Sourcery (11/16-11/20)
Forter, Addepar, Paddle, Trust & Will, Cardlesss, Northstar, Strava, Medable, Spring Health, K Health, Headway, Levels, Maude, GoStudent, Datarobot, Klaviyo, Heyday, Udemy, Verbit, Abnormal Security..
Last Week (11/16-11/20):
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 Forter, Addepar, Paddle, Trust & Will, Cardlesss, Northstar, Strava, Medable, Spring Health, K Health, Headway, Levels, Maude, GoStudent, Datarobot, Klaviyo, Heyday, Udemy, Verbit, Abnormal Security, Harbr, Cogito, Abacus.ai, Gretel, Mati, Grouparoo, Datafold, Undock. Wish, Affirm, C3.ai, Bumble, PubMatic, Airbnb, Robinhood
Final numbers on Airbnb’s Covid Impact at the bottom.
Deals
Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC
Fintech:
- Forter, a New York-based e-commerce fraud prevention company, raised $125 million in Series E funding. Bessemer Venture Partners, Felix Capital and Itai Tsiddon led the round and were joined by investors including Sequoia Capital, NewView Capital, Scale Venture Partners, March Capital Partners, and Commerce Ventures. The round values the company at over $1.3 billion.
- Addepar, an 11-year-old, Mountain View, Ca.-based wealth management platform that was cofounded by investor-entrepreneur Joe Lonsdale, has raised $117 million in Series E funding led by WestCap Group. Other investors in the round, which brings the company's total funding to $325 million, include 8VC and Sway Ventures. Crowdfund Insider has more here.
- Paddle, a London-based billings, subscriptions and payments platform for enterprises, raised $68 million (£52 million) in Series C funding. FTV Capital led the round and was joined by investors including Kindred Capital, Notion Capital, and 83 North.
- HOVER, a San Francisco-based provider of visualization tools for home improvement and property insurance professionals, raised $60 million in Series D funding. Investors included Travelers (NYSE: TRV), State Farm Ventures, and Nationwide.
- CAIS, a New York-based alternative investment platform, will raise $50 million in Series B funding from Eldridge.
- Fireblocks, a two-year-old, New York-based digital asset custodian, has raised $30 million in Series B funding. Paradigm led the round, joined by Cyberstarts, Tenaya Capital, Swisscom, Galaxy Digital, Digital Currency Group, and Cedar Hill Capital. Crunchbase News has more here.
- Trust & Will, a San Diego-based estate planning site, raised $15 million. Jackson Square Ventures led the round and was joined by investors including Fifth Third Capital Holdings, Northwestern Mutual Future Ventures, AARP, Rosecliff Ventures, Hack VC, and Actium Partners.
- Cardless, a San Francisco-based consumer credit card financial technology firm, has raised over $10 million from investors including Greycroft, Accomplice, Clocktower Ventures, and Pear.
- Amicus.io, a Charlotte, N.C.-based fintech company with a philanthropic platform, raised $8.7 million in Series B funding. The FR Group led the round and was joined by investors including the Wells Fargo Startup Accelerator.
- Griffin, a London-based banking platform for launching new financial products and services, raised £6.5 million ($8.6 million). EQT Ventures led the round and was joined by investors including Seedcamp, Tribe Capital, Paul Forster (co-founder Indeed.com), Matt Robinson (co-founder Go-Cardless/Nested), and Carlos Gonzalez-Cadenas ( former COO GoCardless).
- Northstar, a Los Angeles-based provider of financial wellness benefits for employees, raised $7.3 million in Series A funding. M13 led the round and was joined by investors including Foundation Capital and Workday Ventures.
- Highwing, a Denver-based open data platform for insurance brokers and carriers, raised $4 million in seed funding co-led by Baldwin Risk Partners and BrokerTech Ventures. http://axios.link/P3N1
. . .
Care:
- Strava, a San Francisco-based social platform for fitness, raised $110 million in Series F funding. TCV and Sequoia Capital co-led, and were joined by Dragoneer and return backers Madrone Capital Partners, Jackson Square Ventures and Go4it Capital. www.strava.com
- KKR invested $100 million in Zeus Health (“Zeus”), a company formed by Duke Rohlen seeking to invest in emerging medical device companies.
