LatAm-focused corporate spend startup Clara raises $30M months after its last round
This morning Clara announced that it closed a new, $30 million funding round and secured a $50 million revolving debt facility.
The startup, which provides corporate cards to Mexican companies, raised funds earlier this year when it was busy launching its product. Since then, growth has proven rapid for the Mexico City-based company.
TechCrunch learned that the company is valued around $130 million after this latest investment, according to sources familiar with its latest fundraising. The round added DST and monashees to Clara’s cap table; prior investor General Catalyst also contributed funds to the deal.
We spoke with Gerry Giacomán Colyer, a co-founder at the startup and its CEO, about why Clara raised more capital so quickly after it last closed a financing round. The short gist is that the company’s growth, and market, allowed it to raise easily. And that the startup has pretty big plans, so having more capital with which to hire is welcome.
Per Giacomán Colyer, since he last spoke to this publication the transaction volume (GTV) that Clara supports has grown by 100x. His company is managing 2x week-over-week growth at times, which is super rapid. That’s precisely the sort of usage growth that venture capitalists covet; and as Clara makes revenue from interchange fees that stem from transaction volume, the startup is likely seeing its revenue advance at roughly the same rate as its GTV.
That Clara was able to raise more capital (Read more...)