News

SMB payroll startup Gusto raises $200M Series D, plans R&D expansion to NYC

Every employee loves receiving their paycheck. It just so happens, though, that paying employees can be a royal pain, what with incredibly diverse labor laws across all 50 U.S. states. While large, Fortune 500 employers have a bevy of options, from traditional firms like ADP to newer entrants like Workday, small and medium businesses (SMBs) face the brunt of the challenge — too small to be attractive to the biggest players, but still responsible for following the complexity of U.S. labor law.

Gusto was founded to solve that problem for SMBs, and so far, it has seen strong adoption. The company crossed the 100,000 customer barrier in the past year, out of an estimated six million small businesses in the United States. “I feel like we are still at the beginning stages,” Gusto’s founder and CEO Josh Reeves told TechCrunch….

Bright Health brings its groundbreaking Health Plan Care Partner Model to 13 new markets for 2020

Today, Bright Health announced it will begin offering its innovative Health Plan Care Partner Model in 13 new markets across seven states in 2020 plus expanded product offerings in every existing market. This market expansion brings Bright Health Plan's footprint to a total of 22 markets in 12 states, building on its sizable growth last year when it added products in Arizona, New York, Ohio and Tennessee. All product offerings are subject to final regulatory approvals….

Icertis Cements Undisputed CLM Market Leadership with $115 Million Round

BELLEVUE, Wash., July 17, 2019Icertis, the leading provider of enterprise contract management in the cloud, today announced the closing of a $115 million Series E round. With this funding, Icertis becomes the first Contract Lifecycle Management (CLM) company in the world to be valued at more than a billion dollars.

Icertis is recognized as the CLM category leader due to its groundbreaking AI-infused Icertis Contract Management (ICM) platform and unparalleled success in winning Global 2000 customers. It counts some of the most sophisticated enterprises across all major verticals, as well as 5 of the world’s top 10 most valuable companies, as its customers. Today, the ICM platform helps customers worldwide manage over 5.7 million contracts with an aggregate value of more than $1 trillion.

The round was co-led by Greycroft and Premji Invest with participation from existing institutional investors including B Capital Group, Cross Creek, Eight Roads, Ignition Partners, Meritech Capital Partners and PSP Growth…

MX Raises $100 Million in Series B Financing, Signs 2,000th Customer

$175 million total funding to date will be used to deliver next generation data solutions

SILICON SLOPES and LEHI, Utah – June 25, 2019 – MX, the leading data platform for banks, credit unions and fintechs, today announced a $100 million financing round. In addition, the company announced it has reached the 2,000 customer milestone with the signing of Synovus Financial Corp. as its newest customer.

The round was led by Battery Ventures, with participation from new investors H.I.G. Growth Partners, Point72 Ventures, Sorenson Ventures, Pelion Venture Partners, and Cross Creek Capital; from existing investors Industry Ventures, Digital Garage, TTV Capital, and Commerce Ventures; as well as from customers National Bank of Canada and Washington Federal Bank……

Mobile Games Publisher Scopely Hits $1 Billion In Lifetime Revenue

Scopely, the mobile game company behind big brand tie-ins like The Walking Dead: Road to Survival, WWE Champions and Wheel of Fortune: Free Play, hit $1 billion in lifetime revenue. Six of the game’s franchises are set to exceed $100 million, helping boost 2018 revenue by 80% year over year. Its early 2019 run rate of $400 million is getting a significant bump via last year’s hit Star Trek Fleet Command. And it’s also seeing big returns from older products like the seven-year-old Dice franchise—encompassing Dice with Buddies, Yahtzee with Buddies and Dice with Ellen—which just had its biggest year and is projected to surpass it in 2019….

What It Takes to Build an Iconic Marketplace: The Poshmark Story

They were rejected by 200+ investors. They were turned down by every single payment processor in the country. They discovered they were in violation of USPS regulations, and almost ran out of money.

Yet today, Poshmark is one of the most successful marketplaces of all time.

Poshmark is the most amazing story most Founders have never heard - but should. This is a company that has more people making money on it than on Uber, Airbnb, Lyft, and Etsy combined. A network of 50 million people who engage an average of 7-8 times each day, Poshmark is one of the best case studies for marketplace Founders everywhere….

Sumo Logic Completes $110 Million Funding Round to Further Fuel Growth and Expansion

REDWOOD CITY, Calif. – May 8, 2019 – Sumo Logic, the leading cloud-native, machine data analytics platform that delivers continuous intelligence, today announced a $110 million funding round led by Battery Ventures, with contributions from new investors including Tiger Global Management and Franklin Templeton, as well as participation from existing investors. With a current valuation over $1 billion, a record FY19 achievement of more than $100 million in revenue, and over 2,000 customers and more than 100,000 users worldwide leveraging its service, Sumo Logic is firmly positioned as the SaaS machine data analytics leader of choice for the cloud era.

Docker Names Rob Bearden as Next Chief Executive Officer

Docker Names Rob Bearden as Next Chief Executive Officer 

Former Hortonworks CEO joining Docker to accelerate and scale enterprise adoption of its industry-leading container platform and drive the next wave of innovation 

BILL.COM ANNOUNCES FINANCING LED BY FRANKLIN TEMPLETON

PALO ALTO, Calif., April 2, 2019 - Today Bill.com, a business payments and software platform leader, announced an $88M funding round led by Franklin Templeton with participation from Mastercard, Fidelity Investments Canada ULC and others.

The small and midsized business segment represents a massive U.S. business payments market that’s ripe for disruption. While consumer payments have experienced abundant innovation, business payments have lagged behind. More than $58 trillion in B2B payments are made annually with 80% of them paper checks, which come at a high cost including potential for errors and security issues…