Sourcery (10/18-10/22)
N26, FTX, Brex, Republic, Pismo, Candy Digital, Parallel, Primer, Worldcoin, Clyde, Sommelier, Verivend, Workit Health, Zero, Modern Age, Open, Insiteflow, Skyflow, Italic, SUPERPLASTIC, AirGarage...
Last Week (10/18-10/22):
Relevant deals include the 60+ deals across stages below.
I've categorized the deals below into four categories, Fintech, Care, Future of Work, and Sustainability, and ordered from later-stage rounds to early-stage rounds. Highlighted deals include N26, FTX, Brex, Republic, Pismo, Candy Digital, Parallel, Primer, Worldcoin, Clyde, Sommelier, Embed Clearing, B12, Pagos, Verivend, Workit Health, Zero, Modern Age, TripleBlind, Open, Insiteflow, Gorillas, Deal, VideoAmp, Rippling, JumpCloud, Flock Freight, Aura, 360Learning, Wonolo, Rossum, Electric, Honeycomb, Skyflow, Embrace, Italic, Cometeer, Spot AI, Scribe, SUPERPLASTIC, Hyperproof, Hex, Builder.io, AirGarage, Mage, Credo AI, RevOps, Socratic, Enpal, Saildrone, Allplants, Via Separations, CarbonCapture, Pledge; Spanx, Lemonaid Health, Wisely, Metagenics, Caper AI, Sphere, Natalist; Vita Coco, Enfusion, Xilio Therapeutics; WeWork, Equinox
Final numbers on Jobs & GDP Growth Supported by Commercial Internet and US IPOs at the bottom.
. . .
P.S. We’re looking for a Growth Intern here at Sourcery. If you’re interested please apply by this link !!! :)
Deals
Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC
Fintech:
- N26, a German challenger fintech bank, raised $900 million in Series E funding valuing it at $9 billion valuation. Third Point Ventures and Coatue Management led the round and were joined by investors including Dragoneer Investment Group.
- FTX, a Bahamas-based crypto exchange, raised $420.69 million in Series B-1 funding, valuing it at $25 billion. Investors included Ontario Teachers’ Pension Plan Board, via its Teachers’ Innovation Platform, Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, Lightspeed Venture Partners, and BlackRock.
- Brex, the San Francisco-based corporate credit card startup, raised $300 million valuing it at $12.3 billion, per TechCrunch. Greenoaks led the round.
- Republic, a New York City-based investing platform, raised $150 million in Series B funding. Valor Equity Partners led the round and was joined by investors including Galaxy Interactive, Motley Fool Ventures, HOF Capital, Tribe Capital, CoinFund, and Pillar VC.
- Endpoint, an El Segundo, Calif.-based digital title and settlement tech company focused on real estate agents, raised $150 million in funding from its parent company, First American Financial.
- Pismo, a banking and payments platform, raised $108 million million in Series B funding. SoftBank, Amazon, and Accel led the round and was joined by investors including B3, Falabella Ventures, PruVen, Headline, and Redpoint eventures.
- Candy Digital, a New York City-based digital collectible company, raised $100 million in Series A funding valuing it at $1.5 billion. Insight Partners and Softbank Vision Fund 2 led the round and was joined by investors including Connect Ventures, Will Ventures, Gaingels, Com2Us, and Athletes Syndicate in partnership with Chaos Ventures.
- Animoca Brands, an Australian company focused on digital property rights via NFTs and gaming, raised $65 million (approximately AUD $87.7 million) valuing it at $2.2 billion. Investors in the round include Liberty City Ventures, Ubisoft Entertainment, Sequoia China, Dragonfly Capital, Com2uS, Kingsway Capital, 10T, Token Bay Capital, Smile Group, Tess Ventures, MSA Capital, Octava Fund, Adit Ventures, Summer Capital, Sigitech Holdings, Black Anthem, Mirana, and Justin Sun.
- Parallel, an Ethereum-based NFT sci-fi card game, raised $50 million at $500 million in funding. Paradigm led the round and was joined by investors including YouTube co-founder Chad Hurley, Focus Labs, OSS Capital, and Yunt Capital.
