December 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 info@surepathcapital.com.
SMB software companies raised ~$529M across 38 deals in December, a decrease in deal size and volume in the final month of 2018 compared to the ~$770M raised in November across 59 deals.
Largest Deals
Procore Technologies Inc., a Carpinteria California-based provider of cloud-based construction management applications, raised a $75M Series H round led by Tiger Global Management. Procore’s platform supports collaboration between construction groups, property owners, project managers, and others involved in a development project, allowing the team to share access to project wide systems, communication and information. This venture funding round placed a $3B post-money valuation on Procore, which is a 3x increase to the unicorn’s $1.0B valuation from their Series G round in 2016. The funds will be used to ramp up the company’s partner expansion and to continue to invest in new products and services and hiring new talent.