- AliveCor, a Mountain View, Calif.-based provider of mobile electrocardiogram technology, raised $65 million in Series E funding from existing backers OMRON, Khosla Ventures, WP Global Partners, Qualcomm Ventures and Bold Capital Partners. www.alivecor.com
- Medable, a Palo Alto, Calif.-based telemedicine trial platform, has raised about $64 million of a planned $94 million in funding. Read more.
- Spring Health, a New York-based provider of behavioral health benefits, raised $76 million in Series B funding. Tiger Global led the round and was joined by investors including GingerBread Capital and Operator Partners.
- K Health, a New York-based digital primary startup, raised $42 million in Series D funding. Valor Equity Partners led the round and was joined by investors including Marcy Venture Partners, Atreides Management, PICO Venture Partners, 14W, and Max Ventures.
- Headway, a New York-based way to search for therapists, raised $26 million in Series A funding. Thrive and GV led the round and were joined by Accel , GFC and IA Ventures. Read more.
- Sofia, a Mexican healthtech startup, raised $19 million in Series A funding. Index Ventures led the round.
- ClosedLoop.ai, an Austin-based healthcare data science platform, raised $11 million in Series A funding. Greycroft and .406 Ventures led the round and were joined by investors including Silicon Valley Bank and Meridian Street Capital.
- Levels, a New York-based maker of a wearable that tracks blood sugar levels, raised $12 million in seed funding. A16z led the round and was joined by investors including Marc Randolph (co-founder of Netflix), Dick Costolo (former CEO of Twitter), Michael Arrington (Founder of TechCrunch), and Matt Dellavedova (NBA, Cleveland Cavaliers).
- Upfront Healthcare, a Chicago-based communication and patient engagement platform, raised $11.5 million in Series B funding. Baird Capital and LRVHealth co-led the round and were joined by Echo Health Ventures, Nashville Capital Network and Hyde Park Venture Partners.
- Troy Medicare, a Charlotte, N.C.-based provider of a Medicare Advantage plan, raised $10 million in Series B funding. AXA Venture Partners led the round and was joined by investors including Sunwater Capital.
- GoStudent, a Vienna-based digital tutoring platform, raised €5 million in new Series A funding co-led by Left Lane Capital and DN Capital. http://axios.link/RFKH
- Maude, a Brooklyn, N.Y.-based sexual wellness company, raised $3.7 million in seed funding. CASSIUS led the round and was joined by investors including True, Outbound Ventures, Vice Ventures, and Patina Brands.
- Silofit, a Canada-based provider of private fitness spaces, raised CAD$3.5 million in seed funding. Investors included Whitecap Venture Partners, Courtside Ventures, NFL player Ndamukong Suh, and Alate Partners.
- Sugarbreak, a New York-based maker of pills to reduce sugar consumption, raised nearly $3 million in funding. Investors included SKAGEN Conscience Capital, Bronze, BBG Ventures, and Sorven Capital.
- Aya Payments, a Toronto-based healthcare payments startup, raised $2.9 million in funding. MaRS Investment Accelerator Fund and Luge Capital led the round and was joined by investors including Anthemis Group, BDC Capital, and StandUp Ventures.
. . .
Future of Work:
- RelativitySpace, a Los Angeles-based 3D printer of rockets and provider of satellite launch services, is raising $500 million in Series D funding at a $3 billion valuation, per CNBC. Last year it raised $140 million co-led by Bond and Tribe Capital. http://axios.link/pFnA
- PingCAP, a San Mateo, Calif.-based open-source software developer, raised $270 million in Series D funding. GGV Capital, Access Technology Ventures, Anatole Investment, Jeneration Capital and 5Y Capital led the round. Read more.
- DataRobot, a Boston-based enterprise A.I. platform, raised $270 million in funding. Altimeter Capital led the round and was joined by investors including T. Rowe Price, BlackRock, Silver Lake, NEA, and Tiger. The round values the company at over $2.7 billion.
- Klaviyo, a Boston-based email marketing platform going up against Mailchimp, raised $200 million in Series C funding. Accel led the round and was joined by investors including Summit Partners.
