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San Francisco based payments infrastructure company Karmic Labs has raised $17.2m in Series B funding from investors including Alsop Louie Partners, Arbor Ventures, Greycroft, Marketplace Funds, Startup Capital Ventures. Karmic Labs offers API-based services to facilitate new ways for payments and SaaS solutions to converge.
“This investment propels Karmic to the next stage of growth, and adding Wei and Jim’s expertise to our board will help us get there quicker,” says Mario Furgiuele, CEO of Karmic. “Karmic continues to build out our proprietary technology solutions to support payment and expense management products for small- and medium-sized businesses, increasing their access to the growing purchasing card market, expected to be $377 billion by 2019.” Hopeman is a finance industry veteran, former Citigroup executive and currently a managing partner at Arbor Ventures. Whims is a gamification industry veteran, former Sony PlayStation executive and currently a partner at Alsop Louie.
http://www.vcaonline.com/news/news.asp?ID=2017071905#.WXIkxNMrKgx
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