At a Glance
Miami, Florida-based Pipe, which provides a trading platform for companies to sell their recurring revenue streams, has confirmed that it has actually raised $250 million at a $2 billion valuation in a strategic equity funding, which closed at $150 million in March this year.
Pipe’s co-founder and co-CEO Harry Hurst called the funding a “massively oversubscribed” one and added in an interview to TechCrunch,
“We had originally allocated $150 million for the round but capped it at $250 million although we could have raised significantly more.”
Pinning the credit on a successful growth for attracting investors at such high valuation, Hurst added that the fresh capital will be invested into different verticals, and kick off their global expansion in addition to securing their future business.
While we plan on being a lean team, as we grow, inevitably we’ll continue to hire the best talent all over the world, and we’ll continue to add more team members in Miami as well. We will be hiring across all teams and hope we can continue to expand the team in South Florida. Miami is our first micro hub, and we have thoroughly enjoyed investing time here and plan to do so as we scaleHarry Hurst
The March round was led by venture firm Greenspring Associates. New and existing investors- Counterpoint Global (Morgan Stanley), CreditEase FinTech Investment Fund, Horizons, 3L, SBI Investment, Next47, Marc Benioff, Alexis Ohanian’s Seven Seven Six, MaC Ventures, Republic, and others had participated in the round.
In a total of four rounds, the total funding for Pipe stands at $316 million. In June last, Pipe had gone public, ten months post which they were valued at $2 billion. Reports state that over 4000 companies use their Fintech trading platform for recurring revenue, and 1000 among them had signed up post the funding in March.