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Tuesday, March 21, 2023

Miami USA-based Pipe Raised $50 Million in Equity Funding and is Ready to Expand its Business

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Pipe is the most developing companies in the field of investing announced that it had raised $50 million in “strategic equity funding.

The round was an interesting, suspenseful, and exciting one, led by Siemens’ Next47 and Jim Pallotta’s Raptor Group. It included participants from all over the world, and some famous names among them were: Shopify, Slack, HubSpot, Okta, Republic, Michael Dell’s MSD Capital, Marc Benioff, Social Capital’s Chamath Palohapitiya, and Joe Lonsdale. 

Harry Hurst, the Pipe’s Co-CEO and Co-Founder, says that “we are not here to play an alphabet game, nor do we ever want to play it.” We are not here for money either. We’ve put in five or six years of hard work, time, and effort to bring the right people on board as supporting partners. 

Now, the company is deciding to use this fund to represent itself on a global stage. The company has access to Europe, Asia-Pacific, Latin America, and Canada, and now it will reach new places where it was not established before. Hurst said that “We are not targeting the globe; we are targeting multi-currency support.” 

In relation to the new financing strategy, Pipe said that “the company is expanding the scope and reach of its platform from SaaS companies to any company that consists of a recurring revenue stream, such as D2C subscription companies, ISPs’ streaming services, or telecommunication companies that require our services and support.” 

On this, Hurst added, “When we were new to the market, our only focus was to target SaaS companies.” We successfully targeted them, and over 3000 companies signed contracts with us to use our platform and enjoy its services.

All of those companies were highly engaged with our platform and generated a revenue of $200,000. But now, we are ready to welcome other companies as well. 

Approximately one year ago, Pipe raised $6 million in funding to work towards its aim of providing Saas companies a funding alternative apart from equity or venture capital.

At that time, the main motive of Pipe was to build a platform for SaaS companies where they would find a way to put their revenue into a marketplace where the annual rate of contracts is given at a discount. A few months after this funding, the pipeline raised another funding amount of $10 million.

At that time, Hurst said that “our company is helping SaaS companies to grow on their own, and we are just charging them for a platform that connects them with the right trading partners.”

Also Read About – Aiven Raised $100 M In Series C Funding

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