Israeli-based B2B marketplace and eCommerce payments company, Balance has announced that it has raised over $56 million in Series B, which brings its total funding to date at over $87M.
The round was led by Forerunner Ventures with support from Salesforce Ventures, Hubspot Ventures, Lyra Ventures, and Gramercy Ventures.
Notable leaders who took part in the funding round as angel investors included former Shopify CMO Jeff Wisener, Faire CTO & co-founder Marcelo Cortes, as well as previous investors Ribbit Capital, Lightspeed Ventures, Avid Ventures, Upwest and Jibe.
Balance plans to use the funds raised to “expand its offerings to new, global eCommerce platforms and enable B2B merchants to grow their digital revenue”. The company plans to focus on integrating with more ERPs, CRMsand invetnroy systmes; supporting more countries and currencies along with the continued scalling of its payment capabilites.
Launched last year, February 2021, Balance has supported hundreds of B2B merchants and marketplaces, growing its customer base by 10x.
The B2B payments was valued at USD 1,000 billion in 2021 and is projected to reach US$2.5 billion by 2030 per a report via StraitsResearch.
Online Merchants and marketplaces in the industries of lumber, freight, logistics, chemical, steel, apparel, retail and food use balance.
Companies such as MaterialsXchange, a marketplace for buying and selling lumber and panels; ChemDirect, a marketplace for companies that need on-demand chemical supplies; Abound, a wholesale marketplace for retail; and notch, an ordering platform for restaurants and distributors.