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A Dash of Good Karma: Karmic Labs Raises $5 Million


Was it good karma? San Francisco-based Karmic Labs, a company whose APIs offer payment and SaaS solutions to enterprises, pulled in $5 million in a Series A funding round today.

The funds come from Greycroft Partners, who led the round, with participation from Trusted Ventures, Accelerator Ventures, Pipeline VC, Correlation Ventures and individual investor Iqram Magdon-Ismail. The new amount tops the company’s 2013 Seed round, in which it garnered $2.7 million from Draper Associates. Karmic Labs’ funding now totals $7.7 million.

The comDashCardsMobilepany debuted its Dash Prepaid MasterCard at FinovateSpring 2015 (watch the live demo below). Dash is a business-expense-management platform that supplies employees with MasterCard prepaid cards, and enables managers to view, approve and control employee spending via a mobile app. The all-in-one system facilitates budgeting and accounting by simplifying the expense-reporting process.

The company is working with FIS as a distribution partner for Dash and plans to use the $5 million to advance Dash and create product awareness.