We may be reaching the end of the year, but the NYC tech scene was still bustling last week. Keep reading to learn about the venture capital firm that opened a NYC office or the local tech startups that raised funding to scale their operations. This is the Built In NYC Weekly Refresh.
Teampay raised $47M. Teampay, a corporate expense management platform, raised Series B financing that consisted of $35.25 million in equity and $11.75 million in debt. The new capital will be used to expand the company’s partnership with Mastercard, which helped Teampay launch corporate credit card Catalyst last year. The NYC-based company, which has a team of 100 employees, also plans to grow its sales and marketing teams and is actively hiring. [TechCrunch]
ResortPass gained $26M. ResortPass allows people to access a hotel’s pool, spa and fitness center without booking an overnight stay. The company has more than 900 hotels on its platform, including the Ritz Carlton, Four Seasons, W Hotels, Hyatt Hotels, Fairmont and Westin. The Series B funding will be used to scale the organization and add global hotels and resorts to its platform. ResortPass also found a new CEO in Michael Wolf, who has held executive leadership and advisory roles at ClassPass, Supernatural, Lululemon and other companies. [Business Wire]
NYC Tech Quote of the Week
Frame AI raised $7.6M. Frame AI uses natural language processing to digest customer feedback into actionable data that companies can use to better serve their customers while saving money on customer support. Frame AI has seen success with its Dynamic Cost Attribution feature, which shows companies what issues are taking up a disproportionate amount of a customer support team’s time. The company plans to add two employees this month and six employees in the first half of next year, with a focus on local NYC tech talent. [Built In NYC]
Index Ventures opened a local office. Index Ventures is a venture capital firm with dual headquarters in San Francisco and London. The VC firm recently opened an office in the Meatpacking District to immerse itself in the middle of NYC’s tech scene and to put it in a timezone that is more compatible with East Coast and startups. The office has seven employees, and it expects to reach 10 by early next year. [Built In NYC]
Explain Everything was acquired. NYC-based Explain Everything is a whiteboard platform that allows teachers to create lessons and give interactive presentations. The app allows users to draw, animate, create videos and collaborate with other users. The company was acquired last week by Seattle-based edtech company Promethean, which will add Explain Everything’s app to its product portfolio. [PR Newswire]
