Global venture investor New Enterprise Associates has put its money where its mouth is by backing a company it says could challenge Paypal in the online and mobile payments sector.
NEA led a $35m Series B round for Braintree joined by existing investor Accel Partners, RRE Ventures and Greycroft Partners, which doubled the company’s total financing to $70m.
Ravi Viswanathan, a general partner at NEA, said, “Braintree is kicking down both the technology and business road blocks that have made online and mobile payments challenging for developers and a hassle for consumers.
“We believe Braintree has the strengths to challenge all the incumbents in the payment space, including Paypal.
“This investment reflects our confidence in the technology, team and international capabilities Braintree has built.”
Braintree said the new funding would help its bring new capabilities to market and continue its aggressive international expansion.
It is also hiring engineers and other positions across its offices in New York, San Francisco, Menlo Park and Chicago.
Last month NEA invested $10m into medical device company Apnex Medical, which aims to help patients with obstructive sleep apnea.
Apnex said it planned to use the funding to support its ongoing clinical study for the effectiveness of its Hypoglossal Nerve Stimulation System.
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