With this investment, HighRadius becomes the first start-up to become a Unicorn in 2020. The SaaS-based startup is now valued at $1bn.
Software as a service or SaaS, based financial start-up HighRadius has recently announced that it has raised $125mn in Series B round funding led by ICONIQ Capital.
Existing investors like Susquehanna Growth Equity and Citi Ventures also participated in the round. With this boost-up, HighRadius is now valued at $1bn, making it the first entry of 2020 in the unicorn club.
Founded by IIT-Madras alumnus Sashi Narahari in 2006, the Houston-based start-up was bootstrapped for 11 years and in 2017 it raised its first round of funding. HighRadius has an office in Hyderabad as well.
The start-up plans to utilize this new capital to accelerate its platform development and expansion of geographic reach.
“Today marks an important milestone for HighRadius and we’re thrilled to have ICONIQ join us in our vision to modernize the order to cash space. ICONIQ combines patient capital with a long-term vision of investing in category-defining businesses, and the firm has worked with some of the world’s most successful tech entrepreneurs. We are building HighRadius into a self-sustaining, long-term category leader, and ICONIQ is a great partner for us in this journey.” said Sashi Narahari, Founder and CEO of HighRadius.
Commenting on the investment Will Griffith, Partner at ICONIQ Capital, said, “The HighRadius platform is game-changing for CFOs and finance departments, and the company has earned tremendous customer loyalty by enabling receivables and treasury teams to perform more efficiently and effectively, and by delivering mission-critical RoI. HighRadius fits squarely into our commitment to investing in best-in-class, long-term technology businesses driven by incredible teams.”
HighRadius provides AI-enabled software that automates payments, receivables, and treasury processes. The start-up boasts of having around 400 clients including more than 200 of the Forbes Global 2000 companies.
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