Karmic Labs Raises $5M in Series A
SAN FRANCISCO, CA, Karmic Labs Secures $5M in Series A Financing Led by Greycroft Partners.
Karmic Labs, the developer of the Dash App and the program manager of the Dash Prepaid MasterCard ('Dash MasterCard'), announced today that it has closed a $5mm series A financing led by Greycroft Partners. The Dash MasterCard simplifies the lives of business owners and employees with secure and dynamic cost controls for corporate payments and expense management solutions - all available via the mobile cloud and at no cost.
The Dash App and the Dash MasterCard are built for teams that get stuff done, and allow companies to not only benefit from real-time spending controls but also workforce empowerment features with real-time payment features. Dash helps organizations improve the way they think about and spend corporate funds. Managers have the flexibility to set budgets; provide employees with business expense management tools; link application to multiple bank accounts; and implement full transparency and spending controls.
By implementing Dash, employees no longer have to worry about capturing paper receipts, or waiting days for transactions to load - the Dash App and Dash MasterCard take care of all of this in real-time, freeing up time. The application also works with business SaaS services to bring new ways of managing an organization.
'We are very excited and honored to work with Mark Terbeek and the entire Greycroft team,' said Ryan Weidenmiller, CEO of Karmic Labs. 'Greycroft is clearly a firm with a history of success and strong ability to help companies reach their full potential. Furthermore, they have clearly proven to have a strong acumen in fintech, with investments in both Venmo and Braintree, which were acquired by PayPal for approximately $800 million.'
The Series A funding will be used to enhance the product and also expand Dash's market presence. Early traction includes successful beta trials and a partnership with the largest provider of core banking software, FIS.
'At Greycroft, we think the convergence of payments with business applications is a massive opportunity,' said Mark Terbeek, Partner at Greycroft Partners. 'Based on our experience in the sector, from a product perspective, we see Dash as a Venmo-like solution for businesses, but what's exciting is that it's also tied to a corporate card with real-time expense management included. We are also excited about the team we are backing and the early traction they have with leading financial technology players.'
Terbeek also joins the company's board of advisors.
About Karmic Labs:
Karmic Labs, Inc. is the creator of the Dash App and is dedicated to developing products and services that combine payments and business applications. Karmic Labs founding team includes early engineers from Pinterest, Netscape, Shutterfly, Google and they bring extensive experience from payments companies including American Express, Visa and FIS where they built and launched successful, global card programs. Based in San Francisco, California, Karmic Labs, Inc. is privately held and backed by institutional investors. For more information visit www.getdash.io. Dash is available in the App Store as GetDash and Google Play as Dash.
About Greycroft Partners:
Greycroft Partners is a leading venture capital firm focused on investments in the Internet and mobile markets. With offices in the two media capitals of the world - New York and Los Angeles - Greycroft is uniquely positioned to serve entrepreneurs who have chosen us as their partners. Greycroft leverages an extensive network of media and technology industry connections to help entrepreneurs gain visibility, build strategic relationships, successfully bring their products to market, and build successful businesses. Greycroft manages $600 million and has made over 100 investments since its inception, including in leading companies such as App Annie, BaubleBar, Braintree, Buddy Media, Collective, Extreme Reach, Huffington Post, JW Player, Klout, Maker Studios, Plain Vanilla, Pulse, TheRealReal, Trunk Club, and WideOrbit. For more information please visit the Greycroft Partners website at http://www.greycroft.com
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