Friday Fundings: MessageBird, Paxos, TravelPerk

Dutch Communications Startup Raises $1 Billion

MessageBird, a Dutch communications platform, raised $1 billion in venture funding. In conjunction with the fundraising round, MessageBird acquired SparkPost for $600 million. SparkPost operates a business email platform.

The Series C round of funding was led by Eurazeo and included participation by new investors Tiger Global, BlackRock, and Owl Rock. The deal consisted of $700 million in equity and $300 million in debt.

By acquiring SparkPost, MessageBird will make it easier for customers to communicate with their customers via SMS, voice, messaging, and now email. Some of MessageBird’s clients include Disney (DIS), Adobe (ADBE), and JPMorgan Chase (JPM). The latest capital infusion gives MessageBird a valuation of $3.8 billion.

Cryptocurrency Startup Raises $300 Million

Paxos, a startup which helps enterprises offer cryptocurrency products, raised $300 million in venture funding. The Series D round was led by Oak HC/FT and included participation by Declaration Partners, PayPal Ventures, and Mithril Capital, among others. The latest round gives Paxos a valuation of $2.4 billion.

The cryptocurrency technology company is building infrastructures and white-label services for corporations that want to offer crypto products. Paxos enables PayPal (PYPL) to offer customers the ability to buy, hold, and sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. PayPal’s Venmo also added the cryptocurrency feature. With the new funding, Paxos plans to continue investing in its infrastructure and enhance reliability, security, and compliance.

Corporate Travel Startup Raises $160 Million

TravelPerk, a Barcelona startup which helps businesses book flights and manages travel expenses, raised $160 million in venture funding.

The Series D round consisted of equity and debt financing and was led by Greyhound Capital. Since TravelPerk’s inception in 2015 it has raised $294 million. VCs are betting corporate travel will begin to rebound this year and are pouring millions of dollars into startups which are poised to benefit.

The company’s rival, TripActions recently raised $155 million, and has a $5 billion valuation. TravelPerk plans to use proceeds to support growth in the US and Europe and for product innovations to meet business travelers’ needs post-pandemic.

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