Clover Network

Finovate Alumni Raise $825 Million in 2013, Up 79%

By Julie Muhn (@julieschicktanz) Posted on
Categories: Affinity Solutions, Apprenda, Azimo, Bill.com, BillFloat, Cardlytics, Check, Clover Network, CoverHound, Credit Karma, CurrencyFair, DeviceFidelity, Doxo, Dwolla, ERN, Fenergo, FinanceIt, Flint Mobile, FTRANS, Funding, Heckyl Technologies, Jemstep, Kofax, Kony Solutions, LearnVest, Lendio, LendUp, Meniga, Moven, Narrative Science, Numbrs, On Deck Capital, OpenCoin, P2BInvestor, Payfone, PayNearMe, peerTransfer, Personal Capital, Ping Identity, Prestadero, Prosper, Q2ebanking, Receivables Exchange, SafetyPay, SeedInvest, Socure, SoMoLend, Spreedly, SumUp, Swipely, Taulia, TradeHero, Tradeshift, TransferWise, True Office, Trustev, Tuition.io, Wealthfront, Wipit, Xero, Zooz

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Cheers to a new year! After ringing in 2014, we wanted take a look back at the capital raised by Finovate alumni in 2013. It was quite a year, with alums pulling in $825 million, $365 million more than in 2012 for an increase of about 80%.
2013 funding summary:
    • 62 companies raised $825 million
    • Q4 had the most capital, with a total of $294 million raised by 17 companies (more than half by Xero, which landed $150 million). 
    • October was the busiest month, with $177 million raised (mostly Xero’s $150 million)
    • May was second highest with $91 million raised by 7 companies
2012 comparison
Last year Finovate alums took in almost twice as much as 2012, when 44 Finovate alums collectively raised $460 million. The chart below shows the quarter-by-quarter comparison for both years.
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Quarter 1 — blog post
More than $155 million raised by 14 companies
January — $57 million raised by 6 companies
February — $56 million raised by 5 companies

March — $42 million raised by 4 companies


Quarter 2 — blog post
More than $205 million raised by 15 companies
June — $81.7 million raised by 6 companies
May — $91.5 million raised by 7 companies
April — $32 million raised by 2 companies

Quarter 3 — blog post
More than $171 million raised by 22 companies

July — More than $63 million raised by 8 companies
August — More than $26 million raised by 6 companies
September — $82 million raised by 9 companies
Quarter 4
More than $294 million raised by 17 companies

October— $177 raised by 6 companies
November — More than $87 million raised by 7 companies
December — More than $30 million raised by 6 companies

Note: Funding that companies received before they first appeared at Finovate was not counted. Questions? Comments? Email us at julie@finovate.com or david@finovate.com.

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First Data Launches Clover Station Cloud-Based POS Solution for SMEs

By David Penn Posted on
Categories: Clover Network

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Consider Clover’s relationship with First Data consummated.

As reported in TechCrunch, Gigaom and elsewhere, First Data quietly acquired the ecommerce checkout specialist and FinovateSpring 2012 alum last year.  And yesterday at Money 2020, First Data CEO Frank Bisignano announced the launch of their Clover-inspired solution for small businesses: Clover Station.

Clover Station is a cloud-based, point-of-sale and business management solution. What makes the solution special is that it provides the full point of sale terminal functionality of traditional POS units (the ability to track employees and inventory, for example). But at the same time, the merchants will be able to customize the technology by either downloading task-specific apps, or developing apps of their own through Clover’s API.

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Additional features include:
  • Real-time business analytics and intelligence reports
  • Remote access at any time from any location
  • High-resolution camera for instant QR code recognition
  • High-definition touch screen
Enhancements and peripherals such as a modern cash drawer and a bar scanner can be added. Clover Station will be available to Bank of America Merchant Services small business customers by the end of the year.
Founded in October 2010, Clover is based in Mountain View, California. The company’s investors have included Andreessen Horowitz, Morado Ventures, and Sutter Hill Ventures.

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First Quarter 2013 Funding for Finovate Alumni– More Than $150 Million Raised

By Julie Muhn (@julieschicktanz) Posted on
Categories: Affinity Solutions, Azimo, BillFloat, Clover Network, CoverHound, DeviceFidelity, On Deck Capital, PayNearMe, Prosper, Q2ebanking, SoMoLend, True Office, Tuition.io, Wealthfront
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This quarter, both January and Feburary funding exceeded $50 million. Most of February’s funding can be attributed to On Deck Capital’s $42 million round.

Over three months, 15 companies raised more than $155 million, This is very similar to last year’s first quarter funding* when we saw a total of 11 companies raise more than $150 million.

Here’s the Q1 summary for 2013:

January — $57 million raised by 6 companies
February — $56 million raised by 5 companies

March — $42 million raised by 4 companies

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*While the funding over last year has increased, so has the number of Finovate alums. We’re tracking more than 100 additional companies this year compared to last year.

Note: Funding that companies received before they demonstrated at Finovate was not counted. Questions? Comments? Email us at julie@finovate.com or david@finovate.com.

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Clover Raises $3.3 Million From Undisclosed Investors

By Julie Muhn (@julieschicktanz) Posted on
Categories: Clover Network

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Last month, point of sale payment system, Clover, filed an SEC form indicating it raised $3.3 million for its cloud-based POS system. VentureBeat first picked up the story on Thursday.

The investors in this round have not yet been disclosed.

This new round, combined with last March’s installment of $5.8 million from Andreessen Horowitz and Sutter Hill Ventures, brings the California-based company’s total funding up to almost $10 million.

To learn more about Clover, watch its FinovateSpring 2012 demo.

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Clover Network Demonstrates Mobile Payment Solutions

By Julie Muhn (@julieschicktanz) Posted on
Categories: Clover Network, FinovateSpring 2012

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Clover Network took the stage with its payment solution for mobile devices:

“Clover empowers payment processors and value added resellers to provide merchants with the best customer checkout experiences.”

Product Launching: June 2012
HQ Location: Mountain View, CA
Company Founded: October 2010
Metrics: $5.8 million Series A, 10 Employees
Website: clover.com
Introducing Leonard Speiser (Co-Founder)

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