Wayflyer, the revenue-based financing and growth platform for eCommerce businesses, has announced its Series B funding round of US$150m. The raise brings Wayflyer’s post-money valuation to US$1.6bn, making it only Ireland’s 6th unicorn.
The all-equity round was co-led by DST Global and QED Investors. They were joined by 3 new investors; Prosus, Madrone Capital Partners and J.P. Morgan. Existing investors Left Lane Capital and Guillaume Pousaz (Checkout.com founder) also participated.
As eCommerce continues to rapidly expand globally, Wayflyer is uniquely positioned to help ambitious eCommerce businesses unlock their true potential, solving some of the critical challenges that have long stifled growth. Combining access to capital and insights that help eCommerce businesses deploy that capital effectively, Wayflyer acts as a trusted growth partner to thousands of merchants worldwide. To further its impact on global eCommerce, Wayflyer will use this funding round to provide billions of dollars to ambitious eCommerce merchants in the coming years.
Wayflyer’s Series B round comes off the back of a significant period of growth for the Dublin-headquartered business. In 2021 alone, Wayflyer raised a Series A round of US$76m, expanded into new markets including Spain and the Netherlands, opened a dedicated office in Atlanta and formed partnerships with the likes of Adobe, Sezzle and eBay UK. Wayflyer’s staff count increased by 525 per cent in 2021, from 40 up to 250, and its annual capital deployments grew over 900 per cent year-on-year.
The eCommerce sector shows no sign of slowing in 2022, with sales predicted to reach US$5.4tn by the end of the year. Against this backdrop, funds from Wayflyer’s Series B round will be used to continue building its presence in current territories, expand into new territories across Europe and into Asia, further expand its product range, and hire the best talent globally.
Aidan Corbett, Wayflyer CEO said: “Since launching in April 2020, Wayflyer has been relentlessly focused on helping our customers drive growth and removing the barriers that limit their potential. The founders we work with have incredible ideas and passion for making things happen; they’re constantly striving to break new ground and go further in business — and we’re proud to support them and help them reach new heights. Our Series B round will help us build our offering to customers, expand into exciting new territories, and hire more world-class talent. We’ve only just scratched the surface of what’s possible here, and with an incredible team all working together to solve the biggest challenges in eCommerce, I couldn’t be more excited for what’s ahead.”
Founded in September 2019, Wayflyer helps eCommerce businesses worldwide reach their growth potential by providing a range of financing and analytics solutions that improve cash flow, drive sales and optimise supply chains. Through its offering of affordable, non-dilutive, unsecured capital, eligible businesses are given the flexibility to secure advertising space and inventory, paving the way for growth and profitability. Wayflyer’s unique free analytics platform also analyses marketing performance on a daily basis, equipping eCommerce businesses with world-class analytics and tangible, granular recommendations designed to improve performance.
Wayflyer acts as a growth platform for eCommerce businesses, providing them with a one-stop-shop for the working capital needed to thrive, as well as the data-driven knowledge and insight to spend their capital in the optimum way.
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