- Primer, a U.K. payment infrastructure startup, raised $50 million in Series B funding valuing it at $425 million. ICONIQ Growth led the round and was joined by investors including Accel, Balderton Capital, Seedcamp, Speedinvest, and RTP Global.
- Element Finance, an open-source protocol for fixed and variable yield markets, raised $32 million in Series A funding. Polychain Capital led the round and was joined by investors including Andreessen Horowitz, Placeholder, A_Capital, and Scalar Capital.
- Worldcoin, an Ethereum-based cryptocurrency maker that scans eyeballs, raised $25 million in funding. Andreessen Horowitz led the round and was joined by investors including Coinbase, Reid Hoffman, Day One Ventures, Multicoin, FTX’s Sam Bankman-Fried and Variant’s Jesse Walden. It values the company at $1 billion.
- Clyde, a New York-based product lifecycle platform, raised $25 million in Series B funding led by Headline, with Vulcan, Spark Capital, Crosslink and others also participating. www.joinclyde.com
- Sommelier, a San Francisco-based maker of decentralized and automated DeFi portfolio manager software, raised $23 million in Series A funding. Polychain Capital led the round and was joined by investors including Alameda Ventures, Zola Ventures, Byzantine Ventures, Tendermint Ventures, Secure Ventures, D1 Ventures, and Ferngrove Ventures.
- UpEquity, an Austin-based mortgage company, raised $20 million in Series B funding. S3 Ventures led the round and was joined by investors including Next Coast Ventures, BP Capital Management, Alumni Ventures, Gaingels, Launchpad Capital, and Early Light Ventures.
- Embed Clearing, a clearing and custody broker, raised $20 million in Series A funding. Investors include The Treasury, GFC, Torch Capital, Trusted Insight, PruVen Capital, Fin VC, Bain Capital Ventures, and SWS Ventures.
- B12, a New York City-based startup focused on payments and digitization for smaller businesses, raised $15.7 million in funding. Tola Capital led the round and was joined by investors including Breyer Capital, General Catalyst, and Naval Ravikant.
- Pagos, a Newton, Calif.-based payment infrastructure startup, raised $10 million in seed funding. Investors include Underscore VC and Point72 Ventures.
- Volante Technologies, a New York City-based cloud payments and financial messaging company, raised $10 million in growth funding from Wells Fargo Strategic Capital.
- BondAval, a London-based insurtech start up focused on payment security, raised $7 million in seed funding. Octopus Ventures led the round.
- Synchron, an asset management protocol built on the Solana blockchain, raised $4.2 million. Investors included Sanctor Capital, Wintermute Trading, and GBV Capital.
- CollateralEdge, a Dallas-based lending mitigation fintech company, raised $3.5 million in seed funding. Perot Jain led the round and was joined by investors including Kneeland Youngblood (founding partners at Pharos Capital Group).
- Verivend, a Buffalo NY-based startup focused on business-to-business transactions raised $2.5M.
- REDIST, a New York City-based startup looking to make it easier for real estate developers to fix tax breaks, raised $1.9 million in seed funding. Investors included Hometeam Ventures, Park West, and New York Ventures.
. . .
Care:
- Workit Health, an Ann Arbor, Mich.-based virtual substance use disorder treatment company, raised $118 million. Insight Partners led the round and was joined by investors including CVS Health Ventures, FirstMark Capital, BCBS Venture Fund, and 3L Capital.
- Zerigo Health, a San Diego-based provider of an at-home psoriasis treatment, raised $43 million in Series B funding. 7wire Ventures led, and was joined by General Catalyst, Dragoneer, Cigna Ventures, Leverage Health Solutions, Leaps by Bayer and insiders SV Health Investors, H.I.G. Capital and Bluestem Capital. http://axios.link/phe4
- Modern Age, a Seattle-based aging wellness company, raised $27 million in Series A funding. Oak HC/FT led the round and was joined by investors including GV and Juxtapose.
- TripleBlind, a Kansas City, Mo.-based data sharing focused on privacy, raised $24 million in Series A funding. General Catalyst and Mayo Clinic led the round.
