April 2019 SMB Software Venture Deals
Each month, we look at funding activity for startups serving the SMB space. See last month’s post here. To learn more about SurePath’s SMB software focus and our SMB Software Thesis, send us a message at firstname.lastname@example.org.
SMB software companies raised ~$1.6B across 74 deals this past April, representing the second largest month for total deal value in 2019, falling short of February’s ~$2.2B. Deal volume in April remained at a similar pace to Q1, coming in between 70–80 deals per month for the fourth consecutive time this year.
Deal Count, Size & Segmentation
Divvy raised the largest round this month, adding $200M to their balance sheet with a Series C deal led by New Enterprise Associates.
Founded in 2016 in Lehi, Utah, Divvy operates a business expense management platform for small and medium-sized businesses with the elimination of formal expense reports being the core of their value proposition. In addition, the platform allows companies to issue credit cards and control spending limits with an easy to use dashboard and mobile app. Divvy earns money from the credit card payments made on its platform.
This round has bumped up Divvy’s total equity capital raised by ~4.5X to $245M and they have more than tripled their valuation since their Series B round in July of 2018.