- Heyday, a startup focused on accelerating consumer product brands on digital marketplaces like Amazon, raised $175 million in Series A funding from General Catalyst, Khosla Ventures and Arbor Ventures. www.heyday.co
- MindTickle, an India-based sales readiness platform, raised $100 million in funding. SoftBank Vision Fund 2 led the round and was joined by investors including Norwest Venture Partners, Accel Partners, Canaan, NEA, NewView Capital, and Qualcomm Ventures.
- Udemy, a San Francisco-based marketplace for online educational courses, is raising $100 million in Series F funding at a $3.3 billion valuation, per TechCrunch. http://axios.link/zyr3
- Loadsmart, a New York-based digital freight technology company, raised $90 million in Series C funding. BlackRock and Chromo Invest led the round and were joined by investors including TFI International (NYSE: TFII), Maersk, Perry Capital, and Bramalea Partners.
- Verbit, a New York-based transcription and captioning platform, raised $60 million in Series C funding. Sapphire Ventures led the round and was joined by investors including Vertex Ventures, Stripes, HV Ventures, Clatech, and Vertex Growth.
- Grofers, an online grocery store, is reportedly in talks to raise $55 million to $60 million from the SoftBank Vision Fund and other existing investors. Read more.
- ZenBusiness, an Austin-based provider of a micro business management platform, raised $55 million in Series B funding. Cathay Innovation led the round.
- ActivTrak, an Austin-based workforce analytics software company, raised $50 million in Series B funding. Sapphire Ventures led the round.
- Abnormal Security, a San Francisco-based email security startup, raised $50 million in Series B funding. Menlo Ventures led, and was joined by return backer Greylock. http://axios.link/WlsG
- Harbr, a London-based data exchange company, raised $38.5 million in Series A funding. Dawn Capital and Tiger Global Management led the round and were joined by Mike Chalfen, Boldstart Ventures, Crane Venture Partners, Backed and Seedcamp.
- Zapata Computing, a Boston-based software company focused on quantum applications, raised $38 million in Series B funding. Comcast Ventures, Pitango, and Prelude Ventures led the round and were joined by BASF Venture Capital, Robert Bosch Venture Capital, The Engine Accelerator Fund, Ahren Innovation Capital, Alumni Ventures Group, Honeywell Venture Capital, ITOCHU Corporation, and Merck Global Health Innovation Fund.
- Duolingo, a Pittsburgh-based language-learning platform, raised $35 million in funding at a $2.4 billion valuation from Durable Capital Partners and General Atlantic.
- CloudBolt Software, a North Bethesda, Md.-based cloud management company, raised $35 million in Series B debt and equity. The equity was led by Insight Partners.
- Cogito, a Boston-based provider of “real-time emotional intelligence solutions,” raised $25 million. GS Growth led, and was joined by Salesforce Ventures.www.cogitocorp.com
- Abacus.ai, a San Francisco-based AI platform, raised $22 million in Series B funding. Coatue led the round and was joined by investors including Decibel Ventures and Index Partners
- Chooch.ai, a San Francisco-based startup computer vision startup, raised $20 million in Series A funding. Vickers Venture Partners led the round and was joined by investors including 212, Streamlined Ventures, Alumni Ventures Group, and Waterman Ventures. Read more.
- Unbound Tech, a New York-based maker of cryptographic key management, raised $20 million in Series B funding. Evolution Equity Partners led the round and was joined by investors including Innovation Endeavors, Goldman Sachs, Citi and BlueRed Partners.
- Zeotap, a Berlin-based platform for analyzing customer behaviors, raised $18.5 million in Series C funding. SignalFire led the round.
- OpenPhone, a San Francisco-based business phone app, raised $14 million in Series A funding. David Sacks of Craft Ventures with participation from Slow Ventures, Kindred Ventures, Y Combinator, Garage Capital, and Chapter One Ventures.
- Afresh, a provider of software for grocery stores to track demand and manage orders for fresh produce, raised $14 million. Food Retail Ventures led, and was joined by Innovation Endeavors, Maersk Growth and Baseline Ventures. http://axios.link/zsRb
- Welcome, a virtual events platform, raised $12 million in Series A funding. Kleiner Perkins led the round and was joined by investors including YC, Kapor Capital and WIN.
- TRANSFR VR, a New York-based maker of virtual reality-based on-the-job training, raised $12 million in Series A funding. Firework Ventures led the round.
- Gretel, a San Diego, Calif.-based maker of an API for anonymizing data, raised $12 million in Series A funding. Greylock led the round. Read more.