- Open, a Los Angeles-based mindfulness company, raised $9 million in Series A funding. Founders Fund and A.Capital Ventures led the round and was joined by investors including Susa Ventures and Aglaé Ventures.
- Overwatch Research, an Ireland-based preclinical research tech company, raised $3.5 million in seed funding. Frontline Ventures and SV Angel led the round.
- Insiteflow, an Austin-based electronic health record interoperability company, raised $2.3 million. Silverton Partners led the round and was joined by investors including Congress Ave Ventures, Alumni Ventures, and Service Provider Capital.
. . .
Future of Work:
- Gorillas, a Germany-founded grocery delivery company, raised nearly $1 billion in Series C funding. Delivery Hero led the round and was joined by investors including Coatue Management, DST Global, Tencent, Atlantic Food Labs, Fifth Wall, Greenoaks, A*, G Squared, Alanda Capital, Macquarie Capital, MSA Capital, and Thrive Capital.
- Deel, a San Francisco-based remote hiring company, raised $425 million in Series D funding, valuing the business at $5.5 billion. Coatue led the round and was joined by investors including Altimeter Capital, Andreessen Horowitz, the YC Continuity Fund, Spark Capital, Greenbay Ventures, and Neo.
- VideoAmp, a Los Angeles-based advertising media analytics company, raised $275 million at a $1.4 billion valuation. Investors included Spruce House Partnership, D1 Capital Partners, Tiger Global, EPIQ Capital Group, and Ankona Capital Partners.
- Rippling, a San Francisco-based employee management software company founded by Parker Conrad, raised $250 million. Sequoia Capital Global Equities and Global Growth led the round and were joined by investors including Greenoaks, Kleiner Perkins, Founders Fund, Initialized, YC, and Threshold Ventures.
- JumpCloud, a Louisville, Colo.-based small-to-midsize company directory, raised $225 million for its Series F. Sapphire Ventures led the round and was joined by investors including Atlassian Ventures, CrowdStrike Falcon Fund, NTT Docomo Ventures, STEADFAST Capital Ventures, Waterman Ventures, and OurCrowd. The company is now valued at $2.6 billion.
- Flock Freight, an Encinitas, Calif.-based freight shipping and truckload sharing company, raised $215 million in Series D funding. SoftBank Vision Fund 2 led the round and was joined by investors including Susquehanna Private Equity Investments, Eden Global Partners, SignalFire, GLP Capital Partners, and GV.
- Aura, a Burlington, Mass.based consumer digital security company, raised $200 million in Series F funding. It values the company at $2.5 billion. Madrone Capital Partners led the round and was joined by investors including TenEleven Ventures, General Catalyst, WndrCo, Warburg Pincus, and Accel.
- 360Learning, a corporate learning company, raised $200 million in funding. Investors include Sumeru, SoftBank’s Vision Fund 2, and Silver Lake Waterman.
- Wonolo, a San Francisco-based gig-worker staffing company, filed to raise $138 million in growth funding. Leeds Illuminate led the round and was joined by investors including 137 Ventures, G2 Venture Partner, and Franklin Templeton.
- Rossum, a London-based document automation company, raised $100 million. General Catalyst led the Series A round and was joined by investors including LocalGlobe, Seedcamp, Miton, and Elad Gil.
- Electric, a New York City-based maker of IT technology for small and medium-sized businesses, raised $90 million in Series D funding valuing it at $810 million. GGV led the round and was joined by investors including Bessemer Venture Partners, Primary Venture Partners, Greenspring Associates, 01 Advisors, Atreides Management, Vintage Investment Partners, and Slack.
- Honeycomb, a San Francisco-based engineering observability platform, raised $50 million in Series C funding. Insight Partners led the round and was joined by investors including Scale Venture Partners, Headline (formerly e.ventures), Storm Ventures, Industry Ventures, and NextWorld Capital.
- Skyflow, a Palo Alto, Calif.-based customer data privacy company, raised $45 million in Series B funding. Insight Partners led the round.
