Juni raises $206m in major funding round to fuel eCommerce businesses
By Joy Dumasia
Juni announces the close of its $206 million in Series B and venture debt funding within two years of its inception. The $100 million Series B funding is led by Mubadala Capital, whose global FinTech footprint includes investments in SpotOn, Brex, C2FO, WeFox, Cardless, and others. Juni’s existing investors EQT Ventures, Felix Capital, Cherry Ventures and Partners of DST Global are also participating in the round.
In addition to the Series B funding, Juni has secured up to $106 million in venture debt financing from Silicon Valley-based TriplePoint Capital, the global leader in venture lending, which has partnered with other innovative FinTech companies such as Square, Revolut, N26, and Monzo. This funding will fuel eCommerce businesses growth through Juni’s credit card. With eCommerce sales set to reach trillions by 2025 and digital advertising spend forecasted to grow exponentially, Juni’s credit card is made for media buying and the company is focused on removing the limitations set by traditional lenders.
“We’re very proud to have secured this funding in such a challenging environment,” says Samir El-Sabini, Co-founder and CEO at Juni. “We’re on a mission to give eCommerce businesses peace of mind by making financial management easy. I know first-hand the frustrations of running an eCommerce business and time wasted on spend management, the lack of visibility of cash flow and scaling ad campaigns. With this funding, we will help eCommerce businesses win by building the right insights, features and integrations while injecting capital into their marketing spend. We’re committed to building the best financial companion for eCommerce, and we’re thrilled to have fantastic investors onboard who share our strategic vision.”
Co-founded by CEO Samir El-Sabini and CTO Anders Orsedal in 2020, Juni is a financial management platform tailor-made for eCommerce that ties together physical and virtual cards, credit cards, accounting, analytics and digital advertising platforms, giving businesses a holistic view of their finances. In less than a year since its launch, Juni was recognised as the fastest-growing FinTech start-up in Europe in 2021.
Having recently launched new features, including USD accounts and cards, a new Google Ads integration and a new brand identity, Juni will use the funds to support its global expansion, continue to hire world-class talent and focus on building a robust product to support its eCommerce customers.
“Despite unprecedented market conditions, we believe fundamental trends are here to stay. Traditional financial institutions continue to underserve the SMB eCommerce market, a customer segment that requires speed, simplicity, and real-time analytics to grow and scale. In Juni, we see a company with strong traction and a fantastic management team addressing this service gap through an inclusive financial product that is tailor-made for the eCommerce market. We are delighted to be embarking on this partnership with them.” says Fatou Bintou Sagnang, Director at Mubadala Capital Ventures.
IBS Intelligence also reported that Juni, the financial companion for eCommerce entrepreneurs, has secured $52 million in funding led by EQT Ventures, with participation from FJ Labs and other existing investors to add to the $21 million already raised from their Series-A round in late June this year.