Total amount raised
$98.9 Million
Latest funding date
09/01/2020
Location
Veem has successfully raised funding over 8 rounds, with the latest being a Series C round involving 12 investors. The company is backed by a total of 36 investors, including notable names like Goldman Sachs and Myer Family Investments.
Veem's platform offers a range of payment solutions designed to simplify and automate business transactions, supporting various payment methods and ensuring global coverage. Keep reading to explore the intricacies of Veem's fundraising journey and the investors backing this innovative platform.
What Is Veem?
Veem is a FinTech company based in San Francisco, California, specializing in payment solutions for businesses. The company operates within the Bitcoin, Blockchain, Financial Services, FinTech, and Payments industries.
Founded to simplify the way businesses send and receive funds, Veem supports over 100 countries and 80 currencies. The company has between 101 and 250 employees and serves over 1.1 million users globally.
How Much Funding Has Veem Raised?
- Seed Round
- Amount Raised: USD 100,000
- Date: April 2015
- Lead Investors: Pantera Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Veem's payment platform and establish initial market presence.
- Series A Round
- Amount Raised: USD 5,000,000
- Date: July 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand the team.
- Series A Round
- Amount Raised: USD 12,500,000
- Date: November 2015
- Lead Investors: Kleiner Perkins
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Convertible Note
- Amount Raised: USD 1,250,000
- Date: July 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional working capital for growth.
- Series B Round
- Amount Raised: USD 24,000,000
- Date: March 2017
- Lead Investors: NAB Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve technology infrastructure.
- Series B Round
- Amount Raised: USD 25,000,000
- Date: September 2018
- Lead Investors: Goldman Sachs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance product capabilities.
- Series C Round
- Amount Raised: USD 31,000,000
- 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: USD 98,850,000. 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 align with Truist's strategic goals.
- Investment Focus Areas: Financial technology, client experience innovations, disruptive technologies
- Notable Investments: Veem
- 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, healthcare, consumer sectors
- Notable Investments: Facebook, Uber, Spotify
- NAB Ventures
- Details: NAB Ventures is the venture capital arm of National Australia Bank. It invests in fintech and other innovative technologies to enhance the bank's offerings.
- Investment Focus Areas: FinTech, technology, innovation
- Notable Investments: Various fintech startups
- Kleiner Perkins
- Details: Kleiner Perkins is a venture capital firm specializing in early-stage and growth-stage investments. It has a long history of backing successful technology and life sciences companies.
- Investment Focus Areas: Technology, healthcare, consumer sectors
- Notable Investments: Amazon, Google, Twitter
- Pantera Capital
- Details: Pantera Capital is a leading blockchain and cryptocurrency investment firm. It focuses on companies that are building the infrastructure for the digital currency ecosystem.
- Investment Focus Areas: Blockchain, cryptocurrency, FinTech
- Notable Investments: Various blockchain startups
What's Next for Veem?
Veem is poised for significant growth, leveraging its recent $31 million funding to expand its geographic footprint and enhance its product suite. The company aims to build a robust channel partner program, integrating with platforms like QuickBooks and Xero to streamline financial operations for businesses globally. This expansion presents a substantial opportunity, given Veem's existing customer base of over 225,000 businesses in more than 100 countries.
Future fundraising opportunities appear promising, with the involvement of high-profile investors like Truist Ventures and Goldman Sachs. These strategic partnerships could pave the way for additional capital to support further acquisitions and technological advancements. However, Veem will need to navigate regulatory complexities and intense competition in the B2B payments space to maintain its growth trajectory.
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