Pipe Taps $60 Million Seed Extension
Ben Bergman is the newsroom's senior reporter, covering venture capital. Previously he was a senior business reporter and host at KPCC, a senior producer at Gimlet Media, a producer at NPR's Morning Edition, and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to business coverage on NPR and Marketplace and has written for The New York Times and Columbia Journalism Review. Ben was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. In his free time, he enjoys skiing, playing poker, and cheering on The Seattle Seahawks. Follow him on Twitter.
Los Angeles-based Pipe Technologies, Inc. announced Wednesday it has raised $60 million in equity and asset financing as an extension to the $6 million seed round it closed in February.
Launched last September, Pipe enables software as a service (SaaS) companies with recurring revenues to tap into their deferred cash flows by getting a cash advance against the full annual value of software subscriptions. Trading limits on the platform range from $10,000 to several million dollars per month, depending on the size of companies.
The round was led by Fin VC with participation from new investors Tribe Capital, Uncorrelated Ventures, Lachy Groom and KSD Capital, and existing investors Craft Ventures, Fika Ventures, and MaC Ventures. The funding will allow Pipe to expand into new markets.
"We believe Pipe's subscription finance platform will radically transform the global SaaS business model, providing liquidity that will generate a tidal wave of growth and innovation for SaaS companies and positioning subscription contracts as a new and highly valued asset class for global investors," said Peter Ackerson, Investment Partner at Fin VC.
Also on Wednesday, Pipe unveiled its subscription financing platform and announced that Michal Cieplinski will serve as the company's chief operating officer and chief legal officer. Previously, Cieplinski served as general counsel at LendingClub, a publicly traded fintech company.
"Pipe already offers a unique value proposition to the booming SaaS industry, but the vision is much bigger than the work Pipe is doing today," Cieplinski said." We've started with reimagining funding, but ultimately want to be a larger one-stop solution for SaaS services."
- Pipe Taps $60 Million Seed Extension - dot.LA ›
- Pipe Gets $6 Million to Launch SaaS Financing Platform - dot.LA ›
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