(Reuters) -Pipe, a startup that lets companies sell their recurring revenue streams on its platform, said on Wednesday it had raised $250 million at a valuation of $2 billion.
The latest funding round was led by venture capital firm Greenspring Associates and included new investors such as Morgan Stanley’s investment arm Counterpoint Global, SBI Investment and CreditEase FinTech Investment Fund.
Dubbed the “NASDAQ for revenue,” Miami, Florida-based Pipe operates a trading platform that connects investors with companies seeking to raise capital without dilution. It was founded in 2019 by Harry Hurst, Josh Mangel and Zain Allarakhia.
More than 4,000 companies have signed up on the company’s trading platform since its June 2020 launch.
Pipe’s latest funding round was oversubscribed by $100 million, with existing investors such as Salesforce.com Chief Executive Officer Marc Benioff’s investment fund TIME Ventures and Reddit co-founder Alexis Ohanian’s venture capital firm Seven Seven Six also taking part in the raise.
The company said it planned to use the funding to bolster its platform and expand its product offering.
Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni