The Wayflyer platform has announced a round of Series B financing of $150 million. Upon completion, the expansion will raise the startup’s valuation to $1.6 billion, making the company the sixth unicorn in Ireland.
The cash funding round was coordinated by DST Global and QED Investors. They were joined by three new investors: Prosus, Madrone Capital Partners and J.P. Morgan. Current investors such as Left Lane Capital and Guillaume Pousaz (founder of Checkout.com) also participated.
As e-commerce continues to expand rapidly around the world, Wayflyer is uniquely positioned to help ambitious e-commerce businesses unlock their true potential by solving some of the most critical challenges that have suppressed growth for a long time. Combining access to financing and analytics that enable e-commerce businesses to effectively deploy that capital, Wayflyer acts as a trusted growth partner for thousands of sellers around the world. To expand its impact in global e-commerce, Wayflyer will use this funding round to provide billions of dollars to ambitious e-commerce operators over the next few years.
Wayflyer’s series B funding round follows a significant period of growth for the Dublin-based company. Only in 2021, Wayflyer raised $76 million in a series A funding round, expanded into new markets like Spain and the Netherlands, opened a dedicated office in Atlanta, and formed partnerships with companies like Adobe, Sezzle, and eBay UK. Wayflyer’s headcount grew 525% in 2021, from 40 to 250 employees, while capital deployment increased more than 900% year-on-year.
The e-commerce sector shows no signs of slowing down in 2022 with sales forecast to reach $5.4 billion by the end of the year1. In this context, the funds obtained in Wayflyer’s series B round will be used to further consolidate its current presence, but also to expand into new territories in Europe and Asia, to continue expanding its product range and to recruit the best talent. on an international scale.
Aidan Corbett, CEO of Wayflyer, said: “Since its launch in April 2020, Wayflyer has been relentlessly focused on helping our clients drive growth and remove barriers to their potential. the founders those we work with have amazing ideas and demonstrate a passion for making things happen; they are constantly striving to break new ground and go further in business, so we are proud to support them and help them reach new heights. Our Series B funding round will help us broaden our client offerings, expand into exciting new territories, and hire more people with world-class talent. We’ve barely scratched the surface of what we can do, and with an amazing team working together to solve the biggest challenges in eCommerce, I couldn’t be more excited about what lies ahead.”
Tom Stafford, co-founder and CEO of DST Global, noted: “Aidan, Jack and the team at Wayflyer remain focused on helping eCommerce businesses grow and maximize their potential. We are impressed by your commitment to creating the best products for your clients and to proactively helping your clients grow through analysis, actionable insights and financing at attractive prices. We are delighted to continue supporting the team as Wayflyer expands internationally to provide innovative financing and growth solutions to e-commerce businesses around the world.”
Sandeep Bakshi, head of investments for Europe at Prosus Ventures, added: “The pandemic has accelerated e-commerce adoption around the world, and Wayflyer is transforming financial services for e-commerce businesses that want to scale quickly, helping them access capital, inventory and analytics on attractive terms.” Aidan, Jack and their team have a deep understanding of what will drive value for their clients, and the financial and business innovation Wayflyer provides will help power e-commerce ecosystems on a global scale.”
