Sourcery (11/15-11/19)
Heyday, Gemini, Anchorage, ConsenSys, OpenStore, Pigment, Settle, GlossGenius, Party Round, Trusted, Benchling, H1, Ribbon Health, EasyHealth, Nirvana, Faire, Grammarly, Conductor, ThoughtSpot, Goody
Last Week (11/15-11/19):
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 Heyday, Gemini, Upgrade, Anchorage, Podium, ConsenSys, OpenStore, Pigment, Settle, Steadily, GlossGenius, Party Round, Plentina, Trusted, Benchling, H1, HiMama, Ribbon Health, EasyHealth, Nirvana, Sierra Space, Lacework, Faire, Grammarly, GrubMarket, Mixpanel, Conductor, ThoughtSpot, Stytch, Daily Harvest, Zestu, Netomi, Writer, Monograph, Aimi, Fourthwall, Goody, Zuma, Coros, FBN, Gradiant, Kettle, Klir, Noissue, Hai; Casper, Knowable, Findaway, Threader, Revalize, Spanx, Nutrafol, VNDLY; Braze, Sweetgreen, UserTesting; Primeblock
Final numbers on Female Founded Funds at the bottom.
Deals
Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC
Fintech:
- Heyday, a San Francisco buyer of e-commerce businesses, raised $555 million in Series C funding. The Raine Group and Premji Invest co-led the round.
- Gemini, the crypto exchange from founders Tyler and Cameron Winklevoss, is looking to raise $400 million in funding that could value the firm at around $7 billion, Bloomberg reported citing sources. The Block reported on the potential $7 billion valuation in September.
- Upgrade, a San Francisco-based credit and mobile banking company, raised $280 million in Series F funding valuing it at $6 billion pre-money. Coatue Management and DST Global led the round and were joined by investors including Dragoneer Investment Group, Gopher Asset Management, G-Squared, Koch Disruptive Technologies, Old Well Partners, Ribbit Capital, Sands Capital, Ventura Capital, and Vy Capital.
- Anchorage, a San Francisco-based crypto trading and custody startup for institutions, is reportedly raising funds from investors led by KKR in a round that would value the company at $3 billion, The Information reported citing sources.
- Podium, a Lehi, Ut.-based communication and payments company for local businesses, raised $201 million in Series D funding. YC Continuity led the round and was joined by investors including Durable Capital Partners, Arpex Capital, Accel, Album VC, IVP, Sapphire Ventures, Summit Partners, and Sorenson Capital. This latest round values the company over $3 billion.
- ConsenSys, a New York City-based blockchain software technology provider, raised $200 million in funding at a $3.2 billion valuation. Investors included Marshall Wace, Third Point, ParaFi Capital, Think Investments, Dragonfly Capital, Electric Capital, Spartan Group, DeFiance Capital, Animoca Brands, Coinbase Ventures, and HSBC.
- Cloudwalk, a Brazilian payment tech company, raised $150 million in Series C funding. Coatue led the round valuing it at $2.2 billion.
- Airwallex, an Australia-based payments platform, raised $100 million in additional Series E funding to total $300 million. Lone Pine Capital led the round and was joined by investors including 1835i Ventures, the venture capital partner to ANZ, and Sequoia Capital China.
- OpenStore, a Miami-based startup that acquires Shopify businesses, raised $75 million in Series B funding. General Catalyst led the round and was joined by investors including Atomic, Founders Fund, and Khosla Ventures.
- Pigment, a Paris-based business planning and forecasting software maker, raised $73 million in Series B funding. Greenoaks led the round and was joined by investors including FirstMark Capital and Blossom Capital.
- Justt, a chargeback mitigation solution maker, raised $70 million across three tranches, including a Series B round led by Oak HC/FT and two rounds led by Zeev Ventures and F2 Venture Capital, respectively.
- Oxygen, a San Francisco-based banking startup focused on consumers and small businesses, is in talks to raise $70 million at a $500 million, per TechCrunch. Tribe Ventures is said to be in talks to lead the deal.
- Settle, a cashflow management startup, raised $60 million in Series B funding. Ribbit Capital led the round.
