Gynger Emerges From Stealth with $21.7M to Change How Businesses Buy Software
NEW YORK, Dec. 21, 2022 /PRNewswire/ -- Gynger, a software and infrastructure financing startup, announced that it has raised $11.7 million in seed funding and $10 million in debt financing. Having quietly built its platform and customer base, Gynger is emerging from stealth to expand its operations to help startups access the tools they need to grow. Upper90 and Vine Ventures led the round with participation from Gradient Ventures, Google’s AI-focused venture fund, m]x[v Capital, Quiet Capital, and Deciens Capital. Upper90 is also providing the initial $10 million debt facility.
Every company today is dependent on software and infrastructure to get their business off the ground and cannot launch, build or scale without the right tech stack. With global software spend expected to grow to $879B in 2023, these costs are ideal to finance for companies looking to be capital efficient.
“The per-seat annual billing software model is evolving and we believe Gynger is offering new ways for companies to buy software that best suits their financial situation,” said Darian Shirazi, General Partner at Gradient Ventures. “Many have attempted to innovate on the underwriting model for software financing, but the real multi-billion dollar opportunity is in offering a myriad of payment and financing workflows depending on customer need. Gynger is revolutionizing how customers pay for and purchase software and we’re thrilled to partner with them.”
Mark Ghermezian, technology industry veteran and Braze co-founder/former CEO, founded Gynger to enable companies to access the tools they need to scale without restrictions.
Gynger provides startups immediate access to non-dilutive capital to finance their software purchases so that they can secure the best pricing, pay on their terms, and optimize their cash flow. With Gynger, companies are underwritten within minutes, have their vendors paid the next day, and manage all their software contracts and payments in one dashboard.
“In the early days of building Braze we needed the best software and infrastructure to get the company off the ground, but those tools were expensive. It was a challenge to balance our tech costs while focusing on extending runway,” said Mark Ghermezian, Founder and CEO of Gynger. “We wanted to figure out how to combine software with capital to really service the startup ecosystem, to help them get the best software while extending and managing their cash flow.”
In a market where raising capital is increasingly challenging and runway is top of mind, Gynger provides an alternative financing solution to help companies secure the tools they need. The barrier of entry for venture debt is high, traditional lenders are time consuming and tend to disfavor tech companies, and revenue-based financing is only relevant for ARR based businesses.
By putting the purchasing power in the hands of their users - without requiring the warrants, fees, commitments, and personal guarantees that other lenders demand - Gynger has created a truly founder-friendly product.
To date, Gynger has financed contracts as small as $1,000 to as high as $1MM for top platforms, including Datadog, Airtable, Secureframe, GCP, AWS, Amplitude, Apollo, Braze, Slack and Zoom.
“Gynger has enabled us to grow globally in a very streamlined manner”, said Timur Ozekcin, Co-Founder and CEO at cybersecurity company, Cylera. “Their financing product helped us manage onboarding costs and create efficiencies in our cloud hosting spend to maximize our resources.”
The future of financing is here.
Gynger is a software and infrastructure financing platform that helps businesses buy the tools they need to grow. By enabling businesses to purchase these tools with flexible payment terms, regardless of what their vendors offer, Gynger helps them buy the best products for their tech stack while saving money, improving cash flow and extending runway. Gynger was founded in 2021 and is based in New York. For more information, visit www.gynger.io.
Contact info: email@example.com
About Gradient Ventures
Gradient Ventures, Google’s AI-focused venture fund, helps founders build transformational companies. The fund focuses on helping founders navigate the challenges in developing new technology products, using the latest best practices in recruiting, marketing, design, and engineering so that great ideas can come to life. Gradient was founded in 2017 and is based in Palo Alto, California. For more information, visit www.gradient.com.
Upper90 is a leading hybrid credit fund that provides tailored credit and equity to top disruptors in eCommerce, Fintech, and Supply Chain Finance. The firm is backed by a strategic investor base of 300 entrepreneurs and manages and has syndicated over $2.2 Billion across 43 portfolio companies since inception. The fund supports profitable business models with predictable revenue or collateral to help accelerate growth with less dilution. For more information, visit www.upper90.io
About Vine Ventures
Founded in June 2020 by Eric Reiner and Dan Povitsky, Vine Ventures is a $250m early stage firm backed by some of the world’s leading entrepreneurs, investors, and institutions in the world. Vine invests in technology companies across the US, Israel, and Latin America; and has led and participated in funding rounds for 23 companies in two years. The firm’s founders have previously worked at Insight Partners and TA Associates, and have backed firms such as Carta, Dutchie, Roman, Hippo, FrontApp, Unqork and others. www.vineventures.com
View original content: https://www.prnewswire.com/news-releases/gynger-emerges-from-stealth-with-21-7m-to-change-how-businesses-buy-software-301708025.html