Participated · Series C · Oct 2024

Finix began as a payments infrastructure business and officially became a payment processor in 2023. The company builds payments tools for businesses that have both in‑store and online footprints, including integrations with multiple physical payments devices and a cost‑plus pricing model that surfaces markups. CEO Richie Serna says Finix doubled down on the processor strategy as transformational for the business and that the company supports merchants across the US and Canada. Serna told TechCrunch Finix quadrupled its revenue in the last year; he declined to share current merchant counts but noted Finix supported more than 12,000 merchants in 2022 and said it closed more deals in 2024 than in the company’s prior history. Finix has about 130 employees today and plans to grow the team and expand into more countries. The company has raised capital to fuel this expansion and further compete with larger processors such as Stripe. Finix builds payments infrastructure as a SaaS product that enables software companies to process their own payments via developer-friendly APIs. The company recently transitioned from being solely an API provider to directly facilitating payments and entering in-person payments, allowing it to serve smaller customers below its prior ~$50 million transaction-volume sweet spot. Finix says this strategy shift and product expansion reduced onboarding time for customers and drove growth over the past six months. The startup reported that Q2 2022 was its best quarter ever for new deals closed. Finix has raised multiple financings to date and did not disclose a valuation for its latest round, saying the capital raised this summer occurred at an increased valuation. The company positions itself as an open ecosystem alternative to competitors like Stripe. Finix supplies the plumbing that lets startups and merchants run payments in-house rather than using plug-and-play providers. The company charges customers a software fee plus a sliding fee tied to processed payments and targets businesses with high transaction volumes. Finix recently launched Flex, an underwriting model intended to reduce switching costs between payment providers. Management declined to disclose revenue, valuation, profitability, or customer count, but said transaction volume grew roughly 4.5x from Q2 2019 to Q2 2020. The firm has grown its customer base month-over-month and plans to use new funding to expand headcount. As of the article, Finix had a team of 85 employees and intends to double that by mid-2021. Finix is a software-as-a-service startup that sells payments technology to other businesses and self-describes as a payment infrastructure company. It provides APIs and tooling that let software companies embed payments into their platforms, charging a regular software fee plus a sliding fee tied to payment volume rather than a fixed per-transaction percentage. Finix positions itself to help vertical SaaS companies bring payments in-house to capture more revenue and simplify complex relationships across processors, banks, and networks. The company plans to use new funding to scale the organization, beef up product and engineering, expand international payments support, and double headcount by year-end (it had about 60 staff previously). Finix declined to disclose a valuation or growth metrics in this round, but said it provided a TAM figure and noted the number of countries in which it operates. Including an October 2017 seed and a $17.5M Series A in July 2019, Finix has now raised more than $55M to date. Finix is a payments infrastructure platform that gives businesses a way to own, manage and monetize their entire payments experience without the expense of building an in-house system. The platform offers APIs and dashboards, a fixed pricing model so customers don’t forfeit basis points, and tools to configure the payments stack and manage provider ecosystems through a single platform of record. Finix is SOC I and SOC II, PCI‑Level 1 and GDPR compliant and is used by customers such as Clubessential and Lightspeed POS Inc. Founded in 2015 and based in San Francisco, the company plans to use the new funding to accelerate product development and sales worldwide. The Series A brings total capital raised to more than $20m to date. In conjunction with the funding, Matt Harris of Bain Capital Ventures joined Finix's board of directors.

Participated · Equity · Jun 2023

Bito offers an AI-powered coding assistant that leverages ChatGPT/OpenAI to understand a user’s entire codebase and accelerate the full lifecycle of development tasks, from code generation to testing, documentation, and search. The platform is currently in Alpha and free to use, with integrations for Visual Studio Code, JetBrains IDEs, and the CLI. Bito’s assistant can generate code in any programming language from natural-language prompts, explain and comment on selected code, generate unit tests, check for security issues, and suggest performance improvements. The company reports active usage patterns — users tend to use the platform nearly 200 times per month — and survey respondents say Bito makes them about 31% more productive. Bito positions itself to free developers from menial tasks and enable faster, higher-quality software development. The team is fully remote across three continents and led by CEO Amar Goel, with co-founders Anand Das and Mukesh Agarwal.

Participated · Seed · Nov 2022

Flourish FI builds a configurable, modular platform that combines behavioral science and transactional/behavioral data to increase user engagement, loyalty and personalization for financial institutions. The platform’s modules can be licensed together or separately and are designed for easy integration with partner brand guidelines. The company currently licenses its technology in Brazil, the United States and Bolivia, and is about to announce its first client in Mexico. Flourish FI has worked with more than 10 financial institutions across Latin America and counts strategic partnerships with Mastercard and participation in BTG Pactual’s BoostLAB. The startup generates its own revenue and is scaling its product commercially while using venture capital to accelerate growth. Its near-term go-to-market focus is on mid-sized Brazilian banks and fintechs seeking improved retention, engagement and share of wallet. Flourish offers an engagement and financial-wellness platform for banks, fintechs and credit unions, delivered via SDK or API and licensed to partners. Its product includes a rewards engine, an intelligent automated micro-savings feature, and a financial-knowledge Q&A module that turns transactions into learning moments. The company has clients and pilots in the U.S., Bolivia and Brazil, including U.S. credit unions, Sicoob and BancoSol. Flourish began testing end-user mechanics with organizations such as CommonWealth and Opportunity Fund and released a B2C pilot app (Flourish Savings App) in 2019. The startup operates a partnership-based revenue model focused on user activation and engagement. The 11-person team works across the U.S., Mexico and Brazil and plans to use new capital to grow customers in Latin America, hire more staff, and develop additional platform functionality, with a near-term focus on Brazil.