- EasySend, an Israel-based customer platform, raised $50.5 million in Series B funding. Oak HC/FT led the round and was joined by investors including Vertex IL, Intel Capital, and Hanaco Venture.
- 8fig, an Austin, Texas-based provider of financing and supply chain management tools for e-commerce sellers, raised $50 million in Series A funding. Investors included Battery Ventures, LocalGlobe, and Matt Robinson.
- Yieldstreet, a New York-based multi-asset alternative investment platform, raised $50 million led by Mayfair Equity Partners. www.yieldstreet.com
- StarkWare, an Israel-based Ethereum scaling solution provider, raised $50 million in Series C funding. Sequoia Capital led the round, valuing it at $2 billion
- Imprint, a New York City-based branded payments and rewards company, raised $38 million in Series A funding. Kleiner Perkins led the round and was joined by investors including Stripe.
- Aplazo, a Mexico City-based buy now, pay later company, raised $27 million in Series A funding. Oak HC/FT led the round and was joined by investors including Kaszek and Picus Capital.
- Steadily, an Austin-based landlord insurance company, raised about $27 million in Series A funding. Matrix Partners and Zigg Capital led the round and were joined by investors including Vesta Ventures, Peak State Ventures, Nine Four Ventures, and Next Coast Ventures.
- Intelligo, a New York City-based risk intelligence platform for investment due diligence, raised $22 million from Felicitas Global Partners.
- GlossGenius, a New York-based business solution for the beauty and wellness industry, raised $16.4 million in Series A funding. Bessemer Venture Partners led the round and was joined by investors including Tobias Lutke (co-founder & CEO of Shopify), Chris Comparato (co-founder & CEO of Toast), and Robert Murphy (co-founder of Mindbody).
- PayZen, a San Francisco-based fintech company tackling healthcare affordability, raised $15 million in Series A funding. SignalFire led the round and was joined by investors including Link Ventures and 7wireVentures.
- Party Round, an automated fundraising tool for founders, raised $7 million. Gradient Ventures and Andreessen Horowitz co-led, and were joined by Seven Seven Six, Abstract Ventures and Shrug Capital. http://axios.link/WmCT
- ALEX, a New York City-based DeFi platform on Bitcoin, raised $5.8 million. White Star Capital led the round and was joined by investors including Cultur3, GBIC, and OK Blockchain Capital.
- NFTfi, a South African company allowing users to post their NFTs as collateral, raised $5 million in seed funding. 1kx led the round and was joined by investors including Sound Ventures, Maven 11, Scalar Capital, and Kleiner Perkins.
- Nomod, a British payment acceptance platform for merchants, raised $3.4 million in seed funding at a $50 million valuation. Global Founders Capital led, and was joined by Kingsway Capital and Goodwater Capital. http://axios.link/F8PA
- Plentina, a Philippines-based buy now, pay later startup, raised $2.2 million. TMV led the round.
. . .
Care:
- ACELYRIN, a Los Angeles-based biopharma, raised $250 million in Series B funding. Investors included AyurMaya, Matrix Capital Management, Surveyor Capital (a Citadel company), and Westlake Village BioPartners.
- Trusted, a San Francisco-based labor marketplace for health care professionals, raised $149 million in Series C and Series B funding. Greenspring Associates led the $94 million Series C round; Craft Ventures and Felicis Ventures led the $55 million Series B round.
- Chroma Medicine, a Cambridge, Mass.-based genomic biotech firm, raised $125 million in Series A and seed funding. Cormorant Asset Management led the Series A and was joined by investors Casdin Capital, Janus Henderson Investors, Omega Funds, T. Rowe Price, and Wellington Management. Atlas Venture and Newpath Partners seeded the company with participation from Sofinnova Partners.
- Benchling, a San Francisco-based biotech R&D cloud software provider, raised $100 million in Series F funding at a $6.1 billion valuation. Franklin Templeton and Altimeter Capital led the round and were joined by new investors Tiger Global and Lone Pine Capital.
- H1, a New York City-based healthcare network, raised $100 million in Series C funding. Altimeter Capital led the round.
