Singapore-based business management software provider Deskera has increased its series A round to more than $100m after securing more than $40m in an extension led by a vehicle backed by internet group Naver, DealStreetAsia reported today.
Mirae Asset – Naver Asia Growth Fund, a joint venture between Naver and financial services group Mirae Asset, confirmed it had invested but declined to offer additional details. A source told DealStreetAsia the deal valued Deskera at nearly $500m.
Founded in 2008, Deskera runs a cloud-based business management platform used by small and medium-sized enterprises to track their finances and accounts, manage clients and hire staff.
Deskera raised $60m for the round’s first tranche in November 2018, from investors including quantitative trading and technology firm Susquehanna International Group and Cisco Investments, the corporate venturing subsidiary of networking equipment manufacturer Cisco.
Venture capital firm Jungle Ventures led the original $60m close, which also featured Tembusu Partners and Innoven Capital.
In addition to its investment, Naver has begun discussions about potential collaborations with Deskera related to technology and cloud infrastructure.
Deskera had previously secured $16m from unnamed investors in 2016, and added $20m in convertible note financing from telecommunications group SoftBank, Aris Prime, Partners Asset Management, Tembusu Partners and Tikehau Capital in June 2017.
The company has reportedly also hired investment banking firm JP Morgan to oversee work on a series B round that has a $200m targeted close, and which would value it at more than $1bn.
