Six months ago, Flex raised $60m and called it a Series B. On Tuesday it said it had raised another $70m, and rather than move down the alphabet, it settled on a Series B1.
The round was led by Halo, the investment firm set up last year by Qualtrics founder Ryan Smith, who owns the NBA’s Utah Jazz and the NHL’s Utah Mammoth, together with his longtime backer Ryan Sweeney, a general partner at Accel.
Portage, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Spice and Florida Funders also took part.
Flex says the money brings its total equity raised to $180m, alongside $300m of debt. Headcount stands at 110 and the company expects to be past 200 by the end of the year.
The 💜 of EU techThe latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!The pitch is unusually narrow, and on Flex’s telling, unclaimed. The company sells what it calls an AI-native private bank for high-net-worth business owners in the middle market, people who are at once a company’s finance department and its wealthiest individual customer.
