October 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.
Ahigher volume of smaller venture deals were completed in October, with ~$476M being invested across 51 completed deals, compared to ~$863M invested across 38 completed deals in September.
Largest Deals
LucidChart, a Utah-based SaaS company offering a suite of web-based digital publishing and visual asset creation tools, secured a $72M Series C funding round in mid-October. The Spectrum Equity portfolio company added two new investors in Meritech Capital and ICONIQ Capital in this round, bringing LucidChart’s cumulative venture funding total to over $114M. LucidChart helps organizations of all sizes collaborate through visual media and boasts 15M active users across 180 countries, growing at a pace of~700k new users each month. This new capital will support the company’s continued investment in developing its product and service offerings while also funding the opening a second HQ in Amsterdam in January 2019 to better serve the LucidChart’s EMEA customers.
