Ready? Let’s talk money, startups and spicy IPO rumors.
The huge sale of Utah-based startup Divvy to Bill.com is still bouncing around my head this week, not only because the $2.5 billion exit was huge for both the company and its local scene, but also because its target market is exciting to watch.
Divvy competes in what we call the corporate spend market with a few other unicorns, including Ramp and Brex. Now with Divvy taken off the table, the pair of competitors are differentiating in a few ways that matter.
And Brex is getting back on its billboard game.
Daily Crunch: iOS 14 5 brings privacy changes and more – TechCrunch
techcrunch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from techcrunch.com Daily Mail and Mail on Sunday newspapers.
Brex raises $425M at a $7 4B valuation, as the corporate spend war rages on
yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
So, how did the company manage to so rapidly boost its valuation and raise its largest round to date? TechCrunch spoke with Brex CEO Henrique Dubugras after his company’s news broke. We dug into the how and why of its new investment and riffed on what going remote-first has done for the company, as well as its ability to attract culture-aligned and more diverse talent.
More customers, more product
Undergirding the company’s financial news today was its announcement of Brex Premium, a software suite that the unicorn intends to charge for. As TechCrunch has written ad nauseam, there has been an interesting rift between corporate spend-management companies regarding whether they charge for the software that they layer around their proffered business plastic. Brex has now crossed this particular Rubicon and joined those that do, at least in some cases.
Fintech Brex Raises $425 Million Series D, Now Valued at Over $7.4 Billion
Financial management platform for businesses Brex has closed on a $425 million Series D funding round led by Tiger Global. This funding now brings Brex’s valuation to over $7.4 billion according to a statement by the company.
Additional investors include new backers TCV, GIC, Baillie Gifford, Madrone Capital Partners, Durable Capital Partners LP, Valiant Capital Management, and Base10. All existing major investors participated in the funding round including Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital, Lone Pine Capital and IVP.
Henrique Dubugras said their investors believe in the team, business model, and vision: