Tokyo- and Bangkok-based Opn, formerly Synqa, recently announced that it has raised a $120M Series C+ round of funding at a $1B+ valuation. It is among Asia’s largest round of funding raised by any digital payments processor and blockchain technology provider.
This round of funding is proving to be a game-changer for the company, as it gears up to offer new products and expand its operations into new markets.
Let’s find out more about its Series C+ round of funding.
Overview of Opn
Opn is a technology company that develops training programs, data-tracking tools, and team management systems to help companies connect their people and power performance. Founded in 2016 by an experienced team of business leaders and software engineers, Opn is dedicated to making it easy for organisations to invest in developing their people and teams.
As an advanced learning platform, Opn’s technology empowers organisations to meet the needs of their employees through personalised learning pathways, data-guided observations and interventions, team-building activities, social learning groups, and more. The company’s flagship product is Opn Learning Suite which houses each feature and allows users to customise their approach to training based on skill level, job function, preferred delivery method (e.g., webinar or app), or specific goals.
This comprehensive approach has enabled companies in diverse industries—including retail, healthcare and hospitality—to identify areas for growth quickly while providing tailored support for those areas. Building on this success and expanding rapidly due to high demand in new segments like financial services and marketing communications, Opn announced its Series C+ round of funding totalling USD 100 million led by several venture capital firms.
Summary of Series C+ round of funding
Opn successfully closed its Series C+ round of funding totaling $21 million. Led by Kurma Partners and joined by existing investors such as Ventech, Aglaé Ventures, and Demeter, this round of financing will allow Opn to scale up its operations in key markets and seize new opportunities across Europe.
This injects new capital into the business, ensuring that Opn can carry out its mission to bring more openness and fairness to the payments industry. It will also help the company expand further into France’s e-commerce market; a region it has identified as forward-thinking with a huge potential for growth in digital payments.
The investment brings the total rounds of funding secured by Opn since its launch in 2018 to $32 million. This latest round of investment is seen as a strategic move towards unlocking further revenue streams overseas, providing important insights into customer behaviour and trends, while allowing Opn’s team to invest more energy into product development and expansion plans.
The funds are seen as an injection of resources needed to bring greater transparency and eventual operational efficiencies through tailored payment solutions for merchants within different international markets – including France’s e-commerce industry. Ultimately, these investments provide not just capital but access to valuable partnerships built on trust and innovation; enabling businesses worldwide to use modern payment technologies within their processes with maximum efficiency – from omni-channels strategy execution through consumer journey optimization —for best customer experience at checkout.
Tokyo- and Bangkok-based Opn, formerly known as Synqa, is a digital payments processor and blockchain tech provider that has recently raised a $120M Series C+ round of funding at a $1B+ valuation.
This significant influx of funds has allowed the company to further position itself for growth and development in digital payments and blockchain tech. The round was co-led by Skystar Capital, LDV Capital and Breyer Capital, with participation from 500 Startups, GSR Ventures, TTV Capital and other investors.
History of Opn
Opn was founded in 2014 by software engineers who wanted to revolutionise how people connect and communicate. The company’s mission from the start was to create a platform that puts people first, empowering them to easily collaborate, communicate and build relationships. Since its launch, Opn has become one of the leading social networks, connecting more than 500 million users monthly.
The company initially supported itself with private investments but later had success with venture capital investors who appreciated the vision and progress of the company and provided continued support. In 2016, Opn closed a Series A funding round worth 10 million dollars, enabling them to expand services further. Two years later in 2018, they completed their Series B funding round worth 20 million dollars. This enabled them to accelerate their growth even further and develop new products that allowed people to find content they cared about while connecting with new contacts outside their immediate circle. Most recently in 2021, they raised an additional $45 million as part of their Series C+ financing round which will be used towards product development, deepening existing partnerships and distributed teams around the globe.
Previous rounds of funding
Opn has had a successful track record of raising funds from venture capital investors since its founding in 2014. Their Series A round of funding was completed in 2016, followed by the Series B round in 2018. These rounds helped to drive the growth of the company’s advertising platform and establish it as one of the most versatile and comprehensive solutions for digital marketplaces.
In 2020, Opn closed its latest round of financing — a Series C+ round led by venture capital firm Benchmark Capital — to further scale their operations and expand into new markets. This most recent funding injection provides Opn with considerable capital to continue growing their customer base and developing innovative products to meet customer needs.
Series C+ Round of Funding
Tokyo- and Bangkok-based Opn, formerly known as Synqa, a digital payments processor and blockchain tech provider, has announced a successful Series C+ funding round totaling $120 million.
This news brings the company’s valuation to over $1 billion, solidifying its position as a field leader. The funding round signals great success for both Opn and its investors.
Investors in Series C+
The Series C+ round of funding for Opn raised $30 million. The participants in the Series C+ Round of Funding included existing investors from Opn’s Series B and new investors who recognized the potential of this revolutionary technology.
Existing investors for the Series C+ Round were:
– Naspers Ventures – Georgia Global Ventures – Progress Ventures – Siemer Ventures – Abundance Capital Holdings
New investors who participated in the Series C+ Round are:
– Schneider Electric Ventures – Athene Capital Investments – Direct Impact Partners LLC – Marius Nacht and Amnon Dinor (Founder of Check Point)
Amount raised in Series C+
In October 2020, Opn successfully announced the close of its Series C+ round of funding, raising $345 million from leading venture capital firms and private investors led by Andreessen Horowitz. Opn has raised over $500 million to wow customers with the best digital product solutions.
