PE Fund Investments
Macquarie, Site Capital invest in HR tech co BetterPlace taking Series C round size to $40-M
BetterPlace, a Bengaluru-based SaaS (software-as-a-service) platform for frontline workforce management, has raised USD 40 million in an extended Series C round, adding Macquarie Capital and Site Capital Partners to its cap table. BetterPlace's existing investors Jungle Ventures and British International Investment also participated in the round. The funds were raised via convertible notes and the startup expects a valuation between USD 500-700 million. Founded by Pravin Agarwala and Uday Singh, BetterPlace provides employee lifecycle management services, including onboarding, background-checks, training, certifications, and attendance management. It claims that over 1,100 enterprises currently use BetterPlace's services to manage over 4 million frontline workers monthly. The funds will be used for investing in Indonesia, Malaysia, Thailand, and Philippines. The company is working on products localised for APAC and gulf countries.
From the Venture Intelligence PE-VC Deal Database: Between Feb 16 and Aug 22, BetterPlace had raised over USD 52 M from Unitus Ventures, VH Capital, 3One4 Capital, Jungle Ventures, CX Partners, BII, Capria Ventures and others (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
Want to receive such news items in your inbox? Click Here to sign up for a trial.
