Creandum
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Billie, the Berlin-based fintech startup that offers a B2B invoicing and payments platform, has raised €30 million in Series B funding. Leading the round is Creandum, alongside SpeedInvest, Rocket Internet’s GFC and Picus.
Founded in 2017 by the same team behind SME online lending platform Zencap, which exited to Funding Circle in 2015, Billie wants to bring to B2B invoicing and payments the same level of convenience seen in B2C payments and e-commerce.
Claiming to be Germany’s leading “one-stop shop” for handling all outgoing invoices of B2B sellers, including sending invoices, collecting payments and invoice financing, Billie’s customers range from SMEs, large e-commerce players and transnational marketplaces.
“As B2B transactions are more than twice the volume of B2C transactions, the potential to help our customers is enormous. And, up to now, this market is unserved,” Billie co-founder Dr. Matthias Knecht tells me.
“We’re able to place ourselves in the middle of B2B payments because B2B sellers often face long payment terms until getting paid, administrative burden to handle collections on unpaid invoices and severe economic risks from payment defaults. Meanwhile, B2B buyers often face rigid one-size-fits-all payment terms that are not tailored to the cash-cycle needs of their business. As a result, they revert to old-fashioned working capital loans to cover their liquidity needs.”
To fix this, Billie currently provides two core solutions.
The first is a checkout financing solution for B2B online stores, which embeds a financing option in the online checkout process. “It enables instant financing of the customer’s purchase directly at the online point-of-sale, and takes away all administrative hassle and default risk from the seller,” explains Knecht.
The second is SME invoice factoring, which the Billie co-founder describes as a fully automated platform that handles all outgoing invoices of SMEs.
“Small and medium-sized businesses can handle all their outgoing invoices through our platform, get instant financing for each invoice (i.e. they do not need to wait 90 days to get paid by their customers), and also outsource the collections process as well as coverage of default risk to Billie,” he says. “It’s an exciting, highly automated ‘piece of mind’ product that let’s SMEs focus on what they do best and have Billie handle the operational burden of invoice management and default coverage.”
With today’s injection of capital, Knecht says the startup plans to offer new solutions that are specifically targeted at the buyer side of B2B transactions by handling all processes around payables. This could include letting B2B buyers flexibly choose payment terms and reducing the bookkeeping hassle by acting as a single creditor.
“We will furthermore start rolling out our solutions across Europe at some point, as the need to turn B2B transactions into a frictionless experience exists across countries,” he adds.
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“No bad conversations between companies and their customers is what we’re shooting for,” Kair Käsper tells me. He’s the head of Growth of a relatively new startup called Klaus, which he founded together with old high school friend Martin Kõiva.
Most recently the pair were employees at Pipedrive, holding the roles of director of Product Marketing and global head of Customer Support, respectively. Many years prior to that they shared a flat together and worked on a number of projects. One of those was an applicant-tracking startup called Jobkitten “that didn’t really go anywhere.”
The latest Käsper and Kõiva venture, however, appears to already be on firmer footing. Described as a “conversation review and QA tool for support teams,” Klaus is designed to help companies improve the quality of customer service. Two years in the making but only launched formally six months ago, customers already include Automattic, Wistia and Soundcloud. And today the Estonian startup is disclosing $1.9 million in seed funding led by Creandum, the first Baltic investment by the Swedish VC firm and the first from its new fund.
“The problem is that maintaining an even, high level of customer service quality is hard,” explains Käsper. “It becomes even harder if you have over 20,000 monthly conversations with customers and your support team is 100 people in three offices.
“As the head of customer support, you want everyone on your team to provide answers that meet with internal standards, regardless of how long they’ve been with the company or how seriously they take their job. You get very anxious in this situation, because you have no idea about what’s going on in those thousands of conversations. For you, no visibility means no control.”

He says that his and Kõiva’s firsthand experience at Pipedrive taught them that the key to quality assurance is going through past interactions and giving systematic feedback to agents. “Kind of like code review in engineering or the editorial process in writing,” he says. “Teams all over the world are discovering this now, but they almost always start with a manual process, managed in spreadsheets. They get stuck fast.”
To make this type of feedback loop more scalable, Klaus has created a purpose-built UI for giving internal feedback. Smartly, it also integrates with modern SaaS help desk solutions, such as Zendesk and Intercom.
“[The software also has] countless specialized features that allow you to focus on the actual feedback instead of managing a spreadsheet,” adds the Klaus head of Growth. They include the ability to easily filter out conversations for review, rate them based on a customized score card and notify agents of received feedback through email or Slack.
Meanwhile, the young company makes money by charging a monthly or yearly subscription fee based on how many users are connected to its app. In other words, just like Pipedrive before it, another classic enterprise SaaS play out of Estonia.
Update: An earlier version of this article wrongly said that Kair Käsper is CEO of Klaus; his job title is actually head of Growth.
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Social game developer Zynga has entered into an agreement to acquire Small Giant Games, the startup behind the popular mobile game Empires & Puzzles, in a deal expected to total $700 million.
Zynga, which has tumbled since its 2011 Nasdaq initial public offering, will initially acquire 80 percent of Small Giant Games for $560 million, composed of $330 million in cash and $230 million of unregistered Zynga common stock. Zynga will fund part of the transaction with a $200 million credit facility.
“We’ve been impressed by the quality and momentum of Empires & Puzzles as we add another Forever Franchise into Zynga’s portfolio,” Zynga chief executive officer Frank Gibeau said in a statement. “Small Giant has created an innovative game that delivers a unique player experience that engages over the long term.”
The deal is expected to close on January 1. Zynga will purchase the remaining 20 percent of Small Giant over the next three years “at valuations based on specified profitability goals.”
Helsinki-based Small Giant Games had raised $52 million in equity funding from EQT Ventures, Creandum, Spintop Ventures, Profounders and others since it was founded in 2013. The company reported $33 million of revenue for Empires & Puzzles, its most popular game, 10 months after its launch in 2017. Small Giant, which is also behind Alliance Wars and Season 2: Atlantis, says they exceeded 2017’s revenue just four months into 2018.
“Our studio was founded on the idea that small, skillful teams can accomplish giant things, and I am confident that partnering with Zynga is the right next step in our evolution,” Small Giant CEO Timo Soininen said in a statement. “We will now operate as a separate studio within Zynga, maintaining our identity, culture and creative independence. By leveraging the expertise and support from the wider Zynga team, we will amplify the reach of Empires & Puzzles and the new games in our development pipeline.”
Zynga, founded in 2007, is the developer of FarmVille, Zynga
Zynga expects to bring in $243 million in revenue in the fourth quarter of 2018.
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Europe has seen a large wave of startup banks pop up in the last few years — companies like N26, Atom and Monzo that are taking on the big incumbents by creating faster and cheaper services for a new class of consumers as they grow up and enter the working world. Now a startup has raised a sizeable Series A to tackle what it believes is a similar opportunity in the small business… Read More
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Instabridge, an Android app that wants to replace your phone’s default Wi-Fi manager and give you access to a crowdsourced database of Wi-Fi hotspots, has bagged a $1 million seed round. Funding is being led by European VC Creandum, with participation from GP Bullhound, and a number of angel investors, including Niall Murphy (former CTO of TheCloud), Scott Bannister and Felix Hagnö… Read More
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