Total amount raised
$141.7 Millions
Latest funding date
06/01/2024
Location
Title
Gynger has successfully raised significant funding to support its mission of providing flexible payment solutions for technology purchases. The platform offers non-dilutive financing options for both buyers and sellers, ensuring smooth cash flow and seamless transactions.
Keep reading to explore the intricacies of Gynger's fundraising journey and the investors backing this innovative platform.
What Is Gynger?
Gynger, based in New York, provides flexible payment solutions tailored for the technology sector. The company is located at 157 W 18th Street, Floor 5, New York, NY 10011.
Founded by a team of industry experts, Gynger focuses on offering non-dilutive financing options for both buyers and sellers. This allows buyers to pay over time and sellers to receive upfront payments.
While the exact number of employees is not specified, Gynger continues to grow, driven by its mission to streamline technology transactions.
How Much Funding Has Gynger Raised?
- Seed Funding Round
- Amount Raised: $11.7 million
- Date: December 21, 2022
- Lead Investors: Upper90 and Vine Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide companies with capital to procure software and services products for their tech stacks, and to finance the automated underwriting model for software and infrastructure purchases.
- Debt Financing Round
- Amount Raised: $10 million
- Date: December 21, 2022
- Lead Investors: Upper90
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To finance the lines of credit and debt financing provided to corporate customers for their SaaS bills and infrastructure purchases.
- Series A Round
- Amount Raised: $20 million
- Date: June 20, 2024
- Lead Investors: PayPal Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and fund loans, expand customer base from early-stage startups to more mature companies, and tap into other verticals outside of technology.
Total Amount Raised: $41.7 million
Current Valuation: Not publicly disclosed
Key Investors
- PayPal Ventures
- Details: The venture capital arm of PayPal, PayPal Ventures focuses on strategic investments in fintech and related sectors. They led Gynger's $20 million Series A funding round.
- Investment Focus Areas: Fintech, payments, digital commerce
- Notable Investments: Plaid, Acorns, Tala
- Gradient Ventures
- Details: Gradient Ventures is Google's AI-focused venture fund, investing in early-stage startups that leverage artificial intelligence. They participated in Gynger's seed funding round.
- Investment Focus Areas: Artificial intelligence, machine learning, data analytics
- Notable Investments: Algorithmia, Labelbox, Lilt
- Upper90
- Details: Upper90 provides a combination of debt and equity to high-growth companies. They co-led Gynger's $11.7 million seed funding and provided $10 million in debt.
- Investment Focus Areas: Fintech, e-commerce, logistics
- Notable Investments: Thrasio, Clearbanc, Octane
- Vine Ventures
- Details: Vine Ventures is a venture capital firm that invests in early-stage technology companies. They co-led Gynger's seed funding round.
- Investment Focus Areas: Technology, software, consumer internet
- Notable Investments: Notion, Carta, Ramp
- Deciens Capital
- Details: Deciens Capital is a venture capital firm that focuses on early-stage technology companies. They participated in both Gynger's seed and Series A funding rounds.
- Investment Focus Areas: Fintech, SaaS, marketplaces
- Notable Investments: Chime, Mercury, Pipe
What's Next for Gynger?
Gynger stands at the cusp of a significant opportunity, with the global tech spend projected to reach $4.7 trillion in 2024. By expanding its customer base from early-stage startups to more mature companies and exploring verticals like real estate, retail, and healthcare, Gynger can tap into a vast market. The company's use of AI and data analytics for underwriting credit positions it well to meet the growing demand for embedded financing solutions.
Future fundraising appears promising, given Gynger's rapid growth and a clear path to profitability. The recent $20 million Series A round and a $100 million debt facility from CIM highlight investor confidence. However, challenges such as competition from other fintech companies and managing the risks of providing unsecured lines of credit remain. Navigating these hurdles will be crucial for Gynger's continued success.
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