Kinstellar has advised Earlybird Digital East on participating in an additional Series B USD 100 million investment into Payhawk.
According to Payhawk, the Series B extension round was led by Lightspeed Venture Partners, joined by new investors Sprints Capital, Endeavor Catalyst, HubSpot Ventures, and Jigsaw VC, with participating existing investors Greenoaks, QED Partners, and Earlybird Digital East.
"This latest round of investment increases Payhawk’s Series B round to USD 215 million," Kinstellar informed. "Payhawk has now reached a valuation of USD 1 billion, becoming the first Bulgarian unicorn. The company will use the Series B funds to further grow its product team, double its efforts to build best-in-class enterprise features, and expand its sales and marketing team for new market penetration in 2022."
Founded in 1997, Earlybird invests in technology companies’ development and growth phases. The Digital East Fund is focused on early-stage information and communications technology investments in Eastern Europe and Turkey.
Payhawk is a Bulgarian financial technology start-up providing payment and expense solutions, with offices in London, Sofia, Berlin, and Barcelona.
"Becoming the first unicorn in Bulgaria is a huge testament to the hard work and resilience of our team over the last three and a half years," Payhawk CEO Hristo Borisov commented. "We are just at the beginning of our journey, and we cannot wait to continue reinventing how businesses manage their payments."
Kinstellar previously advised Earlybird on a EUR 3 million seed funding round for Payhawk (as reported by CEE Legal Matters on March 27, 2020).
The Kinstellar team was led by Partner Emre Edmund Ozer and Sofia Managing Partner Diana Dimova.
Kinstellar did not respond to our inquiry on the matter.