Pipe Brings In $60M Seed Extension To Power SaaS Financing Platform
If the company name Pipe sounds familiar, it is because you read about them just four months ago when we wrote about the startup’s $6 million seed funding.
On Wednesday, the Los Angeles-based company is back in the news again, this time announcing a $60 million seed extension—quite uncommon for a young company in a short period of time.
“We are connecting SaaS companies with investors, and in order to do that, liquidity needs to be in the marketplace,” Pipe’s co-founder and Co-CEO Harry Hurst told Crunchbase News. “Only a small portion of the new financing will go to core operations—we run lean and mean—and a vast majority of the money will go into the marketplace, so as more SaaS companies sign up, there will be liquidity.”
The extension round, which included equity and asset financing, was led by Fin VC with participation from new investors Tribe Capital, Uncorrelated Ventures, Lachy Groom and KSD Capital. Existing investors Craft, Fika Ventures and MaC Ventures also participated.
Meanwhile, Hurst said the company is growing and an international expansion may be on the horizon in the near term. As the business grows, it will add employees accordingly, he added. One of those new employees is former Lending Club executive, Michal Cieplinski, the company’s new chief operating officer and chief legal officer.
The Original article was written by Christine Hall and can be found on crunchbase news
Illustration: Li-Anne Dias