Total amount raised
$141.8 Millions
Latest funding date
11/01/2021
Location
Plastiq has successfully raised funds through multiple rounds, with its latest being a Series E round that closed on November 21, 2021. The company is backed by 27 investors, including Gaingels and Accomplice.
Plastiq offers a business payment platform that allows users to make and accept payments using credit cards, even when vendors do not accept them directly. Keep reading to explore the intricacies of Plastiq's fundraising journey and the investors backing this innovative platform.
What Is Plastiq?
Plastiq, founded in 2012 by Daniel Choi and Eliot Buchanan, is a financial technology company based in San Francisco, California. The company operates within the credit cards, e-commerce, financial services, fintech, and payments industries.
With an employee count ranging between 501 and 1000, Plastiq offers a platform that allows businesses to make and accept payments using credit cards, even when vendors do not accept them directly. The service is designed to help businesses manage cash flow more effectively, offering features like same-day delivery, extended cash flow, and automated bill capture.
How Much Funding Has Plastiq Raised?
- Seed Round
- Amount Raised: $2.3M
- Date: May 2012
- Lead Investors: NextView Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and launch the service.
- Series A
- Amount Raised: $6M
- Date: February 2013
- Lead Investors: Atlas Venture, Flybridge
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Series B
- Amount Raised: $10M
- Date: July 2014
- Lead Investors: Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market reach.
- Series B
- Amount Raised: $1.5M
- Date: August 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the service offerings and improve user experience.
- Series B
- Amount Raised: $16M
- Date: May 2018
- Lead Investors: Atlas Venture, Khosla Ventures, Top Tier Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's features and expand the customer base.
- Series C
- Amount Raised: $27M
- Date: November 2018
- Lead Investors: Kleiner Perkins
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand into new markets.
- Series D
- Amount Raised: $4M
- Date: October 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and development initiatives.
- Series D
- Amount Raised: $75M
- Date: March 2020
- Lead Investors: B Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand partnerships and enhance payment solutions for SMBs.
- Series E
- Amount Raised: Not publicly disclosed
- Date: November 2021
- Lead Investors: Gaingels, Accomplice
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale the business and improve service offerings.
Total Amount Raised: $141.8M
Current Valuation: Not publicly disclosed
Key Investors
- B Capital Group
- Details: B Capital Group is a global investment firm specializing in equity investing in growth-stage companies. They have offices in San Francisco, New York, Los Angeles, and Singapore.
- Investment Focus Areas: B2B and B2B2C startups, technology-driven companies, transformative industries.
- Notable Investments: Bird, Ninja Van, Atomwise.
- Kleiner Perkins
- Details: Kleiner Perkins is a venture capital firm known for investing in early-stage and growth companies. They have a long history of backing successful startups.
- Investment Focus Areas: Technology, life sciences, clean technology.
- Notable Investments: Google, Amazon, Twitter.
- Khosla Ventures
- Details: Khosla Ventures is a venture capital firm that provides venture assistance and strategic advice to entrepreneurs working on breakthrough technologies.
- Investment Focus Areas: Clean technology, information technology, healthcare.
- Notable Investments: Square, DoorDash, Impossible Foods.
- Accomplice
- Details: Accomplice is a venture capital firm that invests in early-stage technology companies. They have a strong focus on the software and internet sectors.
- Investment Focus Areas: Technology startups, software, internet.
- Notable Investments: AngelList, Carbon Black, DraftKings.
- Top Tier Capital Partners
- Details: Top Tier Capital Partners is a venture capital firm that focuses on investing in venture capital funds and co-investing in select portfolio companies.
- Investment Focus Areas: Technology, healthcare.
- Notable Investments: Various through their fund-of-funds strategy.
What's Next for Plastiq?
Plastiq stands at the cusp of significant growth opportunities, driven by its innovative payment solutions for small and medium-sized businesses (SMBs). With over $140 million in total funding, the company aims to expand its partnerships with key financial and payment sector players, enhancing its platform to allow SMBs to use credit cards for a broader range of expenses. This expansion is crucial as it addresses the increasing need for SMBs to maximize working capital and protect cash reserves, especially during economic uncertainty.
Future fundraising opportunities appear promising, given the successful Series D round and the involvement of prominent investors. Plastiq's rapid growth and the vast SMB market suggest potential for additional venture capital rounds or even an IPO if the company continues to scale. However, challenges such as economic downturns, competition from other fintech companies, and regulatory hurdles could impact its trajectory. Despite these challenges, Plastiq's focus on providing real-time financial insights and automated payment solutions positions it well for continued success.
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