Startups

Brex Buys Three San Francisco Startups To Complement Its Product Line

Fintech unicorn Brex has acquired three startups to improve its security, core technology and e-commerce product, the company announced Tuesday.

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Neji, Compose Labs and Landria, all startups based in San Francisco, will join the Brex portfolio.

Blockchain startup Neji will help Brex improve its security, privacy and risk posture as Brex continues to develop its products, according to a statement from the company. Compose Labs, a company that powers video experiences, will bolster Brex’s e-commerce product, which was introduced last year. Landria organizes internal knowledge databases for companies, and will help improve Brex’s core technology infrastructure, according to the statement.

Brex did not disclose the acquisition prices for the companies. Brex last acquired Elph Network in March 2019, according to Crunchbase data.

“Brex is committed to helping growing businesses scale, especially in challenging environments,” CEO Henrique Dubugras said in a statement. “We look forward to bringing the talented team members at Neji, Compose Labs and Landria onto the Brex team.”

The acquisitions come as the world grapples with the COVID-19 pandemic and the resulting economic slowdown. However, since acquiring companies is not a quick process, the deals have likely been in the works for months.

Brex is best known for its corporate cards for startups and other financial products. It also owns South Park Cafe.

Brex has raised $315 million in equity and $300 million in debt capital, and is backed by firms including Kleiner Perkins, Y Combinator and Peter Thiel. Its last round of venture funding was a $100 million Series C in June 2019, with Kleiner Perkins and Greenoaks Capital as the lead investors.

Illustration Credit: Li-Anne Dias

 

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