Gynger, a New York-based embedded financing platform for technology acquisitions, raised $20 million in Series A funding.
Investors
The round was led by PayPal Ventures, with participation from Gradient Ventures, Velvet Sea Ventures, BAG Ventures, and Deciens Capital.
PayPal Ventures is the global corporate venture arm of PayPal. We invest for financial return in six areas of high strategic relevance to PayPal, including fintech, payments, commerce enablement, artificial intelligence, blockchain & cryptocurrency, and regulatory/cyber technology. Through the expertise, experience, and vast network of PayPal Ventures – and the companies we invest in – we are helping to bring transformative solutions to market faster.
Additionally, Gynger secured a debt facility from Community Investment Management (CIM) to fund up to $100 million, aimed at scaling its financing of technology expenditures to meet growing customer demand.
Gynger Use of Funds
The company will use the funding to scale its team and operations and accelerate its vision of transforming its embedded financing platform into a full-scale payment solution for buying and selling technology.
About Gynger
Gynger provides an embedded financing platform built for buyers & sellers of technology. Its mission is to combine software with capital to enable businesses to scale with the technology they need and love. The company’s platform enables businesses to pay, finance, and manage all of their technology expenses from one dashboard. For technology vendors, Gynger offers alternative purchasing methods, accelerating sales, improving cash flow, shortening Day Sales Outstanding (DSOs), and pulling revenue forward. Gynger was incubated out of m]x[v Capital and founded in 2021 and is based in New York
Funding Details
Company: Gynger, Inc.
Raised: $20.0M
Round: Series A
Funding Month: June 2024
Lead Investor: PayPal Ventures
Additional Investors: Gradient Ventures, Velvet Sea Ventures, BAG Ventures, Deciens Capital, Community Investment Management
Company Website: https://www.gynger.io/
Software Category: Financing
Source: https://www.prnewswire.com/news-releases/gynger-secures-20-million-in-series-a-funding-to-revolutionize-corporate-technology-purchasing-302178152.html