- Gravitiq, a London-based health care brand aggregator, raised $55 million in seed funding. Investors included CoVenture and Crossbeam Venture Partners.
- HiMama, a Toronto-based software provider for childcare centers, raised C$70 million ($55 million) in Series B funding. Bain Capital led the round and was joined by existing investors Round13 Capital and BDC Capital.
- aptihealth, a Boston-based behavioral health company, raised $50 million in Series B funding. Investors included Takeda Digital Ventures, Pivotal Life Sciences, Vista Credit Partners, Olive Tree Ventures, Claritas Capital, and What If Ventures.
- Ribbon Health, a New York City-based API data healthcare company, raised $43.5 million in Series B funding. General Catalyst led the round and was joined by investors including Andreessen Horowitz, BoxGroup, Rock Health, and Sachin Jain.
- EasyHealth, a Beverly Hills, Calif.-based online health care enrollment platform, raised $35 million in Series A equity funding, as reported by TechCrunch. Anthemis Group and QED Investors led the round and were joined by investors Victory Park Capital, Nationwide Ventures, Healthy Ventures, Brewer Lane and Operator Partners.
- PathologyWatch, a Salt Lake City-based digital lab and pathology platform for dermatologists, raised $25 million in Series B funding. Investors included Ceros Capital Markets, Rock Creek Capital, Springtide Capital, Spark Growth Ventures, Blueprint Health, and Blackbrook Management Group.
- Marani Health, a Minneapolis-based digital prenatal and postpartum care company, raised $7.6 million in seed funding . Investors included OneAlphaNorth Capital.
- Nirvana, a New York City-based mental healthcare payments company, raised $7.5 million. Inspired Capital led the round and was joined by investors including Eniac Ventures, RTP Seed, and Arc Ventures.
. . .
Future of Work:
- Sierra Space, a Louisville, Colo.-based commercial space company, raised $1.4 billion in Series A funding at a $4.5 billion valuation. General Atlantic, Coatue, and Moore Strategic Ventures led the round and were joined by investors BlackRock and AE Industrial Partners.
- Lacework, a San Jose, Calif.-based cloud security platform, raised $1.3 billion in Series D funding at a $8.3 billion valuation. Sutter Hill Ventures, Altimeter Capital, D1 Capital Partners, and Tiger Global Management led the round and were joined by investors including Counterpoint Global (Morgan Stanley), Durable Capital, Franklin Templeton, General Catalyst, XN, Coatue, Dragoneer, Liberty Global Ventures, and Snowflake Ventures.
- Formstack, a Fishers, Ind.-based workplace productivity platform, raised $425 million in funding led by Silversmith Capital Partners and PSG.
- Faire, a San Francisco-based online wholesale marketplace, raised $400 millionin Series G funding. Durable Capital Partners led the round and was joined by investors including D1 Capital Partners and Dragoneer Investment Group. It values the company at $12.4 billion.
- Grammarly, a San Francisco-based AI-based editing and grammar tool for writing, raised $200 million in funding at a $13 billion valuation from investors including Baillie Gifford and accounts managed by BlackRock.
- GrubMarket, a San Francisco-based food tech company, raised $200 million in Series E funding. Tiger Global Management led the round and were joined by investors including BlackRock, Liberty Street Funds, Apeira Capital, Japan Post Capital, Celtic House Asia Partners, We Capital, and Walleye Capital valuing it over $1.2 billion.
- Mixpanel, a San Francisco and Boston-based provider of product analytics, raised $200 million in Series C funding. Bain Capital Tech Opportunities led the round valuing it at $1.1 billion.
- Conductor, a New York-based SEO and enterprise marketing company that bought itself back from WeWork in 2019, raised $150 million from Bregal Sagemount. This is an ad-tech phoenix rising from the ashes of WeWork's fire sales. It's also a strong return for Conductor employees, all of whom received equity via the buyback. The funding is split around 50/50 between primary and secondary shares, at a post-money valuation of around $525 million. WeWork paid $114 million in 2018 to buy Conductor, which was co-founded by a college classmate of Adam Neumann, but sold it for just $3.5 million in proceeds.
