some announcements from popular SaaS companies among others. So without further ado, let’s jump right in.
News of the week
E-commerce software provider Shopify is connecting creators with merchants on its platform with Shopify Collabs. This will enable creators to partner with brands they link and curate a list of their products to share with their audience on social media using Linkpop, link in bio offering from Shopify itself.
Hadoop-centric big data company Cloudera has launched data lakehouse as a service. Dubbed CDP One, the company highlights that it’ll help enterprises move workloads to the cloud without having to manage a complex infrastructure setup.
SaaS companies that got the funding this week
The pandemic has given a huge boost to HR tech startups. So it isn’t a surprise to see HiBob announcing a $150million Series D funding that values it at $2.45billion. The round was led by General Atlantic.
In the past couple of years, we are seeing a slew of alternative investment options for SaaS startups. Founderpath is no different as it provides capital to SaaS founders. It has received $145million in debt and equity financing.
Dianxiaomi, roughly translated as “shop assistant”, has received $110million in Series D investment led by Softbank Vision Fund II and Sequoia Capital China. The startup helps Chinese businesses to sell abroad.
After the first wave of SaaS companies like Zoho and Freshworks, we are seeing a deluge of startups in the space that are putting India on the global map. Clevertap, a marketing automation software has raised $105million as part of its Series D funding. Led by CPDQ, the company highlighted how it’s using data to help its customers hyper-personalize their messaging for the end users.
Graas, standing for Growth-as-a-service, has closed a $40million Series A round. Led by Galaxy, the startup also announced the acquisition of Shoptimize and Southeast Asia’s marketplace specialist SELLinALL. The amount will also be used to increase its team size to 400 by the end of the year.
Airgram transcribes video calls on platforms like Zoom, Google Meet, and Microsoft Teams and convert them into sharable and editable text. The Otter.ai competitor has nabbed $10million in Series A funding as it expands to the US market after amassing 500k users in Japan.
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