Total amount raised
$77 Millions
Latest funding date
6/1/2022
Location
Middesk has successfully raised significant funding over multiple rounds, positioning itself as a key player in the business identity verification space. The platform offers a comprehensive suite of products designed to streamline business verification, credit assessment, and entity management.
Keep reading to explore the intricacies of Middesk's fundraising journey and the investors backing this innovative platform.
What Is Middesk?
Middesk is a company that provides a suite of identity products to help businesses verify their commercial customers and register with state agencies. Founded in 2018, Middesk is headquartered in San Francisco, California. The company was founded by Kurt Ruppel and Kyle Mack, and it currently employs around 50 people.
How Much Funding Has Middesk Raised?
- Seed Round
- Amount Raised: $4M
- Date: September 2019
- Lead Investors: Accel
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To address challenges in onboarding new business customers.
- Series A
- Amount Raised: $16M
- Date: March 2021
- Lead Investors: Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale the team.
- Series B
- Amount Raised: $57M
- Date: June 2022
- Lead Investors: Insight Partners, Canapi Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in new and existing products, scale the team, and educate the market about business identity.
Total Amount Raised: $77M. Current Valuation: Not publicly disclosed.
Key Investors
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm investing in high-growth technology and software companies. They have over $90 billion in regulatory assets under management and have invested in more than 600 companies worldwide.
- Investment Focus Areas: Technology, software, Internet startups.
- Notable Investments: Shopify, Twitter, Qualtrics.
- Canapi Ventures
- Details: Canapi Ventures is a venture capital firm focused on early to growth-stage fintech companies. They connect high-quality fintech companies to an extensive network of banks and strategic partners.
- Investment Focus Areas: Fintech, financial services innovation.
- Notable Investments: Greenlight, Varo Money.
- Sequoia Capital
- Details: Sequoia Capital is a venture capital firm known for investing in early and growth-stage companies across various sectors. They have a long history of backing successful companies.
- Investment Focus Areas: Technology, healthcare, consumer services.
- Notable Investments: Apple, Google, Airbnb.
- Accel
- Details: Accel is a venture capital firm that invests in early and growth-stage technology companies. They have a global presence and a strong track record of successful investments.
- Investment Focus Areas: Technology, Internet, software.
- Notable Investments: Facebook, Slack, Dropbox.
- Gaingels
- Details: Gaingels is a network of investors that focuses on supporting and funding companies with diverse and inclusive leadership. They aim to promote diversity in the business world.
- Investment Focus Areas: Diversity and inclusion, technology, consumer services.
- Notable Investments: Beyond Meat, Carta.
What's Next for Middesk?
Middesk stands at the cusp of significant growth, driven by the increasing demand for automated business verification and underwriting solutions. With $57 million in Series B funding, the company is poised to expand its product offerings and scale its team, aiming to triple its headcount by 2023. This growth is fueled by the need for frictionless onboarding experiences in regulated industries, presenting a vast opportunity for Middesk to solidify its market presence.
Future fundraising opportunities seem promising as Middesk continues to attract interest from venture capital firms. The company’s ability to innovate and expand its client base, which includes major players like Plaid and Affirm, positions it well for additional investment rounds. However, challenges such as managing rapid team expansion and staying ahead of competitors like Dun & Bradstreet and LexisNexis could test Middesk's resilience. Ensuring the accuracy and comprehensiveness of their business data will be crucial as they navigate these growth phases.
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