Friday Fundings: Chargebee, Wayflyer, Zero Acre Farms
Chargebee Picks Up $250 million, Doubles in Value
Indian startup Chargebee is announcing another $250 million in funding, bringing its valuation to $3.5 billion. Chargebee’s value has now doubled over the past year. Both Tiger Global and Sequoia Global led this fundraising round.
A subscription management service, Chargebee services startups as well as more established companies. Its clients include Gwyneth Paltrow’s lifestyle brand Goop, Study.com, and software maker Freshworks (FRSH). Executives say they will use this funding to expand into new global markets, innovate products, and invest in measures aimed at corporate growth.
Wayflyer Secures More Funding After Big Year
Wayflyer is now valued at $1.6 billion following a $150 million Series B funding round. The Dublin-based startup aims to make business operations less chaotic for ecommerce companies—lending money to merchants facing challenges associated with supply-chain disruptions and rising costs.
The company uses big data analytics and structures merchant repayments based on revenue activity. J.P. Morgan is among the participants in this funding round, and market observers note the world’s largest bank has shown an interest in fintech companies. Wayflyer executives say the funds will allow for immediate expansion following what they identify as a strong year of growth in 2021.
Zero Acre Farms Pulls in $37 million While Pursuing Vegetable Oil Alternative
Zero Acre Farms is a San Mateo-based startup looking to develop a vegetable oil alternative. Specifically, its aim is to produce healthy cooking oils using microorganisms and fermentation—carefully selecting microbes for their ability to store energy in the form of fats and oils.
Executives describe the company’s production process as similar to brewing beer. They say this $37 million in initial funding will help cover general costs and go towards continued research. Lowercarbon Capital and Fifty Years led the round, with participation from several other firms as well.
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