Total amount raised
$98.9 Millions
Latest funding date
09/01/2020
Location
Veem has successfully raised funds through multiple rounds, with the last known round being a Series C on September 16, 2020. The company is backed by 36 investors, including notable names like Goldman Sachs and Myer Family Investments.
Veem offers a comprehensive payment platform for businesses, facilitating both domestic and international transactions. Keep reading to explore the intricacies of Veem's fundraising journey and the investors backing this innovative platform.
What Is Veem?
Veem, founded on February 1, 2014, is a payment service provider based in San Francisco, California. The company was established by Aldo Carrascoso and Marwan Forzley.
Veem simplifies and automates payments for businesses, offering services like payment scheduling, mass pay, payment tracking, and accounting integrations. The platform uses blockchain technology to facilitate transactions, reducing costs and eliminating the need for intermediary banks.
With a workforce of 101-250 employees, Veem aims to streamline accounts payable and receivable processes, providing a comprehensive solution for both domestic and international payments.
How Much Funding Has Veem Raised?
- Seed Round
- Amount Raised: $100K
- Date: April 2015
- Lead Investors: Pantera Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial product offering.
- Convertible Note
- Amount Raised: $1.3M
- Date: July 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide early-stage funding for product development and market entry.
- Series A
- Amount Raised: $5M
- Date: July 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale the product to a broader market.
- Series A
- Amount Raised: $12.5M
- Date: November 2015
- Lead Investors: Kleiner Perkins
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance the platform's capabilities.
- Series B
- Amount Raised: $24M
- Date: March 2017
- Lead Investors: NAB Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand international operations and integrate new technologies.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: November 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and market expansion.
- Series B
- Amount Raised: Not publicly disclosed
- Date: August 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand customer reach.
- Venture Round
- Amount Raised: $25M
- Date: September 2018
- Lead Investors: Goldman Sachs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and scale operations.
- Series C
- Amount Raised: $31M
- Date: September 2020
- Lead Investors: Truist Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop a channel partner program, expand geographic footprint, and enhance product suite.
Total Amount Raised: $98.9M
Current Valuation: Not publicly disclosed
Key Investors
- Truist Ventures
- Details: Truist Ventures is the corporate venture capital division of Truist Financial Corporation, formed from the merger of SunTrust and BB&T. It focuses on investing in innovative companies that enhance Truist's ability to deliver advanced technology and client experiences.
- Investment Focus Areas: Financial technology, client experience enhancement, adjacent disruptive technologies.
- Notable Investments: Veem (first investment since formation).
- Goldman Sachs
- Details: Goldman Sachs is a leading global investment banking, securities, and investment management firm. It provides a wide range of financial services to a substantial and diversified client base.
- Investment Focus Areas: Financial services, technology, consumer products.
- Notable Investments: Facebook, Uber, Spotify.
- NAB Ventures
- Details: NAB Ventures is the venture capital arm of National Australia Bank, focusing on innovative financial services. It aims to invest in and partner with companies that can deliver strategic value to NAB and its customers.
- Investment Focus Areas: Financial services innovation, fintech, digital banking.
- Notable Investments: Various fintech startups.
- Kleiner Perkins
- Details: Kleiner Perkins is a venture capital firm specializing in investing in early-stage and growth companies. It has a long history of backing successful technology and life sciences companies.
- Investment Focus Areas: Technology, life sciences, sustainability.
- Notable Investments: Google, Amazon, Twitter.
- Pantera Capital
- Details: Pantera Capital is an investment firm focused on blockchain technology and digital currencies. It aims to provide investors with exposure to the rapidly growing blockchain ecosystem.
- Investment Focus Areas: Blockchain technology, digital currencies.
- Notable Investments: Various blockchain and cryptocurrency startups.
What's Next for Veem?
Veem's future looks promising as it aims to expand its geographic footprint through a robust channel partner program. With over 225,000 businesses already using its platform, the company is well-positioned to capitalize on the booming B2B payments market. The recent $31 million funding round will enable Veem to enhance its product suite and capabilities, making it a more attractive option for businesses worldwide.
Future fundraising opportunities seem likely, given the strong backing from high-profile investors like Truist Ventures and Goldman Sachs. These funds will support Veem's aggressive growth plans, including potential acquisitions to further its market reach. However, the company will need to navigate regulatory challenges and intense competition in the fintech space to maintain its growth trajectory.
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