February 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 ~$2.2B across 72 deals this past February, a significant increase in deal size and volume compared to the ~$940M raised in January 2019 across 71 deals driven by a colossal $1.0B round led by SoftBank Group.
Deal Count, Size & Segmentation
SendBird, a San Mateo California-based developer of chat platform with clients ranging from NBA, Reddit, Asian Uber rival Go-Jek, and Hinge raised $52M Series B round led by ICONIQ Capital, with participation from FundersClub, Shasta Ventures, August Capital, and Y Combinator. The funding increased the company’s valuation from $250M pre-money valuation to $302M post-money valuation. The proceedings will be used to further expand its product offering and hire new talent.