FloBiz raises $10 million in Series A funding round

24/03/2021

345 1 minute read

Bengaluru: FloBiz, which focuses on digitizing small and medium enterprises (SMEs), has raised $10 million (around Rs 72.5 crore) in a Series A funding round.

The round in Bengaluru-based FloBiz has been led by Elevation Capital. Other participants include existing investors Greenoaks Capital and Beenext.

Prior to this, the startup had raised $3 million in a seed round in 2019.

FloBiz, operated by Metaloop Innovation Labs Pvt Ltd, was set up by CEO Rahul Raj.

Its offerings include flagship product myBillBook, which operates as a billing and accounting app with WhatsApp integration as well as multi-lingual support.

FloBiz will use the capital it has raised for expanding its team, accelerating product development, and increasing sales and marketing efforts. Raj added that the company is looking to grow its trader base by at least seven times by next year.

“We were very impressed with the customer love and the depth of usage of the product across the SME value chain — retailers, distributors, wholesalers, and manufacturers,” Elevation Capital managing director Mridul Arora said.