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Swile French Startup Gets Unicorn Status with $200M Softbank-led Fundraising

  • Waleed Qureshi
  • October 11, 2021
  • 0
Swile French startup gets unicorn status with $200 mln Softbank-led fundraising/Reuters.com

French startup Swile gets unicorn status with $200 mln Softbank-led fundraising/ Via Reuters

Swile has raised a further $200 million in funds increase financed by Japan’s Softbank (9434.T), striving at extending its business globally and beyond corporate interests services, the French startup announced on Monday.

Through this capital gain, Swile, which provides automated meal vouchers and other employee benefits to businesses such as Carrefour (CARR.PA), Spotify (SPOT.N), and Airbnb (ABNB.O), joined the country’s burgeoning ranks of tech unicorns or startups evaluated at $1 billion or more.

The company, which includes Eurazeo (EURA.PA), Index Ventures, and bpifrance among its investors, said it had achieved a 13% share in the corporate benefits market since its start four years ago in the southern French territory of Occitania.

It had already accumulated 115 million euros in total in the previous three funding cycles. It announced that this one will see Michel Combes, chairman of Softbank International Group and past director of mobile companies Alcatel-Lucent and SFR-Numericable, entering the board.

Swile, which stood second on LinkedIn France’s list of most attractive startups work- and investment-wise in 2021, also intends to double its workforce by hiring 500 workers by the end of 2022 and strives to launch its team building and communications app soon.

Even though covid-19 is still affecting businesses worldwide, the startup growth rate around the world keeps increasing.

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