Legl tops up with $18M, Paddle raises $200M and more

SaaS Weekly News Roundup for the week of 16th May 2022
Legl tops up with $18M, Paddle raises $200M and more

Legl, a SaaS for law firm workflows, tops up with $18M

London-based Legl — a 2019-founded SaaS startup that sells tools to law firms wanting to digitize processes and automate workflows in areas like client onboarding, payments, and compliance to support a more modern customer experience — is announcing the close of an $18 million Series B round, just over a year after it raised a $7M Series A.

Paddle raises $200M at a $1.4B valuation to supercharge SaaS payments

Paddle, which has built a large business out of providing the billing backend for those SaaS products, is announcing a large funding round of $200 million as it gears up for its own next stage of growth.

The Series D investment — led by KKR with participation from previous backers FTV Capital, 83North, Notion Capital, Kindred Capital, with debt from Silicon Valley Bank — values London-based Paddle at $1.4 billion. With this round, the startup has raised $293 million.

Identitypass, an identity verification API for Africa, raises $2.8M seed funding

Identitypass has raised $2.8 million in seed funding, months after graduating from Y Combinator. The round also comes a few months after the startup raised $360,000 in pre-seed investment last November, bringing its total funding to $3.1 million.

Identitypass helps businesses verify other businesses and track down cyber threats and fraud in FinTech, cryptocurrency, mobility, EdTech, gig economy platforms, and telecommunications companies, among other sectors.

Block rival SpotOn lands $300M at $3.6B valuation after doubling ARR last year

Payments and software startup SpotOn has closed on $300 million in a Series F financing that values the company at $3.6 billion.

Since its 2017 inception, SpotOn has been focused on providing software and payments technology to SMBs with an emphasis on restaurants and retail businesses. Last year, it acquired Appetize in an effort to extend its reach to the enterprise space.

From Saastitute, with love:

Changing demographics and viewing preferences in millennials and gen Z are pushing marketers—roughly 85% of them—to adapt and adopt technologies like email marketing software to ensure optimum engagement with potential and existing customers. 
It is a cost-effective method for small businesses to complement their top-of-mind
marketing efforts and improve customer lifetime value. Here’s a buyer’s guide for email marketing software for small businesses in 2022. 

A market trend that has been observed is that SaaS could start as a service, but as the business itself matures/grows, it could take on the nature of a product.So the question we’re looking at is - Service vs. Product: Can Upscaling B2B SaaS Provide Both?
In short, yes. Here’s our two cents: Upscaling B2B SaaS: Can Your SaaS Offer Both Service & Products?

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