- Netlify, a San Francisco-based maker of a way to build, deploy, and scale web applications, raised $105 million in funding valuing it at $2 billion. Bessemer Venture Partners led the Series D round and was joined by investors including Andreessen Horowitz, BOND, EQT Ventures, Kleiner Perkins, Mango Capital, and Menlo Ventures.
- PLACE, a Bellingham, Wash.-based tech maker for real estate agents, raised $100 million in Series A funding. Goldman Sachs Asset Management led the round and was joined by investors including 3L Capital for a valuation of more than $1 billion.
- Kandji, a San Diego-based security and management platform for Apple devices, raised $100 million in Series C funding. Tiger Global led the round and was joined by investors including Definition, Frontline Ventures, First Round Capital, Greycroft, Felicis Ventures, The Spruce House Partnership, B Capital Group, SVB Capital, and Okta Ventures.
- ThoughtSpot, a Palo Alto, Calif.-based business intelligence and analytics company, raised $100 million in Series F funding at a $4.2 billion valuation. March Capital led the round and was joined by existing investors including Lightspeed Ventures, Snowflake, Khosla Ventures, Fidelity, Capital One Ventures, General Catalyst, and Sapphire Ventures.
- Stytch, an S.F.-based passwordless authentication startup, raised $90 million in Series B funding at a valuation north of $1 billion. Coatue led, and was joined by Benchmark, Thrive Capital and Index Ventures. http://axios.link/GbYs
- Daily Harvest, a New York City-based frozen food startup, raised $77 million in Series D funding, valuing the company at over $1 billion. Lone Pine Capital led the round.
- nTopology, a New York City-based engineering design software provider, raised $65 million in Series D funding. Tiger Global led the round and was joined by investors Oldslip Group, Root Ventures, Canaan Partners, Haystack, and Insight Partners.
- Monarch, a San Francisco Bay area-based autonomous tractor company, raised $61 million in Series B funding. Astanor Ventures led the round and were joined by investors including CNH Industrial, At One Ventures, and Trimble Ventures.
- Alluxio, a San Mateo, Calif.-based open source data orchestration software company, raised $50 million in Series C funding. Investors included a16z, Seven Seas Partners, and Volcanics Ventures.
- Comet, a New York City-based enterprise machine learning platform provider, raised $50 million in Series B funding. OpenView led the round and was joined by existing investors Scale Venture Partners, Trilogy Equity Partners, and Two Sigma Ventures.
- Vivenu, a German-based ticketing platform for organizers and venues, raised $50 million in Series B funding. Investors including Activant Capital led the round and were joined by investors including Balderton Capital, Aurum Fund, and Redalpine Venture Partners.
- PlanetScale, a Mountain View-based serverless database startup, raised $50 million in Series C funding. Kleiner Perkins led, and was joined by insiders Andreessen Horowitz, SignalFire and Insight Partners. http://axios.link/5Hhs
- Netography, an Annapolis, Md.-based security company, raised $45 million in Series A funding. Bessemer Venture Partners and SYN Ventures led the round and was joined by investors including Andreessen Horowitz, Mango Capital, Harpoon Ventures, and Wing Venture Capital.
- Ometria, a London-based marketing platform, raised $40 million in Series C funding. InfraVia Growth led the round and was joined by investors including Octopus Ventures, Sonae IM, Summit Action, Adjuvo, and Columbia Lake Partners.
- Hightouch, a San Francisco-based customer data software company, raised $40 million in Series B funding valuing it at $450 million. ICONIQ Growth led the round and was joined by investors including Amplify, Bain, YC, and Afore.
- Laminar, an Israel-based public cloud security company, raised $32 million in Series A funding. Insight Partners led the round and was joined by investors including SentinelOne (NYSE: S), TLV Partners, and Meron Capital.
- Zesty, an Israel-based cloud management company, raised $35 million in Series A funding. Next47 led the round and was joined by investors including Sapphire Ventures and Samsung Next.
- Netomi, a San Mateo, Calif.-based customer service AI platform, raised $30 million in Series B fund. WndrCo led the round and was joined by existing investors Eldridge and Fin Venture Capital.
- Habu, a San Francisco and Boston-based data cleaning software company, raised $25 million in Series B funding. Wing Venture Capital led the round and was joined by investors including Snowflake Ventures, super{set}, Norwest Venture Partners, and Ridge Ventures.
- Intelligo, a New York City-based risk intelligence platform for investment due diligence, raised $22 million from Felicitas Global Partners.
- Writer, a San Francisco-based A.I. writing assistant, raised $21 million in Series A funding. Insight Partners led the round.
- Monograph, an S.F.-based project management software for architects, raised $20 million in Series B funding. Tiger Global led, and was joined by Tishman Speyer and insiders Index Ventures and Homebrew Ventures. http://axios.link/NqhV
- Aimi, an Austin, Texas-based streaming music app, raised $20 million in Series B funding. Great Mountain Partners led, and was joined by Founders Fund. www.aimi.fm
- Fourthwall, an L.A.-based creator commerce platform, raised $17 million from Lightspeed Venture Partners, Initialized Capital and Seven Seven Six. http://axios.link/S0XD
- TruePlan, an SF-based “headcount management” platform, raised $17 million in Series A funding led by General Catalyst. http://axios.link/bb8N
- Cortex, an S.F.-based system of record for engineering, raised $15 million in Series A funding co-led by Tiger Global and Sequoia Capital. www.cortex.io
- Goody, a Miami-based maker of a personalized corporate and consumer gifting app, raised $15 million in funding. SoftBank through its Latin America Fund led the round.
- PreAct Technologies, a Portland-based vehicle sensing tech maker, raised $13 million in Series A funding. State Farm Ventures led the round and was joined by investors including Elev8.VC, Gotham Partners, Traylor Capital, and Stargazer Ventures.
- Cognixion, a Santa Barbara, Calif.-based a smart home control startup, raised $12 million in seed funding. Prime Movers Lab led the round with co-investors Northwell Health, Amazon Alexa Fund, and Volta Circle.
- Hydrosat, a Washington D.C.-based geospatial data and analytics company, raised $10 million in seed funding. OTB Ventures led the round.
- Logik.io, a Chicago-based sales software startup, raised $10 million in seed funding. High Alpha led, and was joined by Salesforce Ventures. http://axios.link/1lEz
- Zuma, an SF-based apartment leasing platform, raised $6.7 million in seed funding led by Andreessen Horowitz. http://axios.link/FUdQ
- Coros, a Mountain View-based provider of e-commerce supply chain visibility solutions, raised $6.1 million. Dynamo Ventures led, and was joined by Susa Ventures, Greenhawk Capital, Fontinalis Partners and Engage VC. www.coros.net
- Mimica, a London-based automator of Robotic Process Automation, raised $6 million in Series A funding. Khosla Ventures led the round.
- Centered, a San Francisco-based productivity app, raised $3.9 million. Uncork Capital and Yes.vc led the round.
- Racket, a Los Angeles-based social audio app, raised $3 million in pre-seed funding. Investors include Greycroft, Foundation Capital, LightShed Ventures, Active Capital, Loup Ventures and Tribe Capital.
- Walkie-Talkie, an S.F.-based social audio network, raised $3.25 million. Heroic Ventures led, and was joined by TI Platform Ventures, LDV Partners, Partech, Diaspora Ventures, Breega and Kima Ventures. www.walkie-talkie.io
- SageSpot, a New York-based social platform for creators, raised $3 million in seed funding led by Khosla Ventures. www.sagespot.com
. . .
Sustainability:
- Farmers Business Network, a San Carlos, Calif.-based agriculture technology platform, raised $300 million in Series G funding at a $3.9 billion valuation. Fidelity led the round and was joined by investors Archer Daniels Midland, LN Mittal Family Office, Colle Capital Partners, Walleye Capital, and Tudor Investment Corporation.
