September 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.
The pace of venture deals decreased in September, with ~$863M being invested across 38 completed deals, compared to ~$1.2B invested across 55 completed deals in August.
Largest Deals
Postmates finalized a new $300M cheque led by Tiger Global Management for the company’s 7th round of funding, valuing the company at ~$1.2B. It was also announced that Tiger Global Partner, Scott Shleifer, has joined the board of directors. The San Fransisco based on-demand delivery platform boasts that it is completing “millions” of deliveries on a monthly basis to over 400 U.S. cities. They are profitable in 90% of those cities, and are creeping up on company-wide gross margins of 50%. Postmates’ CEO Bastian Lehmann highlighted that the capital would go to work broadening coverage to over 70% of U.S. households by the end of the 2018, releasing new POS integration technologies, deploying API tools, scaling social impact investments & new workforce development policies, developing new partnerships with Instacart & Walmart and investing in R&D to devise new last-mile mobility solutions.
