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HRtech SaaS platform BetterPlace raises $40 million in extended series C round

Dec 20, 2022 03:03 PM IST

BetterPlace's existing investors Jungle Ventures and British International Investment also participated in the funding round

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BetterPlace Global, a SaaS (software-as-a-service) platform for frontline workforce management, said it has raised $40 million in an extended Series C round, adding Macquarie Capital and SITE Capital Partners to its cap table.

BetterPlace's existing investors Jungle Ventures and British International Investment also participated in the round, which seems rather sizable at a time when the startup ecosystem is struggling with a funding winter that has led to an acute fall in late-stage deals.

“We will be investing a large part of the money in enhancing products largely to support client organisations with efficiency, productivity, and governance and are working on products localised for geographies like Indonesia, Malaysia, GCC (Gulf Cooperation Council), and other countries,” BetterPlace Global CEO Pravin Agarwala told Moneycontrol on December 20.

Agarwala said the funds were raised in a convertible round and he expects the valuation to be between $500 to 700 million in the coming months. A convertible note is a short-term debt that converts into equity.