Total amount raised
$44 Million
Latest funding date
09/01/2021
Location
FloBiz has successfully raised funding through three rounds, with the most recent being a Series B round led by Peak XV Partners and Think Investments. The company is backed by a total of 16 investors, including notable names like Krishnan Menon and Amrish Rau.
Keep reading to explore the intricacies of FloBiz's fundraising journey and the investors backing this innovative platform.
What Is FloBiz?
FloBiz, based in Bengaluru, Karnataka, India, is a private company that offers FloBooks, a mobile billing app tailored for Indian small and medium-sized businesses (SMBs). The company operates in industries related to billing, mobile apps, payments, and SMBs.
Founded by a team of entrepreneurs, FloBiz has grown to employ between 51 and 100 people. The company has successfully raised funding through multiple rounds, with the latest being a Series B round.
How Much Funding Has FloBiz Raised?
- Seed Round
- Amount Raised: USD 3,000,000
- Date: February 2019
- Lead Investors: BEENEXT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to develop the product and establish market presence.
- Series A
- Amount Raised: USD 10,000,000
- Date: March 2021
- Lead Investors: Elevation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Scaling the product and expanding the user base.
- Series B
- Amount Raised: USD 31,000,000
- Date: September 2021
- Lead Investors: Peak XV Partners, Think Investments
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Team expansion, product development, scaling distribution, and preparing to venture into financial services.
Total amount raised: USD 44,000,000. Current valuation: Not publicly disclosed.
Key Investors
- Peak XV Partners
- Details: Formerly known as Sequoia India, Peak XV Partners is a venture capital firm that invests in various sectors.
- Investment Focus Areas: Technology, consumer, healthcare.
- Notable Investments: BYJU'S, OYO, Zomato.
- Think Investments
- Details: A global investment firm that focuses on long-term investments in public and private companies.
- Investment Focus Areas: Public and private companies across various sectors.
- Notable Investments: Flipkart, Uber, Airbnb.
- Elevation Capital
- Details: Formerly known as SAIF Partners, Elevation Capital is a venture capital firm that invests in early-stage and growth-stage companies.
- Investment Focus Areas: Technology, consumer, healthcare.
- Notable Investments: Paytm, Swiggy, UrbanClap.
- BEENEXT
- Details: A venture capital firm that invests in early-stage technology companies.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: NoBroker, Open, Khatabook.
- 9Unicorns
- Details: An accelerator fund that invests in early-stage startups across various sectors.
- Investment Focus Areas: Early-stage startups, technology, consumer, healthcare.
- Notable Investments: Fynd, Beardo, Shiprocket.
What's Next for FloBiz?
FloBiz stands at the cusp of significant growth opportunities. With over a million active users and $1 billion in monthly transactions, the company is poised to expand its product offerings and venture into financial services. The addition of more regional languages and advanced technical capabilities will further solidify its market presence.
Future fundraising seems promising, given the successful Series B round and the backing of high-profile investors. This financial support will be crucial as FloBiz scales its operations and diversifies its product portfolio. The potential for strategic acquisitions could also enhance its technological edge and market reach.
However, challenges lie ahead. Scaling distribution, ensuring user-friendly onboarding for less tech-savvy SMB owners, and navigating the competitive financial services market are significant hurdles. Maintaining user trust and data security will be paramount as the company continues to grow.
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