- Embrace, a Culver City, Calif.-based observability and data platform, raised $45 million in Series B funding. NEA led, and was joined by insiders AV8, Greycroft and Eniac Ventures. http://axios.link/Lqu1
- GO, a Philadelphia-based car subscription startup, raised $41 million. Synterra Capital Management led the round.
- SkyHive, a Palo Alto, Calif.-based reskilling software company, raised $40 million in Series B funding. Eldridge led the round and was joined by investors including Allegis Cyber, Accenture Ventures, Workday Ventures, and the Partnership Fund For New York City.
- Italic, a Los Angeles-based marketplace connecting consumers with products from manufacturers, raised $37 million in funding. Canaan Partners led the round and was joined by investors including Dylan Field (Figma CEO), Rachel Drori (Daily Harvest CEO), Kevin Huvane (CAA Managing Director), Hugo Barra (Facebook Oculus VP), Lydia Jett (Softbank Partner), and Jason Finger (Seamless Founder).
- Cometeer, a Gloucester, Mass.-based coffee company, raised $35 million in Series B funding . Investors include D1 Capital, Elephant, Tao Capital, Addition Ventures, Avenir, Greycroft Partners, and TQ Ventures.
- vFunction, a Palo Alto, Calif.-based cloud migration startup, raised $26 million in Series A funding. Zeev Ventures and Hewlett Packard Enterprise led the round and was joined by investors including Engineering Capital, Primera Capital, and Shasta Ventures.
- Spot AI, a Burlingame, Calif.-based maker of A.I. to search video footage, raised $22 million in funding: $20 million in Series A led by Redpoint Ventures and a $2 million seed round from investors including Village Global and Stanford StartX.
- Scribe, a San Francisco-based screen-recording and guide-making tool maker, raised $22 million in Series A and $8 million in seed. Tiger Global Management led the Series A with participation from Amplify Partners, Haystack Ventures, XYZ Ventures, Jerry Yang’s AME Cloud Ventures, Morado Ventures, and SEV.
- SUPERPLASTIC, a Burlinton, Vt.-based maker of animated celebrities and vinyl toys, raised $20 million in Series A funding. Investors include Google Ventures, Index Ventures, Founders Fund, Craft Ventures, Galaxy Digital, Mantis VC/The Chainsmokers, Kakao, LINE Friends, Austin Rosen/Electric Feel Entertainment, Day One Ventures, and Betaworks.
- CoLab Software, a Canadian collaboration software maker for mechanical engineering teams, raised $17 million in Series A funding. Insight Partners led the round.
- Hyperproof, a Bellevue, Wash.-based compliance software provider, raised $16.5 million in Series A funding led by Toba Capital. http://axios.link/JOna
- Hex Technologies, a San Francisco-based data management software startup, raised $16 million in Series A funding led by Redpoint Ventures, with Amplify Partners, Data Community Fund, Geometry, Operator Collective, Tokyo Black, Vandelay Ventures, XYZ Venture Capital and others also participating. www.hex.tech
- Hofy, a U.K.-based physical equipment tracking website for companies, raised $15.2 million in funding from Stride.VC, Kindred Capital, Activum SG Ventures, TrueSight Ventures, 20 VC, and Day One Ventures.
- Query.AI, a Brookings, S.D.-based security investigations startup, raised $15 million in Series A funding. SYN Ventures led the round and was joined by investors including ClearSky Security and South Dakota Equity Partners.
- Builder.io, a San Francisco-based e-commerce software startup, raised $14 million led by Greylock, with Imaginary Ventures and others also participating. http://axios.link/dhpD
- AirGarage, a parking software company, raised $12.5 million in Series A funding. A16z led the round and was joined by investors including Floodgate, Founders Fund, and Abstract Ventures.
- Wakeo, a Paris-based overseas transport tracking company, raised $11 million in Series A funding. 360 Capital and Promus Ventures.
- The Dyrt, a Portland, Ore.-based camping app maker, raised $11 million in Series B funding. Realization Capital Partners led the round.
- SOC Prime, a Boston-based threat detection company, raised $11 million in Series A funding led by DNX Ventures. Investors also include Streamlined Ventures and Rembrandt Venture Partners.
