FloBiz, a neobank for SMBs, has announced that it has secured $31 million in the Sequoia Capital India and Think Investments led series B funding round. The round also saw participation from existing investors including Beenext and Elevation Capital.
Angel investors like Vijay Shekhar Sharma, Kunal Shah, Jiten Gupta, Amrish Rau, Neeraj Arora, Nitin Gupta, Ankit Tomar, Sayali Karanjkar, and Krishnan Menon, as well as 9Unicorns and Whiteboard Capital participated in the latest funding round.
Speaking on the announcement, Co-founder and CEO of FloBiz – Rahul Raj, commented, “This raise will help us accelerate projects which have been in the works up till now — building personalisable modules and features into myBillBook, diversifying core product offerings, and preparing to roll out financial services. We have a slew of developments in the pipeline to further delight our SMB partners in the next 12 months.”
“Small businesses are the real heroes of our economy. In order to power the SMB economy with technology, one needs deep understanding, instinct and empathy for this audience. We are really impressed by the user-centricity, product focus, and experimentative approach of the FloBiz founders,” added Tejeshwi Sharma, Managing Director at Sequoia Capital India.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.