Fundbox nets $176 million, plus more top funding news for San Francisco-based companies

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Photo: Fundbox/Glassdoor

San Francisco-based payments company Fundbox has secured $176 million in Series C funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced Sept. 24 and led by General Catalyst.

According to its Crunchbase profile, "Fundbox is a technology platform focused on disrupting the $21 trillion B2B commerce market by building the B2B payment and credit network. With Fundbox, sellers (of all sizes) can quickly increase average order volumes (AOV) and improve close rates by offering more competitive net terms and payment plans to their SMB buyers. With heavy investments in machine learning and the ability to quickly analyze the transactional data of SMBs, Fundbox is reimagining B2B payments and credit products in new category-defining ways."

The six-year-old company has raised five previous funding rounds, including a convertible note round in 2018.

The round brings total funding raised by San Francisco companies in financial services over the past month to $1.4 billion, an increase of $1.3 billion from the month before. The local financial services industry has produced 269 funding rounds over the past year, capturing a total of $7.3 billion in venture funding.

In other local funding news, autonomous vehicles company Embark Technology announced a $70 million Series C funding round on Sept. 25, led by Tiger Global Management.

According to Crunchbase, "Embark is building self-driving truck technology to make roads safer and transportation more efficient. We’re moving the entire trucking industry forward."

Founded in 2016, the company has raised five previous rounds, including a $30 million Series B round in 2018.

Meanwhile, therapeutics company Amphivena Therapeutics raised $62 million in Series C funding, announced on Sept. 24. The round's investors were led by NanoDimension.

From the company's Crunchbase profile: "Amphivena Therapeutics, a subsidiary of Affimed Therapeutics, develops treatments to address hematologic malignancies."

Amphivena Therapeutics last raised $38 million in funding in 2018.

Also of note, legal company Ironclad raised $50 million in Series C funding, announced on Sept. 17 and led by Y Combinator.

From Crunchbase: "Ironclad is the digital contracting platform that in-house legal teams rely upon to unlock the power of their contracts data. By streamlining contract workflows, from creation and approvals to compliance and insights, Ironclad frees legal to be the strategic advisors they're meant to be."

The company previously raised $23 million in Series B funding earlier this year.

Rounding out the city's recent top local funding events, business development company Spire Global raised $40 million in Series D funding, announced on Sept. 25 and led by GPO Fund.

From Crunchbase, "Spire Global Inc. is a space-to-cloud data analytics company that utilizes proprietary satellite data and algorithms to provide the most advanced maritime, aviation and weather tracking in the world."

The company previously raised $70 million in Series C funding in 2017.

This story was created automatically using local investment data, then reviewed by an editor. Click here for more about what we're doing. Got thoughts? Go here to share your feedback.

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