Participated · Series B · May 2022

Noyo provides an API-powered data infrastructure that enables fast, accurate, and secure exchange of group insurance and benefits data, allowing benefits information to flow point-to-point or be embedded in consumer applications. The company’s suite of APIs is designed to unlock industry-wide connectivity and network effects across carriers, benefits platforms, and employers. Noyo has partnered with major insurers and benefits software providers including Ameritas, Anthem, Beam, Guardian Life, Humana, Rippling, Unum, and Zenefits. With the new capital, Noyo plans to expand product offerings, develop additional partnerships with carriers and benefits software providers, and grow its reach into new audiences and verticals. The company frames its mission around modernizing the benefits industry to deliver more personalized, accessible, and understandable benefits experiences for employees. Noyo sells APIs that let customers execute, track and confirm fulfillment of member transaction requests to health insurance carriers. The product was born from founders Shannon Goggin and Dennis Lee’s experience at Zenefits. The company is focused exclusively on the U.S. health insurance market for now and is not expanding into other insurance verticals. Noyo has lined up partnerships with carriers including Ameritas and Humana as early traction. The startup is roughly 20 people and plans to grow to about 30 by early 2021 to accelerate product development. Management says Noyo is not aiming for immediate profitability but describes the business as a “real business with a viable model.”

Participated · Series F · Apr 2022

Salsify provides a platform for brands, retailers and their partners to centralize product and inventory information and power unified commerce experiences, which it calls "experience management" (XM). The company pitches its product as a way to manage the "digital shelf" across multiple channels and to help non-Amazon brands compete more effectively in omnichannel commerce. Salsify reported $110 million in ARR in 2021 and has grown to 1,200 customers (up from 800 in 2020), including Coca-Cola, Libbey, Kraft Heinz, Columbia and Mars. The business says it doubled in size amid COVID-driven acceleration of multichannel commerce. Salsify has expanded internationally through acquisitions (SKUvantage and Alkemics) and now has operations in Portugal and the U.K.; some of the new funding will be used to break into additional markets. Management describes the latest raise as opportunistic, noting the company still had capital from its prior round. Salsify provides brands a single platform (CommerceXM) to manage product information, digital assets, marketplace and retailer listings, and analytics across online and offline channels. The company says COVID-19 accelerated demand for its tools as brands shifted more selling and discovery online. Salsify serves roughly 800 companies, including Coca-Cola, Rubbermaid and Mars, with 225 customers that each generate more than $1 billion in revenue, and reports a 120%+ net revenue retention rate since its last round. The leadership team includes CEO and co-founder Jason Purcell, co-founders Jeremy Redburn (chief data officer) and Rob Gonzalez (CMO). Salsify is based in Boston and opened an international headquarters in Lisbon, Portugal a few years ago. The company plans to use new funding to expand its product stack and accelerate international expansion, and is positioning itself with an eventual IPO in mind. Salsify provides a Product Experience Management (PXM) platform that enables brand manufacturers to accelerate digital growth by delivering product experiences where consumers shop online. The company serves customers including Coca‑Cola, Anheuser‑Busch, Perry Ellis, Michelin, Asics, Bosch, GSK, Rawlings and Fruit of the Loom. Led by CEO and co‑founder Jason Purcell, Salsify focuses on helping brands manage and syndicate product content across channels. The company intends to use new funding to further invest in R&D and to grow its global footprint and partner ecosystem. Financially, Salsify has raised $98.1M in total funding to date. It is headquartered in Boston, MA. Salsify provides a product content management (PCM) platform that helps retailers and brands deliver product content to digital shoppers across channels. Led by CEO Jason Purcell, the company serves a range of customers including Fortune 500 companies and has expanded retail partnerships with Walmart, Google, Wayfair, Jet, Overstock and others. Salsify said it will use the new funding to advance product development and scale its go-to-market strategy. The company planned to hire 80 new employees in 2017 to support that growth. Financially, Salsify has raised $54.6M in total funding to date. The company is based in downtown Boston and has more than 120 employees. Salsify operates a SaaS platform that helps brands and retailers create and share rich product content. Its platform powers content for over four million products and is used by brands such as Newell Rubbermaid, 9 West Holdings and Bosch. Retail and technology partners named in the article include Walmart and Google. Salsify says its platform improves product discoverability, revenues and customer loyalty across omni-channel commerce. The company will use the new funding to further product development, invest in corporate growth, and drive continued value with its customer base. Salsify is based in Boston.