- interviewing.io, a San Francisco-based interview practice platform, raised a $10 million Series A led by M13.
- Crossing Minds, a San Francisco-based maker of a recommendation engine, raised $10 million in Series A funding. Radical Ventures led the round and was joined by investors including Index Ventures, Partech, and Lerer Hippeau.
- Toolio, a New York City-based supply chain startup, raised $8 million ini Series A funding. Jump Capital led the round and was joined by investors including Rho Capital’s Ignition Fund, Founder Collective, Notation Capital, and Max Ventures.
- Wander.com, an Austin-based smart-home booking company, raised $7 million in funding from investors including Redpoint Ventures.
- RodRadar, an Israeli-based startup developing sensors for avoiding damages to underground utilities,raised $6 Million in Series A funding. Brick & Mortar Ventures led the round.
- Mage, a Santa Clara, Callif.-based product development collaboration tech maker, raised $6.3 million in seed funding. Gradient Ventures led the round and was joined by investors including Neo and Designer Fund.
- Seafair, a New York City-based ship and crew-matching startup, raised $5.7 million. General Catalyst led the round and was joined by investors including FirstMinute Capital, Signal Ventures, TA Ventures, SV Angel, SpeedInvest, and FJ Labs.
- Credo AI, a San Francisco-based governance platform, raised $5.5 million from Decibel, AI FUND, and Village Global.
- RevOps, a San Francisco-based workflow software startup, raised $5 million in additional seed funding. Investors included Caffeinated Capital, Coatue Management and Gradient Ventures.
- Socratic, a New York City-based task management system startup, raised $3 million in seed funding. Investors included Unusual Ventures and Overtime.vc.
- Greywing, a Singapore-based ship operations tech company, raised $2.5 million in seed funding. Investors include Flexport, Transmedia Capital, Signal Ventures, Motion Ventures, Rebel Ventures, Y Combinator, and Entrepreneur First.
. . .
Sustainability:
- Enpal, a Berlin-based A.I. solar startup, raised €150 million ($174 million). SoftBank Vision Fund 2 led the round.
- Sunfire, a Lonon-based industrial electrolyzer maker, raised €109 million ($125 million) in Series D funding. Investors included Lightrock and Planet First Partner.
- Saildrone, an Alameda, Calif.-based ocean data, ocean mapping, and maritime intelligence company, raised $100 million in Series C funding. BOND led the round and was joined by investors including XN, Standard Investments, Emerson Collective, and Crowley Maritime Corporation.
- Jupiter Intelligence, a San Mateo, Calif.-based climate risk analytics company, raised $54 million in Series C funding co-led by ClearVision Ventures and MPower Partners, per Axios. http://axios.link/3KHs
- Allplants, a U.K.-based vegan meals startup, raised £38 million ($52M) in Series B funding led by Draper Esprit, with The Craftory, TriplePoint Capital, Chris Smalling, Kieran Gibbs, Cassandra Stavrou MBE and Felix Capital also participating. http://axios.link/25hC
- Via Separations, an MIT spinout focused on reducing energy use in manufacturing, raised $38 million in Series B funding. NGP ETP led, and was joined by 2040 Foundation and insiders The Engine, Safar Partners, Prime Impact Fund, Embark Ventures and Massachusetts Clean Energy Center. http://axios.link/AZ9v
- CarbonCapture, a Pasadena, Calif.-based maker of machines that remove carbon from the atmosphere, raised $35 million in Series A funding. Prime Movers Lab led, and was joined by Rio Tinto, Idealab and Time Ventures. http://axios.link/Rzhu
- Our Next Energy, a Michigan-based EV battery startup, raised $25 million in Series A funding. Investors include Breakthrough Energy Ventures, Assembly Ventures, BMW i Ventures (German automaker BMW’s venture fund), Flex, and Volta Energy Technologies.
- H3 Dynamics Holdings, an aerial decarbonization company, raised $26 million in Series B funding. Japan’s Mirai Creation Fund led the round and was joined by investors including SPARX Asset Management and Sumitomo Mitsui Banking.
