The company was previously valued at $116M in August 2021. Here are the top-line bullets you need to know.
Balance, a B2B e-commerce payment infrastructure provider, has raised $56M in a Series B. The round drew participation from Salesforce Ventures, HubSpot Ventures, Lightspeed Venture Partners, Ribbit Capital, and Avid Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Balance offers payment infrastructure that enables organizations to enhance the B2B online checkout process for themselves and their customers.
- The company has witnessed 10x growth in its customer base since its launch in February 2021. Some of the customers it caters to are MaterialsXchange, ChemDirect, Abound, Everywhere Apparel, Bryzos, Felux, and Vallourec.
- Balance currently works with a network of hundreds of merchants and dozens of B2B marketplaces. It has also established partnerships with Shopify Plus, Magento, and Fabric.
- The startup is currently supported by a team of 70 employees and has offices in New York and Tel Aviv.
Source: Balance
WHY DOES THE MARKET MATTER?
- The global business-to-business (B2B) e-commerce market is expected to reach a value of $33.32T by 2030, growing at a CAGR of 19.7%, according to Grand View Research.
- Increased consumer preference for online shopping and demand for a better digital experience, particularly amid the pandemic, has altered behavior and expectations surrounding the B2B e-commerce experience as well, driving growth in this market.
