Pipe raises $250 million in funding at $2 billion valuation By Reuters 

(Reuters) -Pipe, a startup that lets firms promote their recurring income streams on its platform, mentioned on Wednesday it had raised $250 million at a valuation of $2 billion.

The most recent funding spherical was led by enterprise capital agency Greenspring Associates and included new traders reminiscent of Morgan Stanley (NYSE:)’s funding arm Counterpoint World, SBI Funding and CreditEase FinTech Funding Fund.

Dubbed the “NASDAQ for income,” Miami, Florida-based Pipe operates a buying and selling platform that connects traders with firms looking for to boost capital with out dilution. It was based in 2019 by Harry Hurst, Josh Mangel and Zain Allarakhia.

Greater than 4,000 firms have signed up on the corporate’s buying and selling platform since its June 2020 launch.

Pipe’s newest funding spherical was oversubscribed by $100 million, with current traders reminiscent of Salesforce.com (NYSE:) Chief Govt Officer Marc Benioff’s funding fund TIME Ventures and Reddit co-founder Alexis Ohanian’s enterprise capital agency Seven Seven Six additionally participating within the increase.

The corporate mentioned it deliberate to make use of the funding to bolster its platform and develop its product providing.