Friday Fundings: Rapyd, WeRide, and Webflow
Rapyd Rides the Online Payment Boom
Payments technology company Rapyd secured $300 million in a Series D funding round, bringing its total valuation to $2.5 billion. The round was led by Coatue, an investment manager focused on the tech industry. Coatue has also backed DoorDash (Dash) and ByteDance, the owner of TikTok.
As the pandemic has caused businesses to shift their operations online, there has been a spike in demand for online payment services. Rapyd has stepped in to fill that demand with software that lets businesses integrate a variety of payment options, like money collection and bank transfers, into their apps. With its new funding, Rapyd plans to make acquisitions which will help it expand into new markets like Brazil and the Asia-Pacific region.
Chinese Autonomous Vehicle Company Secures Funding for “Mini Robobuses”
WeRide, a driverless car startup based in Guangzhou, China, recently raised $310 million in new funding. The round was led by Yutong Group, a Chinese commercial vehicle manufacturer. WeRide has not disclosed its valuation after the funding round.
WeRide began designing a robotaxi in 2019. Today it plans to begin trial operations for “Mini Robobuses.” The company’s leadership predicts that its robototaxis could be widely available between 2023 and 2025.
The autonomous vehicle industry in China is highly competitive, with companies like AutoX, Baidu (BIDU), DiDi, and others vying for dominance. Investors will be eager to see if WeRide can distinguish itself and come out ahead.
Website Building Platform Helps Businesses Move Operations Online
Webflow, a company that gives users tools for building websites without code, secured $140 million in a Series B funding round. Returning investors Accel and Silversmith led the round with participation from new investors including CapitalG. Webflow is now valued at $2.1 billion.
Webflow doubled its customer base last year as businesses expanded their online offerings to meet customers’ needs during the pandemic. With its fresh funding, the company plans to grow its workforce, make acquisitions, and add new offerings to stay competitive with other players in the website building sphere, like Squarespace and WordPress.
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