Pipe, a Los Angeles, CA-based financing platform for SaaS companies, raised $6m in seed funding.
The round was led by Craft Ventures, with participation from Fika Ventures, MaC Ventures, Naval Ravikant, WorkLife Ventures, Liquid2 and The Weekend Fund.
The company intends to use the funds to expand operations and its business reach.
Led by serial entrepreneurs Harry Hurst, Josh Mangel, and Zain Allarakhia, Pipe offers non-dilutive financing to SaaS companies. Through an instant cash advance against the full annual value of software subscriptions, Pipe turns MRR (monthly recurring revenue) into ARR (annual recurring revenue). The platform assesses customers’ key metrics by integrating with its accounting, billing, and subscription management systems – and makes an instant decision on whether the company qualifies for a PipeLine of finance. Facilities range from $10,000 per month to several million dollars per month for later-stage companies. The company has offices in Los Angeles, San Francisco and Phoenix.
FinSMEs
25/02/2020