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By Reuters Staff
2 Min Read
(Reuters) -Pipe, a startup that lets companies sell their recurring revenue streams on its platform, said on Wednesday it had raised $250 million at a valuation of $2 billion.
The latest funding round was led by venture capital firm Greenspring Associates and included new investors such as Morgan Stanley’s investment arm Counterpoint Global, SBI Investment and CreditEase FinTech Investment Fund.
Dubbed the “NASDAQ for revenue,” Miami, Florida-based Pipe operates a trading platform that connects investors with companies seeking to raise capital without dilution. It was founded in 2019 by Harry Hurst, Josh Mangel and Zain Allarakhia.
More than 4,000 companies have signed up on the company’s trading platform since its June 2020 launch.
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.