[Funding alert] SaaS startup HighRadius becomes 2020's first unicorn, raises $125M in Series B from ICONIQ Capital, others
HighRadius, a SaaS-based financial software product startup on Tuesday raised $125 million in its Series B round of funding led by ICONIQ Capital, along with existing investors Susquehanna Growth Equity and Citi Ventures.
With this, the total funding raised by HighRadius stands at $175 million and is currently valued at $1 billion and above, becoming the first startup in 2020 to enter the unicorn club.
Headquartered in Houston, Texas, with an office in Hyderabad, HighRadius was founded by an IIT Madras alumnus Sashi Narahari in 2006. The startup was bootstrapped for 11 years and raised its first round of funding in 2017.
HighRadius provides AI-enabled software that automates payments, receivables, and treasury processes. According to the startup, the new capital will be used to accelerate its platform development and expansion of geographic reach.
Commenting on the funding round, Sashi Narahari, Founder and CEO of HighRadius, said,
"Today marks an important milestone for HighRadius and we’re thrilled to have ICONIQ join us in our vision to modernise the order to cash space. ICONIQ combines patient capital with a long-term vision of investing in category-defining businesses, and the firm has worked with some of the world’s most successful tech entrepreneurs. We are building HighRadius into a self-sustaining, long-term category leader, and ICONIQ is a great partner for us in this journey.”
According to the startup, it has around 400 clients including more than 200 of the Forbes Global 2000 companies. The startup's integrated platform for accounts receivables and treasury management leverages native AI capabilities to help companies optimise working capital.
Speaking on the investment in HighRadius, Will Griffith, Partner at ICONIQ Capital, said,
“The HighRadius platform is game-changing for CFOs and finance departments, and the company has earned tremendous customer loyalty by enabling receivables and treasury teams to perform more efficiently and effectively, and by delivering mission-critical RoI. HighRadius fits squarely into our commitment to investing in best-in-class, long-term technology businesses driven by incredible teams.”
HighRadius now joins a cohort of startups with strong India connections, along with SaaS-based startups like Druva and Icertis, who also entered the unicorn club in 2019, with the first entry made by Freshworks.
(Edited by Suman Singh)