Smartpaddle Technology, which runs business-to-business (B2B) packaging material startup Bizongo, on Monday said it has closed its Series C funding round at $51 million after securing an undisclosed tranche from the CDC Group, a development finance institute owned by the UK government.
AddVentures, the corporate venture capital arm of Thailand-based industrial conglomerate SCG, has also put in money as part of this tranche.
Over the past year, Switzerland-based hedge fund Schroder Adveq; venture capital firms Accel, Chiratae, B Capital; and IFC, the private-sector investment arm of the World Bank, have invested in the company as part of this round in several tranches.
As part of this funding round, Bizongo also raised debt capital from Strides, Trifecta Capital, TradeCred, and IDFC First Bank.
“With the latest round, we plan to extend our modular digital service offerings to more product lines such as apparels and textiles in the made-to-order segment. In terms of business expansion, we are replicating the digital services model in emerging markets of South East Asia which have similar supply-demand dynamics. SCG's strong presence & know-how in the SEA market is helping us accelerate the execution,” Sachin Agrawal, co-founder and COO, said in a statement.
The Mumbai-based B2B technology platform designs, develops and sells packaging solutions to small and medium enterprises, as well as large companies.
Founded in 2015 by IIT graduates Aniket Deb, Sachin Agrawal and Ankit Tomar, the startup takes care of the packaging value chain. It also offers a SaaS-based platform, Artwork Flow, to enable artwork management between teams. Its other software products include vendor management and supply chain solutions Procure Live and Procure Hub. It claims to work with over 100 clients and 1000 manufacturing partners.
Previously, the company had raised a total of $37 million in two tranches as part of a Series B funding round, led by B Capital and IFC.