London-based fintech Sequence has raised $19m (£16.6m) in a seed funding round to develop its financial services and grow its team prior to the launch of its product.
Sequence is aiming to provide B2B firms with a data-driven financial operations (FinOps) tech stack to streamline the process of billing and pricing.
Sequence claims it can provide businesses with the tools to create more personalised pricing models. Sequence will offer a ‘smart quote’ service where billing data is used for custom billing.
While the product has yet to be launched, companies can request early access to Sequence’s services.
“In a B2B environment, when you’re building new products and pricing plans, you want an interface that doesn’t always rely on developers,” said Sequence CEO Riya Grover in an interview with TechCrunch.
The funding round was led by Silicon Valley-based firm Andreessen Horowitz, which has invested in a number of prominent startups, such as Slack, Airbnb, and Stripe.
The Californian investor has ramped up its presence in the UK over the last two years, with seven investments into British companies from 2021 onward. These include online live events platform, Hopin and cloud-based video game development platform, Improbable.
“We’ve seen an acute pain point and therefore compelling opportunity around automating and managing payments and finance workflows,” said Seema Amble, a partner at Andreessen Horowitz, in a statement.
“The Sequence team really impressed us with both a strong team and initial customer set excited by the vision.”
Other participants in the seed round included Salesforce Ventures, Firstminute Capital, Crew Capital, Passion Capital, Dig Ventures, Fin Capital, and 9Yards. Several high-profile founders also participated as angel investors, including founders from GoCardless, Monzo, and Jeeves.