# QED

> QED is a VC fund backing Financial Services, FinTech and Software. See 13 investments, round sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Total investments: 13
- Last investment: Feb 2025
- Lead investor: 23%
- Last updated: Aug 2026

QED is an investment firm that specializes in the fields of venture capital and financial management.

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Financial Services | 8 | 62% |
| FinTech | 5 | 38% |
| Software | 4 | 31% |
| Payments | 2 | 15% |
| Apps | 1 | 8% |

20 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series B | 4 | 31% |
| Seed | 3 | 23% |
| Pre-Seed | 2 | 15% |
| Series A | 2 | 15% |
| Series D | 1 | 8% |

6 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| United States | 6 | 46% |
| Mexico | 2 | 15% |
| India | 1 | 8% |
| Brazil | 1 | 8% |
| Sweden | 1 | 8% |

6 countries tracked in total.

## Investments

| Company | Description | Round size | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Malga | Malga is an API to accept payments with multiple payment providers. Malga gives digital businesses access to multiple payments services through a single integration, and the ability to change between them on a transaction-to-transaction basis without writing code. | $5.6M | Series A | Feb 25, 2025 | https://www.plugpagamentos.com |
| Rain | Rain is the trusted leader in employee-centric financial wellness solutions, serving middle-market and enterprise organizations nationwide. Through a comprehensive suite of offerings, including earned wage access and other financial wellness benefits, Rain seamlessly integrates with any organization's existing infrastructure, providing theflexibility essential for effective financial management. Rain’s mission is to empower employees to reach financial freedom. At Rain, financial freedom means being able to afford everyday life without stressing about pay dates or pay cycles. | $75M | Series B | Feb 10, 2025 | https://rain.us |
| Niko Energy | Niko is a Mexico-based provider of residential solar electricity and solar power services for homeowners. It is the first solar company in the country offering rent-to-own financing products on top leasing and cash payments. Fully focused on customer experience, Niko provides a 5-star journey owning each step of the value chain in-house, ensuringquality, security and peace of mind for its customers. | $8M | Seed | Jan 29, 2025 | https://www.niko.mx/ |
| Airship | Airship provides HVAC technicians with point-of-sale software. | $4M | Pre-Seed | Sep 30, 2024 | https://www.airship.us/ |
| Cobre | Cobre is a corporate treasury platform that allows companies to centralize, digitize and automate their payments processes. Our technology helps finance teams and CFOs claim back their time to focus on what really matters: growing their business. We’re committed to creating a frictionless payment process for companies; from cash-in to cash-out,allowing businesses to move money in real time, connect their bank accounts to a central treasury hub, and consolidate a single source for real-time data and reconciliation. Cobre began operations in 2020 and currently serves companies in Colombia and Mexico | $35M | Series B | Sep 05, 2024 | https://cobre.co |
| Cloover | Cloover is a new financial solution that makes it possible for anyone to become self-sufficient in clean energy - on decent terms. | $7.4M | Pre-Seed | Oct 18, 2023 | https://cloover.co |
| Syntage | Syntage provides access to and analysis of any business's transactional, financial, and qualitative information. Syntage is more than just an end-to-end open data platform that aggregates, enriches, and exposes information in a way that allows enterprises to deal with it in a simple, secure, and flexible manner. | $4.3M | Seed | Aug 20, 2022 | https://syntage.com |
| Mudflap | When an operator stops at a Mudflap network truck/fuel stop, when there they open the Mudflap app and select the fuel stop where they want to fuel. One tap of a button will then "generate a fuel code -- it's a numeric code unique to you and that particular truck stop," Desai said. That code is then what you show to the fuel deskclerk, and how they ID you as a Mudflap customer, turning on the pump for you. Then, essentially, you're done. Mudflap was established in 2016 by Sanjay Desai in Palo Alto, California. | $50M | Series B | Aug 17, 2022 | https://www.mudflapinc.com/ |
| FPL Technologies | FPL believes that consumption credit presents a very large opportunity in India and the credit card is the best product to offer consumption credit to India’s growing younger population. Card acceptance has trebled in the three years after demonetisation and every category is getting digitized. Like the overall growth in adoption of digitalpayments, the adoption of credit cards too has grown, both in terms of card issuance and spends. However, the experience of using a credit card has not evolved to serve the digitally savvy young millennials.FPL has created a proprietary full-stack technology platform to deliver a next-gen credit card experience to its customers. Customers can use an intuitive mobile app along with their credit cards to manage every aspect of their credit life cycle. FPL launched the OneScore app in July this year to help customers understand and manage their credit score and behavior in a simple and secure way. | $100.6M | Series D | Jul 13, 2022 | https://www.onescore.app/ |
| april | April has developed a tax platform that simplifies the filing process for U.S. taxpayers and enables better financial planning. | $30M | Series A | Jun 29, 2022 | http://www.getapril.com/ |

10 of 13 investments shown.

## Co-investors
- [Deciens Capital](https://shizune.co/investors/profile/deciens-capital) — VC Fund, 3 deals together
- [9Yards Capital](https://shizune.co/investors/profile/9yards-capital) — VC Fund, 2 deals together
- [Collaborative Fund](https://shizune.co/investors/profile/collaborative-fund) — VC Fund, 2 deals together
- [Costanoa Ventures](https://shizune.co/investors/profile/costanoaventures) — VC Fund, 2 deals together
- [Exor Ventures](https://shizune.co/investors/profile/exor-seeds) — VC Fund, 2 deals together
- [EXOR N.V.](https://shizune.co/investors/profile/exor-s-p-a) — VC Fund, 2 deals together

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## FAQ

### What does QED invest in?

QED invests primarily in Financial Services, FinTech and Software startups, most often at Series B and Seed stage. Most of the 13 investments tracked by Shizune back companies in United States. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### When did QED last invest?

The most recent investment recorded for QED closed in Feb 2025. Shizune tracks 13 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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