Miami-based startup Pipe has launched a marketplace for organizations to sell and buy streams of recurring revenue like assets, its most recent foray being into the U.K market.
The software offers an opportunity to smaller businesses seeking to fund their growth without debt or dilution. This year, Pipe has seen adoption in the U.S. from just such companies; it reports that more than 8,000 businesses have signed up on its trading platform, with over 50% of trading volume coming from vertical markets, including direct-to-consumer subscription, property management, streaming services, and service-based businesses such as gyms and pest control.
“I left the U.K. for the United States seven years ago, as it provided the best funding environment to build my first technology company,” said Harry Hurst, co-founder and co-CEO of Pipe, in a statement. “If Pipe existed a decade ago and offered company-friendly financing options, I might never have left the U.K.“
Pipe also recently added two executives to its team. Brad Coffey, previously chief strategy officer of HubSpot, has joined the company as chief customer officer. Coffey was one of HubSpot’s earliest employees, and the company grew from startup to a publicly traded company during his time there.
Pipe has also added Sid Orlando, former editor-in-chief at Stripe, and before that, manager of curation and content at Kickstarter.
With its launch into the U.K. market, Pipe is interested in hiring to help grow internationally.
Pipe has raised $300 million of equity financing from investors including Shopify, Slack, Okta, HubSpot, Next47, Marc Benioff’s TIME Ventures, Alexis Ohanian’s Seven Seven Six, Chamath Palihapitiya, MaC Ventures, Fin VC, Greenspring Associates, Counterpoint Global (Morgan Stanley) and more.
