Workspace Sharing Startups The New Favorite With B2B Investors

B2B FinTech is undoubtedly a hot spot for venture capitalists (VCs) this year. However, this summer, a different kind of B2B startup has captured investors’ attention. Workspace sharing firms, particularly across Asia, have landed major funding rounds in recent months. This week, the largest investment round went to one industry player in China. That doesn’t mean investors have ignored the FinTech side of the B2B market, though, with funding landing at eProcurement, auditing, alternative finance and other players.

Axoni

Enterprise blockchain startup Axoni secured $32 million in Series B funding this week, the company announced in a press release. Goldman Sachs and Nyca Partners led the round, while Andreessen Horowitz, Citi, Coatue Management, Digital Currency Group, F-Prime Capital, Franklin Templeton Investments, JPMorgan, NEX Group, Wells Fargo and Y Combinator also participated a list that clearly shows traditional financial institution (FI) interest in Axoni’s technology. The company works with banks and other financial services players to integrate blockchain tools. The funding will be used to focus on its data synchronization technology and expand its offering of infrastructure products, the company said.

Expedi

Enterprise procurement solutions provider Expedi announced a $2.25 million Seed round this week, about a year after the company launched. The funding, provided by Bowery Capital and Blue Bear Capital, along with several angel investors, will bolster the company’s focus on maintenance, repair and operations (MRO) procurement solutions. The company links enterprises to an eCommerce platform to procure MRO services. The company’s CEO Tim Neal said in a statement that the funding will go toward acceleration of its technology platform and operations.

MyDreamPlus

Venture capitalists appear to be excited about the workspace sharing market. Last month, Awfis and WeWork both workspace sharing startups  landed big funding rounds, and IndiQube did the same a month prior. This month, China’s MyDreamPlus landed the largest investment round of this week, with $120 million in Series C funding, led by Hillhouse Capital Group and General Atlantic. Existing backers JOY Capital, Ocean Link, M31 Management Fund and K2VC also participated, the firm said in a press release. MyDreamPlus will use the investment to continue growth and strengthen its position in the co-working space and workspace markets, targeting startups, small and medium-sized businesses (SMBs), and freelancers with workspaces. The firm is also focusing on developing an Office-as-a-Service (OaaS) offering with smart office management, design and other features for professionals.

Ucommune

Another China-based workspace sharing company, Ucommune, announced funding to the tune of $43.5 million this week, reports in TechNode said. The Series C investment was led by Prosperity Holdings. Reports did not say how the company plans to use the funds, but noted its acquisition spree that led to the takeover of co-working company Workingdom, which it purchased for $43.5 million. The company also acquired industry rivals New Space, Woo Space and Wedo Union, signaling consolidation in China’s workspace sharing industry as players compete to secure new funding and market dominance.

AuditBoard

Cloud-based risk and auditing management provider AuditBoard raised $40 million in Series B funding, announced this week, led by Battery Ventures. AuditBoard’s technology helps organizations and their auditors manage risk mitigation and compliance efforts. The company said it will use the funds to focus on product development, sales, marketing and business partnerships, as it targets large enterprises that must comply with increasingly complex regulations and auditing requirements.

Capital On Tap

Based in the U.K., Capital On Tap links small business borrowers to financing. The company said it secured more than $114 million in debt funding provided by M&G Investments, Triple Point Investment Management and other investment houses. In addition, the company secured a debt line worth more than $63 million. The funds will be used to expand its SMB financing efforts, reports in Compelo said this week.

POM

Belgium’s POM announced $943 million in new funding, a press release said, which will go toward further development of its invoice payment solutions. The funding included Be Angels, BAN Vlaanderen, B2BOOST and other angel investors. POM, which provides a mobile app for users to pay invoices via electronic and paper rails, will focus on growth both in Belgium and across borders. The company will also be looking to “refine” and expand its product offerings, which include electronic invoicing and electronic payments for companies.