- Mati, a San Francisco-based API user verification process, raised $13.5 million in Series A funding. Tribe Capital led the round, joined by Spero Ventures, Amaranthine, Operator Partners, Aglae Ventures, and Comma VC.
- OXIO, a New York-based cloud-based mobile carrier, raised $12 million in Series A funding. monashees and Atlantico Capital led the round and were joined by FinTech Collective and Multicoin Capital.
- Arrikto, a San Mateo, Calif.-based machine learning development startup, raised $10 million in Series A funding. Unusual Ventures led the round. Read more.
- KYKLO, a New York City-based e-commerce and sales management company, raised $8.5 million in seed funding. Felicis and IA Ventures led the round.
- Farmstead, a San Francisco-based online grocer, raised $7.9 million in Series A funding. Aidenlair Capital led the round and was joined by investors including Y Combinator, Gelt VC, Duro, Maple VC, Heron Rock, 19 York, and Red Dog Capital.
- build.security, a Tel Aviv-based authorization policy management company, raised $6 million in seed funding. YL Ventures led the round and was joined by investors including George Kurtz (CEO and Co-founder of CrowdStrike).
- Grouparoo, a Menlo Park, Calif.-based way to sync data warehouses to third-party tools, raised $3 million in seed funding. Eniac Ventures and Fuel Capital led the round and was joined by investors including Hack VC, Liquid2, and SCM Advisors.
- Garden, a Berlin-based open-sourced development automation platform for Kubernetes and cloud native applications, raised €3.1 million ($3.7 million) in seed funding. Crowberry Capital led the round and was joined by investors including byFounders.
- Datafold, a San Francisco-based firm seeking to automate testing and monitoring of data analytics, raised $2.1 million in seed funding. New Enterprise Associates led the round.
- Undock, a maker of a chrome extension for scheduling, raised $1.6 million in seed funding. Investors include Lightship Capital, Bessemer Venture Partners, Lerer Hippeau, Alumni Ventures Group, Active Capital, and Arlan Hamilton of Backstage Capital, Sarah Imbach of PayPal/LinkedIn. Read more.
. . .
Sustainability:
- Form Energy, a Somerville, Mass.-based startup seeking to make battery systems to better store wind and solar energy, said it has raised $70 million in Series C funding. Investors have not yet been disclosed. Read more.
- Tibber, a Stockholm-based company seeking to make electricity cheaper and greener, raised $65 million in Series B funding. Eight Roads Ventures and Balderton Capital led the round and was joined by investors including Founders Fund.
- Aclima, a San Francisco-based air pollution and greenhouse gas measurement startup, raised $40 million in Series B funding. Investors included Clearvision Ventures.
Acquisitions:
- Autodesk (Nasdaq: ADSK) acquired Spacemaker, a Norwegian provider of AI design software for architects and property developers, for $240 million in cash and stock. Spacermaker recently raised $20 million in Series A funding co-led by Atomico and Northzone Ventures. http://axios.link/yqhM
-Mastercard (NYSE: MA) received U.S. antitrust approval for its $985 million ($825m upfront) purchase of Finicity, a Murray, Utah-based financial data aggregation platform that had raised over $25 million in VC funding from firms like Experian Ventures. http://axios.link/bbnl
-Paylocity (Nasdaq: PCTY) acquired Samepage, a Campbell, Calif.-based provider of team file-sharing software that had been seeded by Reflex Capital. www.paylocity.com
- Mars, the Virginia-based candy maker, agreed to buy energy bars maker Kind North America for an estimated $5 billion. Sellers include BDT Capital Partners and Swan & Legend Venture Partners. http://axios.link/uusH
- Talkspace, a New York-based online therapy company, is seeking a buyer in a deal that could be valued at around $1 billion, per Bloomberg. The company has raised over $100 million from Revolution Growth, Norwest Venture Partners, Qumra Capital, Spark Capital and Compound Ventures. http://axios.link/NPct
- FireEye acquired Respond Software, a Mountainview, Calif.-based cybersecurity company, for nearly $200 million. Respond investors included CRV, Foundation Capital, and ClearSky.
- Experian acquired Tapad, a New York-based provider of digital identity solutions for about $280 million from Telenor.
