Las Olas Venture Capital invests in leverage
Las Olas Venture Capital (LOVC) led a $5 million seed funding round in Leverage.ai, its third Fund II investment, according to a Thursday, February 10. Press release.
The cycle also saw the participation of Marc CubanGaingels, Great Oaks, Tensility VC, Social Impact Capital, Hyphen Capital, Remarkable Ventures, Jett McCandless and Sanish Mondkar.
Leverage is a supply chain and logistics technology company. Based in New York, it offers an artificial intelligence (AI)-powered supplier relationship management platform, streamlining communication, collaboration, reporting, insights and more into a single platform. .
Plus, it automates and consolidates critical supply chain management functions, enabling businesses to increase efficiency. According to the announcement, the investment will give the company more headroom to accelerate product development and strengthen its engineering, marketing and sales teams.
The problem, they said, was that supply chain teams were using manual, fragmented workflows such as spreadsheets, phone calls, and emails to manage purchase orders and communication.
This can lead to poor visibility and out-of-stock issues, scaling challenges, and more overhead. As such, the idea behind Leverage was to integrate all information into a centralized, AI-powered cloud platform, giving businesses more control.
Marc Volchekfounding partner of LOVC, said the company is thrilled to partner with Leverage and that it “believes its platform provides an end-to-end solution that will transform an industry in dire need of technological disruption.”
PYMNTS reported that US FinTech venture capital funding nearly doubled in 2021, both in value and transaction volume, according to a report by S&P Global Market Intelligence.
See also: Report: US FinTech Venture Capital Funding Doubled in 2021
The rise in deal value has been surprising, although analysts say 2022 may not have the same effect. The report says the massive increase in funding in 2021 will simply be a “hard act to follow”.
With falling stock market valuations and possible interest rate hikes, things could get tougher. According to the report, private capital was plentiful in January and investors expect to watch for a slowdown.