Balance, the industry leader in B2B marketplace and eCommerce payments, announced today a $56 million Series B financing round, bringing the company’s total capital raised to $87 million. Salesforce Ventures, Hubspot Ventures, Lyra Ventures, and Gramercy Ventures joined Forerunner Ventures in making the investment.
Former Shopify CMO Jeff Wisener, Faire CTO, and co-founder Marcelo Cortes, and previous angel investors Ribbit Capital, Lightspeed Ventures, Avid Ventures, Upwest, and Jibe also invested in the round. Balance intends to use the funding to expand its solutions to new global eCommerce platforms and to assist B2B retailers in increasing their digital sales.
Since its launch in February 2021, Balance has assisted hundreds of B2B shops and marketplaces, more than tripling its client base. The company has brought centuries-old industries like lumber, chemicals, steel, retail, and food online.
MaterialsXchange, a marketplace for buying and selling lumber and panels; ChemDirect, a marketplace for enterprises that require on-demand chemical supplies; Abound, a wholesale marketplace for retail; and notch, an ordering platform for restaurants and wholesalers, are just a few examples.
Despite the fact that B2B payment volume is five times that of B2C retail payments, just 7% of B2B transaction is performed online. Balance substitutes traditional B2B payment methods with a self-service, online experience akin to B2C.
Using Balance’s suite of products, businesses can accept any payment method, provide variable net terms finance, and get paid on time – all from a single web platform. Buyers may make payments, in the same manner, they would on a consumer website, with only a few clicks.