- Pledge, a carbon measurement and removal API, raised $4.5 million in seed funding. Visionaries Club led, and was joined by Lowercarbon Capital and Zinal Growth. http://axios.link/S1ix
Acquisitions & PE:
- Blackstone agreed to take a majority stake in Spanx, an Atlanta-based women’s shapewear clothing maker, in a deal valuing it at $1.2 billion. Spanx also committed to an all-female board.
- 23andMe (Nasdaq: ME) agreed to buy Lemonaid Health, a San Francisco-based online-demand platform for accessing online healthcare, for $400 million in cash and stock. Lemonaid had raised $58 million from firms like OTV, Hikma Ventures, Novartis, Correlation Ventures, Civilization Ventures, Artis Ventures, Health Velocity Capital, Flight Ventures, Prefix Capital and Sierra Ventures. http://axios.link/I4ss
- Ally Financial (NYSE: ALLY) agreed to buy Wilmington, Del.-based credit card company Fair Square Financial for $750 million in cash. Sellers include Pine Brook, Pantheon International and Orogen Group. http://axios.link/GGKZ
- Olo (NYSE: OLO) agreed to buy Wisely, an Ann Arbor, Mich.-based restaurant customer intelligence and engagement platform, for $187 million. http://axios.link/fW97
- Gryphon Investors signed a definitive agreement to acquire Metagenics, a nutritional supplement company, from Alticor. Financial terms weren't disclosed.
- Aristocrat Leisure will acquire Playtech, a British gambling software maker, for about 2.1 billion pounds ($2.9 billion).
- Nike, Epic Games, and Redbird Capital Partners will acquire a minority stake in The SpringHill Company, the consumer and entertainment business by LeBron James and his business partner Maverick Carter, in a deal valuing it at $725 million.
- Hertz Global, the rental company that exited bankruptcy in June, is now planning to list its shares on Nasdaq.
- SonderMind acquired Qntfy, an Arlington, Va.-based predictive analytics company. Financial terms weren't disclosed.
- Vonage (Nasdaq: VG) acquired Jumper.ai, a Singapore-based conversational commerce company. Financial terms weren't disclosed.
- Instacart acquired Caper AI, a New York-based maker of smart carts and checkout systems, for $350 million in cash and stock. http://axios.link/1hhv
- Appspace acquired Beezy, a San Francisco and Spain-based IT startup. www.beezy.net
- Twitter (NYSE: TWTR) acquired Sphere, a London-based groups chat app that had raised around $30 million from firms like Index Ventures and LocalGlobe. http://axios.link/siAC
- Everly Health acquired Natalist, a Charleston, S.C.-based women’s health company backed by the likes of Cowboy Ventures and Collaborative Fund. Financial terms weren't disclosed, though Natalist was reportedly last valued at $2.9 billion.
- Oak Street Health (NYSE: OSH) acquired RubiconMD, a health tech company. Financial terms weren't disclosed.
- Revolut acqui-hired Wanted, a French talent sourcing marketplace. Financial terms weren't disclosed.
. . .
IPOs:
- The Vita Coco Company, a New York City-based coconut water company, raised $173 million in an offering of 11.5 million shares (78% sold by insiders) priced at $15 per share—it had previously planned to price shares at up to $21. The company reported $311 million in net sales in 2020 and $33 million in net income. Verlinvest and Reignwood Group back the firm.
- Enfusion, a Chicago-based provider of investment management SaaS, raised $319 million in its IPO. It priced at the high end of its $15-$17 range, will trade on the NYSE (ENFN) and reports $8 million of net income on $51 million in revenue for the first half of 2021. Backers include FTV Capital and Iconiq. http://axios.link/f6FQ
- Xilio Therapeutics, a Waltham, Mass.-based cancer treatment company, raised $118 million in an offering of 7.4 million shares priced at $16 per share. The company reported a net loss of $55 million in 2020 and has yet to generate revenue. Atlas Ventures, F-Prime Capital, Bain Capital Life Sciences, and Deerfield Management back the firm.
- The e-commerce business of Saks Fifth Avenue, a New York City-based luxury retailer, may go public as soon as the first half of 2022, per the Wall Street Journal. An IPO could value the unit at around $6 billion.
