Despite Business Travel Lull, B2B Ride-Hailing Lands Big Funding

Venture capital is no guarantee in times of market volatility, but this week’s B2B venture capital breakdown finds several companies managing to secure millions for solutions that enable B2B eCommerce, financial management and alternative lending. The most surprising deal of the week, however, was a $100 million investment placed at a startup operating in a B2B arena that’s facing some of the strongest market headwinds as a result of the pandemic. PYMNTS breaks down the latest investments below.

Jirav

With an $8.33 million funding round, U.S.-based Jirav is planning to bolster its financial planning and analytics enterprise software solution designed for small businesses that are increasingly in need of high-level insights to weather the current market volatility. In a press release, Jirav said its Series A funding was led by Information Venture Partners, while NextWorld Capital and other angel investors also participated. Highlighting the “clunky” and “difficult-to-use” nature of many enterprise software solutions, Jirav CEO and Co-founder Martin Zych said finance teams need modern, agile solutions to elevate their finance and accounting operations through business intelligence.

Bijnis

Formerly named ShoeKonnect, India-based Bijnis has secured $10 million in new funding for its B2B eCommerce platform targeting manufacturers and retail buyers in the fashion industry. The company announced the new investment from Matrix Partners India and Sequoia Capital India, while existing backers Info Edge and Waterbridge Ventures also provided investment, reports in the Economic Times of India said. Bijnis’s platform provides add-on services through third party service providers to facilitate payments and logistics, reports said, though the company did not reveal what it plans to do with the fresh funding.

Selina Finance

With $53.5 million in new funding, U.K.-based Selina Finance now has the capital to expand its small and medium-sized lending operations. The company connects SMBs to credit facilities borrowed against equity from small business owners’ homes or investment properties, reports in TechCrunch noted, adding that Selina Finance plans to expand into the consumer lending arena as a result of the latest investment. The funding, raised as a combination of equity and debt, was provided by Picus Capital and Global Founders Capital, reports said.

Gett

In a world in which corporate travel is severely suppressed, and with recovery far from certain, it’s perhaps a surprise that the largest investment round in the B2B technology arena goes to Gett, a ride-hailing startup designed for business users. The company recently revealed a $100 million funding round from new investors, though it did not disclose exactly who provided the investment. What Gett did reveal, however, is how it plans to deploy the funding as it looks to expand globally. The firm is based in Israel and the U.K., but also operates in Russia and New York. According to its CEO Dave Waiser, COVID-19 has actually bolstered its B2B operations, noting that “businesses are seeking to optimize costs and to put in place efficient and safe ground travel solutions for their employees.”