Platform Company Instabase Raises $105 Million
Instabase, a platform company for business apps, announced it has new funding that also puts it among this year’s growing slate of tech unicorns.
The company, based in San Francisco, has raised $105 million in Series B funding, led by Index Ventures, with participation from New Enterprise Assoicates, Andreessen Horowitz, and Grey Lock Partners, all existing investors. Other investors include Tribe Capital, SC Ventures, Glynn Capital and Spark Capital. Instabase has raised $132 million in funding so far, and has placed its valuation at more than $1 billion, enough for unicorn status.
Instabase says that it will use the new funding to accelerate recruiting and scale its core platform.
In addition to the funding news, Instabase will also place Index Ventures Partner Sarah Cannon on its Board of Directors.
Instagram’s platform helps computers work for people and not people working for computers. Businesses are enabled to build customizable apps for automation of different parts of their business. The platform is equipped with tools for reading documents, date extraction and classification, natural language processing and optical character recognition.
Instabase also offers an app store that features pre-packaged business apps for a variety of industries such as income verification, media analysis and identity verification.