Friday Fundings: Workato, Socure, and Lusha
Automation Startup Raises $200 Million in Venture Funding
Enterprise software startup Workato raised $200 million in venture capital, giving the company a $5.7 billion valuation. The round of funding was led by Battery Ventures and included participation from Insight Partners, Altimeter Capital, and Tiger Global. Last year the business automation company had a valuation of $1.7 billion.
Workato, which counts 11,000 businesses as customers, operates a platform that automates business processes. It counts Stitch Fix (SFIX), GitLab (GTLB), and Broadcom (AVGO) among its customers. Proceeds from the funding round will go to build out the company’s product line and expand in the US, EMEA, and APAC.
Digital Identity Startup Now Sports a $4.5 Billion Valuation
Socure, a digital identity verification startup, raised $450 million in venture funding, giving it a valuation of $4.5 billion. The Series E round was led by Accel and includes participation from new investors Bain Capital Ventures and Tiger Global. Socure raised $100 million earlier this year in a Series D round. At the time the startup was valued at $1.3 billion.
Socure operates a platform that verifies identities for banks, credit card companies, fintechs, and crypto startups. The need to ensure a customer is who they say they are has become increasingly important as more businesses move online and ecommerce adoption rates soar. Socure has been in fast-growth mode with revenue growth in the past five quarters setting records. The startup began the year with 150 employees and now has 400. Socure is aiming to expand the headcount to 1,000 by the end of 2022. The new funding will be used to expand its headcount and to move into new markets.
Digital Platform for Sales People Raises $205 Million
Lusha, a digital startup that helps companies manage their sales leads, raised $205 million in venture funding. The round, which was led by PSG, gives Lusha a post-money valuation of $1.5 billion. ION Crossover Partners also participated in the fundraising round. Including a Series A round in February, Lusha has raised a total of $245 million.
Lusha launched in 2016 to help salespeople find prospects. Through its cloud-based platform marketers and sales teams have access to digital tools which help them find buyers and get insight on who may be a good prospect. The software will even tell users when is a good time to contact potential targets. Lusha plans to use the proceeds to grow its community of more than 800,000 B2B salespeople and enhance its platform.
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