Total amount raised
$715.3 Million
Latest funding date
4/1/2022
Location
Coda has successfully raised funding over eight rounds, with the latest being a Series C round. The company is backed by 14 investors, including Insight Partners and Smash Ventures.
Keep reading to explore the intricacies of Coda's fundraising journey and the investors backing this innovative platform.
What Is Coda?
Coda is a leader in commerce solutions and out-of-app monetization, partnering with over 300 publishers in more than 60 markets. The company operates in multiple industries, including Digital Entertainment, Digital Media, FinTech, Gaming, Mobile, and Payments. It is based in Singapore and has an employee count between 501-1000.
Founded in Singapore, Coda Payments provides a suite of products and services designed to help businesses grow globally. Their offerings include comprehensive payment solutions, customizable e-commerce platforms, and marketing services, serving a wide range of markets with over 400 payment channels in more than 70 markets worldwide.
How Much Funding Has Coda Raised?
- Seed Round
- Amount Raised: USD 900,000
- Date: December 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial product offerings.
- Series A Round
- Amount Raised: USD 2,300,000
- Date: December 2013
- Lead Investors: GMO VenturePartners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's market reach and enhance its payment solutions.
- Series A Round
- Amount Raised: USD 2,000,000
- Date: August 2016
- Lead Investors: GMO Global Payment Fund, Skype co-founder Toivo Annus, Golden Gate Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new geographies and support more payment methods.
- Non-Equity Assistance
- Amount Raised: USD 50,000
- Date: May 2016
- Lead Investors: Google Launchpad Accelerator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive mentorship and resources from Google to accelerate growth.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: June 2016
- Lead Investors: MDI Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and scale the company's payment solutions.
- Series A Round
- Amount Raised: USD 2,000,000
- Date: August 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enable alternative online payments in Asia.
- Private Equity Round
- Amount Raised: USD 20,000,000
- Date: November 2019
- Lead Investors: Apis Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand into new markets.
- Series C Round
- Amount Raised: USD 690,000,000
- Date: April 2022
- Lead Investors: GIC, Insight Partners, Smash Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate global expansion and enhance product offerings.
Total Amount Raised: USD 714,250,000. Current Valuation: Not publicly disclosed.
Key Investors
- GIC
- Details: GIC is a sovereign wealth fund established by the Government of Singapore to manage the country's foreign reserves. It is one of the world's largest global investors, with a diversified portfolio across various asset classes.
- Investment Focus Areas: Real estate, private equity, infrastructure, public equities.
- Notable Investments: Alibaba, Blackstone, UBS.
- Insight Partners
- Details: Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies. Founded in 1995, the firm has raised more than $30 billion in capital commitments.
- Investment Focus Areas: Software, internet, data services, cybersecurity.
- Notable Investments: Twitter, Shopify, DocuSign.
- Smash Ventures
- Details: Smash Ventures is a venture capital firm that invests in high-growth consumer technology companies. The firm focuses on companies that have the potential to become market leaders in their respective industries.
- Investment Focus Areas: Consumer technology, media, entertainment.
- Notable Investments: Epic Games, ByteDance, Reddit.
- Apis Partners
- Details: Apis Partners is a private equity asset manager focused on growth markets. The firm specializes in financial services and related business services, aiming to support the growth of companies in these sectors.
- Investment Focus Areas: Financial services, fintech, insurance.
- Notable Investments: Greenlight Planet, Star Health, Tutuka.
- MDI Ventures
- Details: MDI Ventures is a corporate venture capital initiative by Telkom Indonesia. The firm invests in technology startups that have the potential to create synergies with Telkom's core business.
- Investment Focus Areas: Telecommunications, fintech, e-commerce, media.
- Notable Investments: Kredivo, PayFazz, SiCepat.
What's Next for Coda?
As Coda looks to the future, the opportunities are vast. With plans to expand into new geographies like Taiwan and support more payment methods, the company is poised to tap into the growing online spending market in Southeast Asia, which is expected to reach $200 billion in the next decade. This expansion could significantly increase their transaction volumes, making them a key player in the region's digital payment landscape.
Future fundraising opportunities may arise as Coda continues to scale its operations and develop new products, such as a potential mobile wallet. These efforts will likely attract further investment, enabling the company to enhance its technological capabilities and market reach. However, challenges such as integrating various payment methods and navigating different regulatory environments will need to be managed carefully to sustain growth.
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