Pipe

Pipe Technologies Inc. began as a marketplace that let subscription software companies trade their recurring revenue contracts to investors for an upfront cash advance, pitched as non-dilutive growth capital. Harry Hurst, Josh Mangel and Zain Allarakhia founded it in September 2019 and launched the product in February 2020, first in Los Angeles and then in Miami. The company has since moved its base to San Francisco and repositioned as an embedded finance provider: software and payments platforms offer Pipe Capital, sales-based funding with no credit checks or personal guarantees, to their small business merchants.

Craft Ventures led a $6 million seed round in February 2020 with Fika Ventures, MaC Venture Capital, AngelList, Work Life Ventures, Liquid2, Weekend Fund and Naval Ravikant. In June 2020 Fin VC led a $60 million seed extension that included Tribe Capital, Uncorrelated Ventures, Lachy Groom and KSD Capital. In March 2021 Siemens' Next47 and Raptor Group led a $50 million equity round with Shopify, Slack, HubSpot, Okta, MSD Capital, Republic, Marc Benioff and Chamath Palihapitiya. Two months later, in May 2021, Greenspring Associates led a $250 million round at a $2 billion valuation with Counterpoint Global, CreditEase FinTech Investment Fund, Fin VC, 3L and SBI Investment, bringing total funding to $316 million. In June 2024 Victory Park Capital provided a $100 million credit facility expandable to $200 million. A Form D filed in January 2026 reports $14 million sold in an equity offering of up to $30 million.

The business changed substantially after 2022. In February 2023 Pipe named Luke Voiles, previously general manager of Square Banking and builder of QuickBooks Capital at Intuit, as CEO, and Mangel became executive chairman. At that point more than 23,000 companies had signed up and $7 billion of ARR was connected to the platform. Under Voiles, Pipe shifted to vertical embedded capital, acquired AI spend management startup Glean.ai in April 2025, expanded to the UK through GoCardless and to Australia and Canada, and in September 2025 began offering working capital to US restaurants inside Uber Eats Manager. No valuation since 2021 has been disclosed.

Pipe illustrates how quickly 2021 fintech valuations were set: the company reached a $2 billion price about 20 months after founding, on the strength of a novel trading model, then rebuilt its product and leadership once the original marketplace thesis met tighter credit markets. Investors in the 2020 seed rounds entered at the earliest stage; the Greenspring led cohort paid the peak price. The company remains private and no liquidity event has occurred.