- Gradiant, a Boston-based provider of water treatment solutions, raised over $100 million in Series C funding co-led by Warburg Pincus and Schlumberger New Energy. www.gradiant.com
- Zoomo, a New York City-based electric last mile delivery vehicle maker, raised $60 million. Grok Ventures led the round.
- Kettle, a Kensington, Calif.-based climate change impact insurer, raised $25 million in Series A funding. Acew Capital led, and was joined by Homebrew, True Ventures, Anthemis, Valor, DCVC and LowerCarbon Capital. http://axios.link/pvR9
- Klir, a Reno, Nev.-based water management platform, raised $16 million in Series A funding. Insight Partners led, and was joined by Bowery Capital, Spider Capital, and SaaS Ventures. http://axios.link/oPwq
- Mangrove Lithium, a Canada-based lithium refining company, raised $10 million in Series A funding. Breakthrough Energy Ventures led the round and was joined by investors including BDC Capital’s Cleantech Practice.
- Noissue, a New Zealand-based sustainable packaging company, raised $10 million in Series A funding. Felix Capital led the round.
- Circonus, a Malvern, Pa.-based infrastructure monitoring and analytics company, raised $10 million in Series B funding. Baird Capital led the round.
- Plastomics, a St. Louis-based developer of tech for higher-yielding crops, raised $7.1 million in Series A funding. Lewis & Clark AgriFood led the round.
- Hai, an LA-based maker of smart showerheads, raised $6 million in seed funding from backers like Trousdale Ventures and Dreamers VC. www.gethai.com
- Brimstone Energy, an Oakland, Calif.-based company developing zero-carbon cement, raised $5.1 million. DCVC and Breakthrough Energy Ventures led the round.
Acquisitions & PE:
- Durational Capital Management agreed to buy Casper Sleep (NYSE: CSPR) just two years after the mattress maker's IPO, for $286 million, or $6.90 per share (94% premium to Friday's closing price). http://axios.link/aPFD
- Medium acquired Knowable, an L.A.-based audio learning platform that had raised $12.5 million from Andreessen Horowitz, Upfront Ventures, Initialized Capital, First Round Capital, Mucker Capital and CLF Partners. http://axios.link/Kre4
- Spotify (NYSE: SPOT) bought Solon, Ohio-based digital audiobook distributor Findaway. http://axios.link/Lkfi
- Altus Group (TSX: AIF) acquired Reonomy, a New York-based data platform for the commercial real estate market, for US$201.5 million. Reonomy had raised over $150 million from backers like Bain Capital Ventures, SoftBank, Georgian Partners, Primary Venture Partners and Sapphire Ventures. www.reonomy.com
- Uber Freight, a unit of Uber (NYSE: UBER), completed its $2.25 billion cash purchase of Transplace, a Frisco, Texas-based transportation logistics and supply chain management company, from TPG Capital. www.transplace.com
- Rocket Lab (Nasdaq: RKLB) agreed to buy Planetary Systems Corp., a Silver Spring, Md.-based maker of spacecraft separation systems, for around $67 million in cash and stock. http://axios.link/JKTH
- Twitter (NYSE: TWTR) agreed to buy Threader, an app for compiling and sharing tweet threads. http://axios.link/jEhs
- Hg invested in Revalize, a Jacksonville, Fla.-based revenue operations software developer for manufacturers backed by TA Associates. Financial terms weren’t disclosed.
- The Blackstone Group closed its $1.2 billion buyout of shapewear maker Spanx, and said that co-investors included Oprah Winfrey, Reese Witherspoon and Bumble’s Whitney Wolfe Herd.
- nCino (Nasdaq: NCNO) acquired SimpleNexus, a Lehi, Utah-based provider of digital homeownership software, for $1.2 billion in cash and stock. SimpleNexus had raised over $120 million from Insight Partners and TVC Capital. www.simplenexus.com
- Nutrafol, a New York-based hair supplements maker backed by L Catterton and Unilver, is seeking to raise up to $1 billion in a sale, per Bloomberg. http://axios.link/1ZcQ
- Workday (NASDAQ: WDAY) announced that it will acquire VNDLY, a Mason, Ohio-based provider of workforce management software, for $510 million.
. . .
