(Reuters) – Gigs has raised $73 million in a series B funding round led by Ribbit Capital, the mobile services startup said on Thursday, marking one of the few investments this year not centered around artificial intelligence.
All existing investors including Google’s Gradient, prominent Silicon Valley incubator Y Combinator and venture capital firm Speedinvest participated in the round, Gigs said.
WHY IT’S IMPORTANT
San Francisco, California-based Gigs helps clients including neobanks, or online financial institutions, launch mobile services such as subscription management and phone payment plans.
Gigs, with its core market in the U.S., will use the funding to expand its geographical footprint and invest in scaling its products and services, it said. Earlier in December, Gigs announced a partnership with Vodafone UK.
CONTEXT
Ribbit’s investment in Gigs marks a rare funding round in a year otherwise characterized by investors funneling billions of dollars into generative artificial intelligence startups such as ChatGPT-parent OpenAI.
Ribbit has a portfolio of investments in fintech firms such as Coinbase, Groww, Nubank, Razorpay and Robinhood. Gigs is Ribbit’s first foray into investments beyond fintech, the company said.
KEY QUOTES
“Since our launch in 2020, Gigs has significantly increased its annual recurring revenue (ARR),” said Dennis Bauer, Gigs’ co-founder and president.
The company did not specify its ARR or the latest valuation at which it raised funds.
(Reporting by Arsheeya Bajwa in Bengaluru and Krystal Hu in New York; Editing by Sahal Muhammed)
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