Stay updated on the latest SaaS news: Cogna Raises £3.76 Million funding; Deel acquires PaySpace.
SaaS Funding News
Cogna Raises £3.76 Million in Funding
Cogna, an AI-driven SaaS platform that creates custom software for the industry, announced a successful raise of £3.76 million (~ $4.79 million) in recent funding. The round was led by Hoxton Ventures.
This funding will empower Cogna to revolutionize problem-solving in traditional industries. Cogna plans to expand its team throughout 2024 and beyond, recruiting top talent to tackle the world’s most crucial challenges.
Mews Raises $110 Million at $1.2 Billion Valuation
Mews, a cloud-based hotel property management system, announced to raise an additional $110 million in funding. Kinnevik, an existing investor, led the round alongside Revaia, Goldman Sachs Asset Management, Notion Capital, and new investor LGVP. This funding round has propelled Mews to unicorn status, with a valuation exceeding $1.2 billion.
Mews aims to go way beyond traditional boxed thinking and instead serve a variety of hospitality businesses with a solution that’s objectively recognized for its power to transform businesses. The upcoming years will focus on furthering these efforts, expanding globally, and collaborating with the most innovative hospitality operators to expedite their digital transformation and enhance their success.
Tech Layoff: 34.000+ Employees Laid off from the Start of 2024
Axonius Raises $200 Million in Series E Extension Funding
Axonius, the leader in cybersecurity asset management and SaaS management, has secured $200 million in a Series E extension funding round led by Accel and Lightspeed Venture Partners, with participation from existing investor Stripes. The funding aims to fuel innovation and global expansion as demand for the Axonius Platform rises.
In 2023, the company hit $100 million in annual recurring revenue (ARR) with about 500 large enterprises among its customers.
SaaS Growth
Insider Unlocks $200 Million CARR
Insider, a platform for personalized, cross-channel experiences, announced reaching $200 million in Committed Annual Recurring Revenue (CARR). The company has become one of the few woman-founded, women-led B2B SaaS unicorns in the world.
SaaS M&A
Deel Acquires PaySpace
Deel, an all-in-one global HR platform that simplifies managing international teams, has acquired PaySpace, a payroll and HR software company based in Africa. This deal represents Deel’s biggest acquisition yet although the financial details remain undisclosed. The acquisition presents an opportunity for Deel to enhance its presence in Africa.
Before, Deel revealed its acquisition of Zavvy, a Munich-based startup specializing in AI-driven tools for personalized career development, training, and performance management.
Deel serves a global client base of over 25,000 companies, ranging from small teams to publicly traded enterprises. The company has crossed $500 million in annual recurring revenue (ARR), marking a significant increase from the $290 million ARR recorded by the end of 2022.
Renesas Electronics to Buy Design Software Company Altium for $5.9 Billion
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In discussing the importance of Go-to-market (GTM) design and efficiency, Rajeev Dham and Karan Singh, Partners at Sapphire Ventures, along with Jane Lee, Vice President at Sapphire, highlight the critical role they play in driving success for SaaS businesses. They delve into strategies for doubling the “Magic Number,” which represents the sales and marketing efficiency of a company.
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Must Read
Cloudy Weather: 2023 Saw A Funding Reversal For Europe’s SaaS Startups
For three years, Notion Capital has released a top 100 list of Europe’s emerging B2B software startups, primarily at the Series A stage…However, VC investment in B2B software showed signs of decline in 2023, despite optimism for the future.
