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Monite raises USD 6 million in seed funding to expand in US market

Business Expense Management

Feb 19, 2024

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Business Expense Management

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Feb 19, 2024

Monite raises USD 6 million in seed funding to expand in US market

Funding

Monite, a provider of business payment management platforms, raised an additional USD 6 million in a seed funding round co-led by Valar Ventures and Third Prime, with the participation of existing investors. This extension brings its seed funding round to USD 16 million and its total funds raised to USD 17.4 million.
The funds will be invested in strengthening Monite's position in the European market and facilitating its expansion in the US market.
Analyst QuickTake: The business payout management space has seen a recent fund influx. This January, we saw PredictAP raising USD 8 million in Series A funding. Last October, Procurify raised USD 50 million in Series C funding, and Stampli raised USD 61 million in Series D funding. Meanwhile, Apron raised multiple rounds in 2023 ( USD 5.5 million in June and USD 15 million in September ).

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