Citi Ventures, the corporate venturing vehicle for financial services firm Citi, took part in a $250m series E round for US-based business management software provider HoneyBook yesterday.
Hedge fund manager Tiger Global Management led the round, which included Durable Capital Partners, Norwest Venture Partners (NVP) and OurCrowd. It valued the company at $2.4bn according to Calcalist.
HoneyBook has built a software platform which helps small business owners streamline their cash and customer flow activity into a single place, enabling them to more effectively offer personalised services based on their contacts.
Oz Alon, chief executive of HoneyBook, said: “The workforce of today is seeking greater autonomy over their careers, flexibility in the way they live their lives and fulfilment from the work they do – and that is what it means to be an independent.
“HoneyBook empowers business owners with the tools and resources they need to own their independence with passion and purpose.”
The round came six months after a $155m series D led by Durable Capital at a valuation exceeding $1bn. That transaction also featured Citi Ventures, NVP, Tiger Global, OurCrowd, 01 Advisors, Battery Ventures and Zeev Ventures.
Citi Ventures and existing backers NVP, Aleph and Hillsven had supplied $28m in series C funding for HoneyBook in early 2019, increasing its overall funding to $60m. Its earlier investors include UpWest Labs and Evan Williams.