Stax raises $245 million from Greater Sum Ventures, HarbourVest and Blue Star Innovation Partners
On March 8, 2022, Orlando-based payments platform Stax announced a $245 million funding raise that brought its valuation to $1 billion. Investors included Greater Sum Ventures, HarbourVest Partners and Blue Star Innovation Partners, and Blue Star founder Rob Wechsler joined the Stax board. The company said it completed a secondary round and then raised additional primary capital to reach the valuation.
Stax was co-founded by siblings Suneera Madhani, CEO at the time of the announcement, and Sal Rehmetullah, president. The company said it would use the new capital to expand its product, grow its team and expand internationally. All three investors had long backed payments businesses and joined as strategic partners. Payments in software remains a core theme for Blue Star, which lists Stax among its current holdings.