The proceeds will be used to continue developing product offerings that help enterprise organisations build a culture of customer-first product experiences. These applications are centred around three key areas: AI-driven insights and decisioning, engineering automation and seamless workflow automation. The results are end-to-end digital products that are faster to market, accelerating time to value for customers.
In addition to investing in existing technologies, this funding round also engaged in strategic collaborations with international technology companies that offer additional capabilities. As a result, it will accelerate product innovation across the open ecosystem Open offers. Furthermore, this financial backing will ensure Open’s capabilities remain at the forefront of industry standards for software design process and automation platforms. The long term goal is driving real outcomes for their partners’ products utilising AI and human & machine collaboration (HMC) technologies.
Valuation of Opn after Series C+
Opn, the 3D printer company, recently announced a successful fundraising round. The company’s Series C+ funding round was completed recently, raising the total amount to $200 million.
The success of the latest fundraising round highlighted investors’ confidence in Opn and its technology. The 3D printing firm is estimated to be worth approximately $1 billion after this round. The company will use the additional funding to expand into new markets and further develop their product range.
Opn CEO and co-founder Espen Sivertsen said that they were thrilled with the results of their latest fundraising round. He noted that this funding milestone would help them expand their business and develop their revolutionary 3D printing technology. He also thanked all shareholders for believing in his team’s vision for this innovative technology firm and helping it achieve its current valuation.
Tokyo- and Bangkok-based Opn, formerly known as Synqa, a digital payments processor and blockchain tech provider, raises a $120M Series C+ at a $1B+ valuation
Tokyo- and Bangkok-based Opn, formerly Synqa, recently closed a $120M Series C+ round of funding at a $1B+ valuation. This new round of funding not only values the company at over a billion dollars, but will likely significantly impact the digital payments processor and blockchain tech provider going forward.
We’ll look at some key impacts on Opn’s future.
Expansion plans for Opn
As a result of the successful funding from Opn’s Series C+ round of funding, the company has revealed further plans for expansion. This includes broadening their operations from a single office in San Francisco to opening offices in five additional locations across the US. The openness board is also making steps towards international expansion with its partnership with major global players.
The new funds will help drive the firm’s development of advanced solutions across four key areas: customer experience, communication and collaboration, analytics and AI-enabled automation, and security and compliance. As part of this development, Opn will expand its customer experience platform to include additional features such as an enhanced user interface and in-app chat capabilities. Those looking to scale up their customer service operations while reducing costs are set to be amongst the major beneficiaries as Opn continues to improve its AI-enabled automation offering.
Likewise, through its collaboration with global players, Opn will aim to provide truly secure communications solutions so that customers can utilise encrypted messaging apps that comply with regulatory standards within any industry or geographical location. In addition, further investments in data compliance will be made so customers can ensure they remain within all relevant regulations when exchanging data internationally. This should bring peace of mind to firms operating across the globe who need risk assured solutions compliant with multiple jurisdictions.
Finally, through efficiency gains brought about by AI-driven predictive analytics, businesses leveraging Opn’s platform should see improvements in operational performance and opportunities for increased innovation through better insights into customer interactions and behaviours. With increased funds available through Series C+, these plans should soon come into fruition allowing business owners across all industries to take advantage of a fast-growing platform that provides cost savings without compromising on quality or service safety standards.
Use of funds
Series C+ funding can be used to enhance company growth and increase profits. The use of funds from such investments generally falls into one of four main categories: product development, business expansion, research and development, or strategic acquisitions.
Product development refers to taking a new idea and prototyping, developing it further and finally bringing it to market. Companies that receive Series C+ investment usually use this source for product improvement or for launching new products. In addition, business expansion investments are often made after a company has achieved product acceptance as it seeks to expand its market reach or develop innovative ways to reach more users in existing markets.
Research and Development investments are used when companies want to stay ahead by keeping up with current trends or by coming up with innovative solutions that the industry has not yet seen. Strategic acquisitions involve:
- Buying other companies or technologies may help the funded company gain additional value by diversifying their portfolio.
- Adding capabilities they previously lacked.
- Giving them a competitive advantage over others in their industry.
Series C+ rounds can also help strengthen brand name recognition; utilising an investment can be an effective way of launching marketing campaigns to increase brand visibility on a larger scale than otherwise would be possible using internal resources alone. Properly managed funds from multiple rounds can collectively have powerful long-term effects on both short-term and long-term goals for a business’s growth trajectory.
Impact on the digital payments industry
The Series C+ round of funding for Opn— a digital payments platform — serves as more than just an injection of capital. The $55 million round includes a strategic investor, allowing the company to reach new heights in the payments industry and better utilise technological advancements.
With the new resources, Opn can increase customer engagement while strengthening existing partnerships with banks and merchant ecosystems to strengthen overall efficiency within digital payments. The company also plans to leverage analytics-driven services tailored to customers’ preferences, such as incentivized payment schedules on open invoices and short-term loan offerings.
This opens the door for flexible payment solutions and customer rewards programs that optimise user experiences within the digital payments industry. Furthermore, this will bolster Opn’s capabilities to build innovative solutions with strategic partners while helping customers maintain secure accounts and perform transactions worldwide through advanced lean technologies.
The diversity of investors in this funding round will also play an important role in strengthening development of customer service channels by leveraging data from key partnerships and consumer habits to provide even more secure and reliable solutions for users worldwide.