B2B ecommerce payments co Balance raises $56m
Israeli B2B marketplace and eCommerce payments company Balance today announced the completion of a $56 million Series B financing round led by Forerunner with support from Salesforce Ventures, Hubspot Ventures, Lyra Ventures, and Gramercy Ventures and angel investors, including former Shopify CMO Jeff Wisener, Faire CTO Marcelo Cortes, as well as previous investors Ribbit Capital, Lightspeed Ventures, Avid Ventures, Upwest and Jibe. This brings to $87 million the amount raised by the company.
Balance will use the funding to expand its global eCommerce platforms and enable B2B merchants to grow their digital revenue.
The company was founded by CEO Bar Geron and CTO Yoni Shuster. Since launching in February 2021, Balance has supported hundreds of B2B merchants and marketplaces, growing its customer base tenfold. The company has helped centuries-old industries come online including lumber, chemicals, steel, retail and food. These include MaterialsXchange, a marketplace for buying and selling lumber and panels; ChemDirect, a marketplace for companies that need on-demand chemical supplies; Abound, a wholesale marketplace for retail; and notch, an ordering platform for restaurants and distributors.
Geron said, “From my time at PayPal, I realized no one was tapping into the opportunity to unlock the potential of B2B eCommerce and marketplaces payments. We’ve entered the fourth ‘Industrial Revolution’ that will take global trade online, creating a truly efficient market. Balance is bringing centuries-old systems into the modern-age through the power of digitization.”
Published by Globes, Israel business news – en.globes.co.il – on July 26 2022.
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