Total amount raised
$41.2 Millions
Latest funding date
11/01/2021
Location
Hummingbird has successfully raised significant funding through multiple rounds, with its latest being a Series B round closed on November 24, 2021. The company is backed by 11 investors, including notable names like William Hockey and Flourish Ventures.
Hummingbird's platform is designed to streamline compliance tasks for financial institutions, offering features such as Alert Intelligence, Global SAR filing, and Machine Learning. Keep reading to explore the intricacies of Hummingbird's fundraising journey and the investors backing this innovative platform.
What Is Hummingbird?
Hummingbird, founded in 2016, is a technology company based in Covina, California. The company operates in various industries, including analytics, banking, big data, consulting, enterprise software, fintech, govtech, machine learning, professional services, and software.
The founding team comprises Jesse Reiss, Jo Ann Barefoot, Joe Robinson, Matthew Van Buskirk, and Ryan Gerard. Hummingbird employs between 51 and 100 people, focusing on enhancing anti-money laundering (AML) and counter-terrorist financing investigations through its innovative platform.
How Much Funding Has Hummingbird Raised?
- Seed Round
- Amount Raised: $3M
- Date: October 2018
- Lead Investors: Homebrew
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their AML compliance technology platform.
- Series A
- Amount Raised: $8.2M
- Date: July 2020
- Lead Investors: Flourish Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new practice areas, continue operational growth, and enter the European market.
- Series B
- Amount Raised: $30M
- Date: November 2021
- Lead Investors: Battery Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale their platform and enhance machine learning capabilities.
Hummingbird has raised a total of $41.2M. The current valuation is not publicly disclosed.
Key Investors
- Battery Ventures
- Details: Battery Ventures is a global, technology-focused investment firm. They have been investing in cutting-edge, category-defining businesses for over 35 years.
- Investment Focus Areas: Software, enterprise IT, industrial technology.
- Notable Investments: Nutanix, Coupa Software, Glassdoor.
- Flourish Ventures
- Details: Flourish Ventures is a venture firm that invests in entrepreneurs whose innovations help people achieve financial health and prosperity. They focus on financial technology and compliance solutions.
- Investment Focus Areas: Financial health, fintech, compliance solutions.
- Notable Investments: Aspiration, Chime, Propel.
- Homebrew
- Details: Homebrew is a seed-stage venture fund that invests in companies building the bottom-up economy. They focus on early-stage technology companies.
- Investment Focus Areas: Early-stage technology, bottom-up economy, fintech.
- Notable Investments: Plaid, Gusto, Shield AI.
- Designer Fund
- Details: Designer Fund is a venture capital firm that invests in startups co-founded by designers. They support companies that prioritize design in their business models.
- Investment Focus Areas: Design-centric startups, technology, early-stage companies.
- Notable Investments: Stripe, Gusto, Omada Health.
- TTV Capital
- Details: TTV Capital is a venture capital firm that invests in early-stage fintech companies. They focus on businesses that are transforming the financial services industry.
- Investment Focus Areas: Fintech, financial services, early-stage companies.
- Notable Investments: Greenlight, Cardlytics, SmartAsset.
What's Next for Hummingbird?
Hummingbird is poised to capitalize on significant opportunities, including expanding into new practice areas like transaction disputes and consumer protections in lending. The company also plans to enter the European market, starting with Ireland and the U.K., which could open up substantial growth avenues.
Given these opportunities, future fundraising seems likely as Hummingbird continues to scale its operations and enhance its machine learning capabilities. The increasing need for efficient and automated AML compliance technology further supports the potential for additional funding rounds.
However, challenges such as navigating regulatory complexities in new markets and modernizing legacy systems in financial institutions could pose hurdles. Despite these challenges, Hummingbird's focus on innovation and automation positions it well for future success.
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