Merge raises $55 million in Series B funding for its unified API
- ByStartupStory | October 25, 2022
Merge, a startup that provides API integration services for HR, payroll, and accounting systems, among others, announced today that it has raised a $55 million Series B round led by Accel, with participation from existing investors NEA and Addition. Merge has now raised a total of $75 million, and its ARR has increased 30x in the last year. Over 2,500 companies have used the service to integrate their SaaS apps, including TripActions, Ramp, Drata, AngelList, Deed, and Apollo. While Merge did not disclose its current valuation, it did state that its valuation increased fourfold with this new round.
Over the last year, the company, which launched in 2020, has expanded its integration support beyond the initial HR, recruiting, and payroll systems to include CRM tools, as well as project management and ticketing systems. While the company is beginning to attract larger enterprise customers, the Merge team is still heavily invested in small and medium businesses. Companies can now offer free integrations to their first 15 customers under the new plan before transitioning to a flat monthly fee for the next 15 customers.
“Our goal was always: If a company needs to build integrations, they would not even consider doing it in-house, similar to how most companies don’t build and maintain servers in-house,” stated Merge co-founder Shensi Ding. “We’ve been making a lot of headway with additional category expansion across all existing categories and also landing bigger logos.”
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