Exciting news! We have successfully raised our Series B funding, with the round led by Andrew Steele and the team at Activant Capital. When we decided to partner with Activant Capital, the natural question from our investors and Vartana family was, "Why raise additional capital in this environment?". The answer was as simple — there's extraordinary alignment between Vartana's vision and Activant's investment thesis in the B2B checkout category.
We were introduced to Activant Capital through our investment partners at Mayfield. From our initial conversation, it was evident we shared a common perspective on B2B commerce. Sales teams predominantly drive B2B commerce, and this will not change. While Product-Led Growth (PLG) is an effective lead generation tool, firms such as Slack and Monday.com still have large scale sales teams to close predictable and high ACV deals.
Presently, the B2B fintech sector is intensely competitive. Many companies are prioritizing high-volume processing and simplification of payment transactions in the B2B eCommerce space. At Vartana, our mission is to adapt this methodology to more complex, sales-person driven, B2B transactions through a state-of-the-art checkout platform. We envision Vartana as the quintessential product for sales teams, and for this vision to come to fruition, our platform must adapt to complex deal cycles involving multiple stakeholders.
Our flagship and one-in-a-kind CRM-embedded, B2B checkout platform with integrated financing has proven highly successful. We are pleased to report that we concluded last year with an impressive 600% YoY growth, the introduction of the Vartana Capital Marketplace, and the rollout of our Closing Platform capable of handling transactions of any size or complexity. Over the past few months, we have forged several new partnerships with leading enterprises such as Domo, launched several new product offerings, and we are delighted to announce our new $20M Series B up-round of funding.
The closing and financing market is predominantly occupied by banks and third-party financing institutions supporting major firms like Cisco, Microsoft, and IBM. However, the financing process remains opaque, burdensome, and slow, resulting in minimal adoption in the broader market. We aim to fix this by offering the same level of "deal engineering" utilized in high-value sales to a wider range of public and private companies.
Our Series B funding serves as a testament to our successful journey and will empower us to create a level playing field for all technology vendors. This funding will be strategically allocated to expand our team, enhance our product offerings, and broaden our financial marketplace partnerships. Our mission is to empower sales teams in closing more deals, faster, and we are just getting started. Let's go!!!
To learn more about Vartana or explore open roles within our team, please visit https://www.vartana.com.