Drip Capital raises $ 175 million in Series C
Digital platform for financing cross-border trade Drip capital raised $ 175 million, including $ 40 million in a Series C funding round and $ 135 million in warehouse credit facilities, according to Press release Thursday (October 28).
Series C was led by TI Platform, with participation from new and existing investors including Accel, Sequoia, Wing VC, Irongrey and GC1 Holdings. Drip Capital also obtained $ 135 million in credit facilities from Barclays Investment Bank and East West Bank. Drip has raised $ 525 million to date.
See also: Important Details in Financing Trade Finance
Based in Silicon Valley and Mumbai, the startup was founded in 2016 by Pushkar Mukewar, who is also CEO, and Neil kothari, also member of the board of directors. Drip uses machine learning and cloud technology to support cross-border transactions for small and medium-sized enterprises (SMEs).
The company provides unsecured credit to businesses in India, Mexico and the United States, and has funded more than $ 2 billion in global business transactions. He works with 3,500 buyers and sellers in over 80 countries.
Read more: Drip Capital aims to build trade finance network for cross-border buyers and suppliers
Alex bangash, TI Platform’s managing partner, said in a statement that Drip is a leader in the global trade finance industry, which is expected to represent a $ 10,000 billion market by 2026. Growth trajectory, âTI Platform considers Drip as a strong candidate for an âupward escapeâ.
Drip raised $ 25 million in a Series B funding round led by existing investor Accel, with participation from new investors Trusted Insight and GC1 Ventures and existing investors Wing VC, Sequoia Capital India and Y Combinator. The startup’s 2018 Series A funding was led by Accel, Sequoia India, Wing VC and others.