Wayflyer flies way past $1bn valuation to become Ireland’s latest unicorn

1 Feb 2022

Wayflyer founders Jack Pierse and Aidan Corbett. Image: Wayflyer

A fresh funding round led by DST Global and QED Investors has valued the Irish e-commerce financing start-up at $1.6bn.

Ireland now has another tech unicorn as Dublin-based Wayflyer has raised $150m in Series B funding, valuing the start-up at $1.6bn.

The all-equity funding round was led by DST Global and QED Investors, joined by new investors Prosus, Madrone Capital Partners and JP Morgan. Existing backers Left Lane Capital and Checkout.com founder Guillaume Pousaz also chipped in.

A revenue-based financing and growth platform for e-commerce companies, Wayflyer saw significant growth last year. The company’s headcount rose by 525pc from 40 to 250 and its monthly capital deployments increased by more than 900pc to hit $100m.

Wayflyer raised $76m in a Series A funding round last May and expanded into new markets including Spain and the Netherlands. The start-up also opened an office in Atlanta and signed partnerships with companies such as Adobe, Sezzle and eBay UK.

‘We’ve only just scratched the surface’

Founded in 2019 by Aidan Corbett and Jack Pierse, Wayflyer provides e-commerce merchants with a range of financing and marketing analytics tools to help them access working capital, improve cash flow and drive sales.

E-commerce is a rapidly growing sector globally and, according to Statista, e-commerce sales are predicted to reach $5.4trn by the end of the 2022. Wayflyer aims to make financing easier for e-commerce businesses and it will use the funding to invest in the sector through further expansion in Europe and Asia.

Corbett said that the Series B round will help Wayflyer to “build our offering to customers, expand into exciting new territories and hire more world-class talent”.

“We’ve only just scratched the surface of what’s possible here, and with an incredible team all working together to solve the biggest challenges in e-commerce, I couldn’t be more excited for what’s ahead,” he said.

In October 2020, Wayflyer raised $10.2m in seed capital in a funding round led by QED. While based in Dublin, the company has offices in major cities including London, New York and Sydney.

“The founders we work with have incredible ideas and passion for making things happen. They’re constantly striving to break new ground and go further in business – and we’re proud to support them and help them reach new heights,” Corbett added.

The fresh valuation makes Wayflyer Ireland’s sixth tech unicorn. It joins Intercom, Fenergo, Workhuman, LetsGetChecked and Flipdish, which hit unicorn status last month.

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Vish Gain is a journalist with Silicon Republic