Efficient Capital Labs, a NYC-based revenue-based financing provider, raised $11M in Series A funding.
The round was led by QED Investors and 645 Ventures, with participation from Riverside, Generalist, FJ Labs and Eudemian Ventures.
Founded in 2022, Efficient Capital Labs is a fintech company that provides non-dilutive capital to B2B SaaS companies operating in the South Asia-US corridor – i.e., companies that generate a majority of their revenues from the US or North American market while maintaining a significant part of their technology, product development, and operations teams in South Asia. It offers revenue-based financing to its clients and deploys capital out of its own balance sheet.
The company intends to use the funds to expand into Singapore and other Southeast Asia markets, building on the traction seen in the U.S. and India, where they have originated more than $70M in financing and tripled to serve over 100 companies over 12 months from Q1 2023 to Q2 2024.
ECL raised a $3.5M seed round led by 645 Ventures in April 2022, followed by a $15M debt facility in November 2022 which it updated to a $100M SPV in June 2023, and a further $7M pre-Series A round which it announced in July of 2023.
The company currently has 25 employees located between the U.S and India and expects to grow to 30-35 employees by the end of year, including plans to hire a CRO/CMO, a head of business development and partnerships and additional engineers.
FinSMEs
22/08/2024