OfBusiness becomes 18th unicorn of 2021 πŸš€

OfBusiness becomes 18th unicorn of 2021 πŸš€

What happened β€” B2B commerce platform OfBusiness raised a $160 million led by Softbank, valuing the startup at $1.5 billion, with Falcon Edge and Matrix Partners pitching in.

That’d be unicorn number 18! πŸ₯‚

OfBusiness runs an industrial goods procurement platform for SMEs β€” replacing a phone and paper-pen system with a digital marketplace. Portfolio also includes a SaaS platform for tender management, as well as additional services for stakeholders like lending. B2B commerce volumes are apparently over a billion, and lending volumes are growing 80% YoY, with a loan book of $220 million.