More funding flows into Pipe, as buzzy fintech raises $250M at a $2B valuation
At the end of March, TechCrunch reported that buzzy startup Pipe which aims to be the “Nasdaq for revenue” had raised $150 million in a round of funding that values the fintech at $2 billion.
Well, that deal has closed and in the end, Miami-based Pipe confirms that it has actually raised $250 million at a $2 billion valuation in a round that was “massively oversubscribed,” according to co-founder and co-CEO Harry Hurst.
“We had originally allocated $150 million for the round, but capped it at $250 million although we could have raised significantly more,” he told TechCrunch.
This Pipe-ing hot startup just raised $50M to be the ‘Nasdaq for revenue’
A little over one year ago, Pipe raised a $6 million seed round led by Craft Ventures to help it pursue its mission of giving SaaS companies a funding alternative outside of equity or venture debt.
The buzzy startup’s goal with the money was to give SaaS companies a way to get their revenue upfront by pairing them with investors on a marketplace that pays a discounted rate for the annual value of those contracts. (Pipe describes its buy-side participants as “a vetted group of financial institutions and banks.”)