- Expensify, a Portland, Ore.-based expense management software platform, filed for an IPO. The company reported $88 million in revenue in 2020 and a net loss of $1.7 million. Hillsven Capital, OpenView Venture Partners, and PJC back the firm.
- Rent the Runway, a Brooklyn-based clothing rental company, plans to raise up to $315 million in an offering of 15 million shares priced between $18 and $21 per share. The company posted $158 million in revenue in the 12 months ending in Jan. and a loss of $171 million. Bain Capital Ventures, Highland Capital, Technology Crossover Ventures, and Ares Management back the firm.
- Weave Communications, a Lehi, Ut.-based customer communications and engagement software platform, filed for an IPO. The company posted $80 million in revenue in 2020 and reported a net loss of $40 million. Bessemer Venture Partners, Tiger Global, Catalyst Investors, Pelion Venture Partners, and Crosslink Capital back the firm.
- AutoStore, a Norwegian warehouse robotics company, raised $123 million from an offering in Oslo, and insiders sold $697 million of shares, per Reuters. The firm is now valued at $12.4 billion—making it Norway’s most valuable listing in 20 years. Thomas H. Lee Partners, SoftBank Group, and EQT own the firm.
- Udemy, a San Francisco, Calif.-based education platform, plans to raise up to $421 million in an offering of 14.5 million shares priced between $27 and $29 per share. The company posted $430 million in revenue in 2020 and a net loss of $78 million. Insight Venture Partners, Prosus, Norwest Venture Partners, and Stripes Group back the firm.
- AirSculpt Technologies, a Miami Beach, Fla.-based body contouring company, plans to raise up to $170 million in an offering of 10 million shares priced between $15 and $17 per share. The company posted $63 million in revenue in 2020 and reported net income of $8 million. Vesey Street Capital Partners backs the firm.
- Stronghold Digital Mining, a Kennerdell, Pa.-based eco-friendly Bitcoin mining company, raised $127 million in an offering of 6.7 million shares priced at $19 per share—it had previously planned to price shares at up to $18. The company generated $4.1 million in total operating revenue in 2020 and reported a net loss of $145,000.
- Mynaric, a German aerospace laser communication technology company, filed for an IPO in the U.S. The company posted $789,000 in revenue in 2020 and reported a net loss of $23,000. Apeiron Investment Group backs the firm.
- Scientific Games, a Las Vegas-based slot machine maker, is planning to raise about $3 billion by taking its global lotteries business public in Australia, according to Bloomberg. An IPO could value the unit at around $10 billion, per Reuters.
. . .
SPACs:
- Symbotic, a robotics supplier backed by Walmart, is in talks to merge with a blank-check company from SoftBank, per Sky News. A deal could value it at $4.5 billion.
- WeWork, a New York City-based coworking space, will list on the New York Stock Exchange today via its merger with BowX Acquisition Corp., a SPAC. The company’s first attempt at an IPO fell apart in 2019.
- Equinox, a New York City-based fitness company, is in talks to go public via a merger with Ares Acquisition Corp., a SPAC backed by Ares Management Corp., according to Bloomberg. The company’s plans to go public via another SPAC deal fell through earlier this year.
Funds:
- Drive by DraftKings, a Boston-based venture capital firm investing in sports tech and entertainment companies, raised $60 million for its first venture capital fund.
- UP.Partners, a Los Angeles-based mobility-tech venture investor, raised $230 million.
- Variant Fund, a crypto-focused fund, raised $110 million for its first fund and announced that Li Jin’s Atelier Ventures would merge with the firm.
- Galaxy Digital Asset Management, a New York City-based venture investor, raised $325 million for Galaxy Interactive.
- Patron has closed $90 million from Invesco, Horsley Bridge Partners, and VCs (including from Andreessen Horowitz, FirstMark Capital and Union Square Ventures), for "Web 3" startups. http://axios.link/YXkX
Final Numbers
Data: Interactive Advertising Bureau; Table: Axios Visuals
Data: PwC; Chart: Will Chase/Axios