Total amount raised
$141.8 Million
Latest funding date
11/01/2021
Location
Plastiq has successfully raised funding over 10 rounds, with the latest being a Series E round. The company is backed by 27 investors, including Gaingels and Accomplice.
Keep reading to explore the intricacies of Plastiq's fundraising journey and the investors backing this innovative platform.
What Is Plastiq?
Plastiq, a financial technology company based in San Francisco, California, offers a business payment platform that allows companies to pay vendors using credit cards, even when the vendors do not accept them directly. The platform supports various payment methods, including domestic and international wire transfers, same-day ACH transfers, and overnight checks.
Founded in 2012, Plastiq has grown to employ between 501-1000 people. The company has been acquired by Priority Techno Holdings Inc. and has raised funding over 10 rounds, with the latest being a Series E round. Plastiq also emphasizes security and compliance, holding certifications like PCI & DSS Level 1 and SOC 2 Type II.
How Much Funding Has Plastiq Raised?
- Seed Round
- Amount Raised: USD 2,349,996
- 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: USD 6,000,000
- Date: February 2013
- Lead Investors: Atlas Venture, Flybridge
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale the platform.
- Series B
- Amount Raised: USD 10,000,000
- Date: July 2014
- Lead Investors: Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and increase market reach.
- Series B
- Amount Raised: USD 1,500,000
- Date: August 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and growth.
- Series B
- Amount Raised: USD 16,000,000
- Date: May 2018
- Lead Investors: Atlas Venture, Khosla Ventures, Top Tier Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's capabilities and market presence.
- Series C
- Amount Raised: USD 27,000,000
- Date: November 2018
- Lead Investors: Kleiner Perkins
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance product offerings.
- Series D
- Amount Raised: USD 3,999,990
- Date: October 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product development and market expansion.
- Series D
- Amount Raised: USD 75,000,000
- 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: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance service offerings.
Total Amount Raised: USD 141,849,986
Current Valuation: Not publicly disclosed
Key Investors
- B Capital Group
- Details: B Capital Group is a global venture capital firm that invests in growth-stage companies. They have offices in San Francisco, New York, Los Angeles, and Singapore.
- Investment Focus Areas: Technology, healthcare, financial services, consumer products.
- Notable Investments: Bird, Evidation Health, Ninja Van.
- Kleiner Perkins
- Details: Kleiner Perkins is a venture capital firm known for investing in early-stage and growth companies. They have a history of backing some of the most successful tech companies.
- Investment Focus Areas: Technology, life sciences, healthcare.
- Notable Investments: Google, Amazon, Twitter.
- Khosla Ventures
- Details: Khosla Ventures provides venture assistance and strategic advice to entrepreneurs. They focus on early to late-stage companies.
- Investment Focus Areas: Technology, clean energy, 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 presence in the tech startup ecosystem.
- Investment Focus Areas: Technology, consumer products, healthcare.
- Notable Investments: AngelList, Carbon Black, DraftKings.
- Top Tier Capital Partners
- Details: Top Tier Capital Partners specializes in venture capital fund-of-funds and direct investments in growth-stage technology companies. They have a strategic focus on innovation.
- Investment Focus Areas: Venture capital funds, technology, healthcare.
- Notable Investments: Airbnb, Uber, Palantir.
What's Next for Plastiq?
Plastiq stands at the cusp of significant growth opportunities, driven by its innovative payment solutions for SMBs. The company aims to expand its partnerships with key financial and payment sector players, enhancing its platform to support a broader range of transactions. With over a million users and billions in processed payments, the potential for growth is substantial.
Future fundraising appears promising, given the successful Series D round and the ongoing expansion plans. Plastiq's ability to attract high-profile investors suggests that additional funding rounds could be on the horizon, supporting further development and market penetration.
However, challenges such as economic uncertainty, competition from other fintech companies, and regulatory hurdles could impact Plastiq's trajectory. Navigating these obstacles while continuing to innovate will be crucial for sustaining growth and maintaining a competitive edge in the market.
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