Wayflyer, a revenue-based financing platform for e-commerce merchants, announced on Tuesday that it has raised $150M (approx €133M) funding in a Series B round, at a post-money valuation of $1.6B (approx €1.4B).
The round was co-led by DST Global and QED Investors, with participation from three new investors – Prosus, Madrone Capital Partners, and J.P. Morgan. Existing investors Left Lane Capital and Guillaume Pousaz (Checkout.com founder) also participated.
The latest funding comes nine months after the company secured $76M (approx €67.5M) in a Series A round from Left Lane Capital.
Fund utilisation
The investment will enable Wayflyer to accelerate its expansion in the US, across Europe, and into Asia, as well as allow the business to hire world-class talent and expand its product offering.
Aidan Corbett, CEO of Wayflyer, says, “Since launching in April 2020, Wayflyer has been relentlessly focused on helping our customers drive growth and removing the barriers that limit their potential. The founders we work with have incredible ideas and passion for making things happen; they’re constantly striving to break new ground and go further in business — and we’re proud to support them and help them reach new heights.”
Wayflyer: What you need to know
Founded in 2019 by Aidan Corbett and Jack Pierse, Wayflyer helps e-commerce businesses to grow by providing a range of financing and analytics solutions that improve cash flow, drive sales and optimise supply chains.
Through its solutions, eligible businesses are given the flexibility to secure advertising space and inventory, paving the way for growth and profitability.
The company’s free analytics platform also analyses marketing performance on a daily basis and equips eCommerce businesses with recommendations designed to improve performance.
In 2021, the Dublin-based company expanded into new markets including Spain and the Netherlands, opened a dedicated office in Atlanta, and formed partnerships with Adobe, Sezzle, and eBay UK.
“It’s incredible to give entrepreneurs the extra clout to get the true potential out of their business. eCommerce is growing so fast, that acting fast and data-driven insights are even more important. With this Series B we can help these great companies even better,” said Matthijs Onland, Country Manager Netherlands of Wayflyer.
The company has increased its staff count by 525 per cent in 2021, up from 40 to 250, and its annual capital deployments grew over 900 per cent YoY.
Investors
DST Global is a global internet investment firm. The VC’s investments include some of the world’s fastest-growing and most valuable companies.
Tom Stafford, co-founder and Managing Partner at DST Global, says, “Aidan, Jack and the Wayflyer team remain focused on helping eCommerce companies grow and maximise their potential. We are impressed by their commitment to building the best products for their customers and proactively helping their customers grow via analytics, practical insights, and attractively priced funding.”
Prosus is a global consumer internet group and a technology investor. The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors.
Sandeep Bakshi, Head of Investments for Europe at Prosus Ventures, says, “The pandemic has accelerated eCommerce adoption globally and Wayflyer is transforming financial services for eCommerce businesses wanting to scale quickly, helping them to gain access to capital, inventory, and insights at attractive terms. Aidan, Jack and their team have a deep understanding of what will drive value for their customers, and the financial and business innovation that Wayflyer provides will help to fuel eCommerce ecosystems globally.”
