Vartana Announces $20M Series-B Round of Funding
- Fundraising News
- 01.06.2023 01:35 pm
Vartana, the B2B sales closing and financing platform, today announced it has raised $20M in Series B funding led by commerce & fintech growth firm Activant Capital, with participation from Mayfield and Audacious Ventures. This growth investment comes on the heels of the company’s $12M Series A round, announced in January 2023.
Founded in 2020 by Kush Kella and Ahmed Sharif, two former Motive (prev. KeepTruckin) employees, Vartana is building the first-of-its-kind, fully-embedded enterprise checkout platform designed for B2B software and hardware purchases. The platform serves customers like Verkada, Samsara, and others to provide them with the capabilities they need to close deals faster, retain customers, and unlock cash flow.
Large software and hardware purchases are often financed by a third-party lender, giving customers flexibility on how and when to pay. But the incumbent process of offering flexible payments is full of paperwork and intentionally opaque, making it slow and difficult to scale. It bogs down sales teams when speed and customer service matter most—during the deal-closing process. As companies tighten budgets and the SaaS industry faces staff cuts and potential customer retention crisis, there is an even deeper need for enterprises to offer flexible payment terms to their buyers.
Vartana is bringing the long-overdue consumer-grade fintech innovation to the enterprise sales suite. The company’s platform supercharges sales teams’ existing workflow by seamlessly embedding within a rep’s CRM, a process that can now be completed in as little as 30 minutes. Once live, Vartana can streamline the loan origination process—which traditionally takes two weeks—to as few as three minutes. Vartana’s customers see up to 30% conversion uplift, as sales teams are able to spend more time selling new deals and less time navigating pricing hurdles.
Fresh off a year which saw 600% YoY GMV growth, Vartana was introduced to Activant via their deep research on the B2B commerce & checkout sector. As part of the investment, Activant partner Andrew Steele will join the Board of Directors.
“In 2023, enterprise sales teams are under immense pressure to perform, and with budgets rapidly tightening, the market is more primed than ever for a tech forward solution. We’re thrilled to have found an investor like Activant Capital to further our development into the B2B payments space, and we’re confident that this strategic partnership will help us build the products that help all companies exceed their growth targets.” said Kush Kella, Vartana Co-founder and CEO.
Vartana will use its Series B growth capital for continued product innovation, scaling their go-to-market to more enterprises, including the software & hardware reseller market, and to expand the Vartana Capital Marketplace, which ensures Vartana can offer customers the highest loan approvals, with the most diverse set of payment terms, at the best rates. Vartana also plans to rapidly scale its team, aiming to double their headcount by year’s end to around 100 people.
“We’ve gotten to know the embedded finance and checkout space intimately over the last three years. One of our key learnings is that the most critical transactions aren’t happening on ecommerce – they’re within the sales team. Sales is the lifeblood of every business, and Vartana is uniquely bringing modular, best-in-class embedded fintech to the sales suite of some of the largest public and private enterprises in the world.” said Andrew Steele, Partner at Activant.