Fintech startup Karmic Labs raises $5 mln, Greycroft leads
Summary
San Francisco-based Karmic Labs, developer of a payment processing system, announced that it has raised a $5 million Series A round of funsing led by Greycroft Partners. Furthermore, they have clearly proven to have a strong acumen in fintech, with investments in both Venmo and Braintree, which were acquired by PayPal for approximately $800 million.” The Series A funding will be used to enhance the product and also expand Dash’s market presence. “Based on our experience in the sector, from a product perspective, we see Dash as a Venmo-like solution for businesses, but what’s exciting is that it’s also tied to a corporate card with real-time expense management included. With offices in the two media capitals of the world – New York and Los Angeles – Greycroft is uniquely positioned to serve entrepreneurs who have chosen us as their partners. Greycroft manages $600 million and has made over 100 investments since its inception, including in leading companies such as App Annie, BaubleBar, Braintree, Buddy Media, Collective, Extreme Reach, Huffington Post, JW Player, Klout, Maker Studios, Plain Vanilla, Pulse, TheRealReal, Trunk Club, and WideOrbit.
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