Karmic Labs, the creator of Dash expense management platform, has received $17.2 million in Series B funding, bringing the company’s total funding to just under $25 million. Participating in the round were Alsop Louie Partners, Arbor Ventures, Greycroft, Marketplace Funds, Startup Capital Ventures, and others.
As part of the deal Wei Hopeman, Managing Partner at Arbor Ventures, and Jim Whims, Partner at Alsop-Louie Partners, have joined the San Francisco-based company’s board of directors. Karmic anticipates the funds will fuel the expansion of its enterprise-focused business. “This investment propels Karmic to the next stage of growth, and adding Wei and Jim’s expertise to our board will help us get there quicker,” said Mario Furgiuele, CEO of Karmic.
Founded in 2014, the company debuted the Dash Prepaid Mastercard at FinovateSpring 2015. The platform supplies employees with prepaid Mastercards and enables managers to view, approve, and control employee spending via the Dash mobile app. Karmic also offers co-branded and fully-customized card and mobile app products for a more seamless, branded experience.