- BuzzFeed agreed to acquire HuffPost, a New York-based media company owned by Verizon. Verizon will also invest in Buzzfeed as part of the deal. Financial terms weren't disclosed. Read more.
. . .
IPOs:
- Wish, a San Francisco-based mobile shopping app, filed for a $1 billion IPO. It plans to list on the Nasdaq (WISH) with Goldman Sachs as lead underwriter, and reports a $176 million net loss on $1.7 billion in revenue for the first nine months of 2020. The company was most recently valued by private investors at $11.2 billion, and raised $1.8 billion from such firms as DST Global, Founders Fund, Formation8, General Atlantic and GGV Capital. http://axios.link/lDvH
- Affirm, a San Francisco-based provider of personal installment loans for online purchases led by PayPal co-founder Max Levchin, filed for an IPO that's expected to value the company at upwards of $10 billion. Affirm reports a $108 million net loss on $509 million in revenue for the year ending June 30, 2020, versus a $127 million net loss on $264 million in revenue for the year-earlier period.The company raised around $1.6 billion from such firms as Khosla Ventures, Founders Fund, Lightspeed Venture Partners, Spark Capital, Thrive Capital, Fidelity, Wellington Management, GIC, Durable Capital Partners, Baillie Gifford, GGV Capital, Battery Ventures, Andreessen Horowitz and Ribbit Capital.Investors may worry that what the pandemic giveth, the pandemic may taketh away. A whopping 28% of Affirm's sales for the year ending in June were related to Peloton, while that percentage climbed to 30% in Q3 2020.
- Bumble, an Austin-based dating app maker, is readying for an IPO next year. Blackstone backs the firm. Read more.
- Airbnb filed for a $1 billion IPO, and said it will list on the Nasdaq (ABNB). The company reported nearly a $700 million net loss on $2.5 billion in revenue for the first nine months of 2020, versus a $322 million net loss on $3.7 billion in revenue for the year earlier period. But it also reported $219 million in profits for Q3 2020, as bookings rebounded. Go deeper.
- C3.ai, a Redwood City, Calif.-based enterprise AI SaaS company led by Tom Siebel, filed for a $100 million IPO. It plans to list on the NYSE (AI) with Morgan Stanley as lead underwriter, and reports a $69 million net loss on $157 million in revenue for the fiscal year ending April 30, 2020. It raised over $360 million from backers like TPG (22.6% pre-IPO stake), Baker Hughes (15.1%), BlackRock, Sutter Hill Ventures, Breyer Capital, Interwest Partners, Makena Capital Management and Wildcat Venture Partners. http://axios.link/mJvN
- PubMatic, a Redwood City, Calif.-based programmatic ad platform, filed for a $75 million IPO. It plans to list on the Nasdaq (PUBM) with Jefferies and RBC Capital Markets lead underwriters, and reports nearly $8 million of net income on $92.5 million in revenue for the first nine months of 2020. The company raised $76 million from firms like Nexus India (25.7% pre-IPO stake), Pelion Venture Partners (18.8%), August Capital (15.9%) and DFJ (9.1%). http://axios.link/klqP
- Robinhood, the no-fee trading app valued by VCs at $11.7 billion, is speaking with banks about a Q1 2021 IPO, per Bloomberg. http://axios.link/p3eo
Funds:
- Bentley Systems (Nasdaq: BSY) launched a $100 million corporate VC fund that will back startups involved in digital solutions for roadways, waterways, and other physical infrastructure. www.bentley.com
- NextView Ventures of Boston raised nearly $90 million for its fourth fund, per an SEC filing. http://axios.link/7K82
- Revolution, the venture firm co-founded by AOL co-founder Steve Case, raised $500 million in commitments for its fourth fund. Read more.
- Astanor Ventures, a venture firm focused on food and agriculture, raised $325 million for a fund.
- Sound Ventures, co-founded by Ashton Kutcher and Guy Oseary, plan to raise $150 million for a third fund. Read more.
- Work-Bench, an eight-year-old, New York-based early-stage venture firm focused on enterprise startups, is targeting up to $100 million for a third fund, shows an SEC filing. The firm had closed its second fund with $47 million in late 2018. More here.
Final Numbers: Airbnb IPO
Source: Airbnb S-1
Go deeper: Airbnb bets on a post-pandemic future