IPOs:
- Milk Makeup and skincare company Obagi agreed to merge and go public at an implied $1.2 billion valuation via Waldencast Acquisition Corp. (Nasdaq: WALD). http://axios.link/Mlfo
- Braze, a New York-based customer engagement platform, raised $520 million in its IPO. It priced at $65 (above $55-$60 range), for a $5.87 billion market value, will list on the Nasdaq (BRZE) and reports a $26 million net loss on $104 million in revenue for the first half of 2021. It raised $177 million from firms like Battery Ventures, Iconiq, InterWest Partners, Blumberg Capital and Meritech Capital Partners. http://axios.link/xYni
- UserTesting, an S.F.-based provider of usability testing SaaS, raised $140 million in its IPO. It priced 10 million shares at $14, versus plans to offer 14.2 million at $15-$17, for a $1.99 billion market cap. The company will list on the NYSE (USER) and reports a $24 million net loss on $66 million in revenue for the first half of 2021. Shareholders include Accel (23% pre-IPO stake), Greenspring (19.2%), Insight Partners (17.3%) and OpenView Venture Partners (7.1%). http://axios.link/IdUU
- SweetGreen, a fast casual salad restaurant chain, raised $364 million in its IPO. The company priced 13 million shares at $28, versus plans to offer 12.5 million shares at $23-$25, for a $2.98 billion market value. It will list on the NYSE (SG) and had raised $670 million in VC funding from backers like Revolution, T. Rowe Price, Red Sea Ventures, Collaborative Fund, Signatures Capital, Scott Belsky, Danny Meyer and Daniel Boulud. The company previously updated its IPO prospectus to acknowledge past misstatements about profitability.
- Sweetgreen was valued at $5.5 billion when it began trading as a public company yesterday, as its $28 per share IPO price popped to $52 at the open. The salad restaurant chain's stock finished the day at $49.50. http://axios.link/KTxf
- Chobani, a Norwich, New York-based yogurt and food company, filed to raise up to $100 million in an IPO as a placeholder figure. The company posted $1.4 billion in net sales in the year ending Dec. 26, 2020 and reported a net loss of $58.7 million. The Healthcare of Ontario Pension Plan (Hoopp Capital Partners) backs the firm.
. . .
SPACs:
- PrimeBlock, a Bitcoin miner, is in advanced talks to go public at an implied $1.5 billion valuation via 10X Capital Venture Acquisition Corp II (Nasdaq: VCXA), per Bloomberg. http://axios.link/paQJ
Funds:
- General Atlantic raised $7.8 billion for its latest closed-end growth equity fund. http://axios.link/KXFv
- New Enterprise Associates is raising $3.7 billion for its 18th fund, per an SEC filing.
- Paradigm raised $2.5 billion in the largest crypto fund yet.
- Shrug Capital, a consumer products-focused VC firm, is raising $50 million for its fourth fund, per an SEC filing.
- Long Journey Ventures today will disclose that it raised $35 million for its first fund since Cyan Banister left Founders Fund to join firm founder Lee Jacobs in early 2020.
- Offline Ventures raised $100 million for its debut fund. The firm was launched last year by Dave Morin, Brit Morin, James Higa (ex-Apple) and Nate Bosshard (co-founder of Tonal).
Final Numbers
Source: CrunchBase News
2021 is set to be a record-breaking year for fundraising by women-founded VC firms, per CrunchBase.
Most of the increase is driven by funds of $100 million or more. Per CrunchBase: "Consistent with overall trends in venture capital, firms are raising larger funds with a shorter time horizon between fund raises."
The material presented on Molly O’Shea’s website are my opinions only and are provided for informational purposes and should not be construed as investment advice. It is not a recommendation of, or an offer to sell or solicitation of an offer to buy, any particular security, strategy, or investment product. Any analysis or discussion of investments, sectors or the market generally are based on current information, including from public sources, that I consider reliable, but I do not represent that any research or the information provided is accurate or complete, and it should not be relied on as such. My views and opinions expressed in any website content are current at the time of publication and are subject to change. Past performance is not indicative of future results.