Sourcery (11/30-12/4)
Amount, Step, Moov, Pockit, Dayforward, Agentsync, Olive, Everlywell, Lyra Health, Databand, MedArrive, Wellory, Segmed, Shipmonk, Scale AI, Flexe, Sourcegraph, Materialize, Gosite, Sundae, Stord...
Last Week (11/30-12/4):
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 Amount, Step, Moov, Pockit, Dayforward, Agentsync, Olive, Everlywell, Lyra Health, Databand, MedArrive, Wellory, Segmed, Shipmonk, Scale AI, Flexe, Sourcegraph, Materialize, Gosite, Sundae, Stord, Pave, Fylament, Supergreat, Welcome, Loop, Minerva, Fakespot, Build Buddy, Okay. Bestow, Kustomer, Postmates, SmartyPants Vitamins, Credit Karma, Gainsight, PayBright, VerataHealth, Trash. DoorDash, Airbnb, Upstart.
Final numbers on PE AUM and Forecast (2010-2025) at the bottom.
Deals
Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC
Fintech:
- Amount, a Chicago-based API framework for retail banks, raised $81 million at a $600 million pre-money valuation. Goldman Sachs led, and was joined by return backers August Capital, Invus Opportunities and Hanaco Ventures. http://axios.link/EcKb
- ConnexPay, an Atlanta-based payment technology company, raised $61 million in extended Series A funding. F-Prime Capital led the round.
- Step, a San Francisco-based financial services company for teens and families, raised $50 million in Series B funding. Coatue led the round and was joined by investors including Stripe, Crosslink Capital, Collaborative Fund, and Will Smith’s Dreamers VC. Other investors include Charli D’Amelio, Justin Timberlake, The Chainsmokers, Eli Manning, Kelvin Beachum, Larry Fitzgerald, and Andre Iguodala.
- Moov Financial, an open source embedded banking platform, raised $27 million in Series A funding. Andreessen Horowitz led, and was joined by Bain Capital Ventures, Canapi Ventures, Uncorrelated Ventures, Gradient Ventures, Commerce Ventures, RRE Ventures, Abstract Ventures and Veridian Credit Union. www.moov.io
- Pigment, a Paris-based business forecasting platform, raised $25.9 million. Blossom Capital led, and was joined by FirstMark Capital.
- Dayforward, a New York-based life insurance company, raised $20 million in Series A funding. Investors include Munich Re Ventures, Juxtapose, Tusk Venture Partners and Hudson Structured Capital Management.
- Pockit, a London-based fintech focused on underserved customers, raised £15 million ($20 million) in Series B funding. Investors included Concentric, Jatania Family, Harold Mechleynck, Perscitus and Sir Alex Ferguson (former manager of Manchester United).
- Primer, a U.K.-based fintech focused on consolidating payments for merchants, raised £14 million ($18.7 million) in Series A funding. Accel led the round. Read more.
- AgentSync, a Denver-based maker of infrastructure for insurance compnies, raised $6.7 million in seed extension funding. Craft Ventures led the round and was joined by investors including Operator Collective.
- EarlyBird, an 18-month-old, Chicago-based startup that invites parents or guardians to set up custodial investment accounts for their children using its mobile app, has raised $2.4 million led by Network Ventures. More here.
. . .
Care:
- Olive, a U.S.-based provider of A.I. to healthcare providers, raised $225.5 million. Tiger Global led the round and was joined by investors including General Catalyst, Drive Capital, and Silicon Valley Bank as well as GV, Sequoia Capital Global Equities, Dragoneer Investment Group and Transformation Capital Partners. It values the firm at $1.5 billion.
- Everlywell, an Austin-based digital health company with a Covid test, raised $175 million in Series D funding. Investors included BlackRock, The Chernin Group, Foresite Capital, Greenspring Associates, Lux Capital, Morningside Ventures, and Portfolia, as well as existing investors Goodwater Capital, Highland Capital Partners, and Next Coast Ventures.
- Lyra Health, a 5.5-year-old, Burlingame, Ca.-based provider of mental health care benefits for employers that was founded by former Facebook CFO David Ebersman, has raised an undisclosed amount of extended Series D funding, three months after closing on a $110 million round led by Addition. PLUS Capital led the new tranche, joined by numerous celebrities and athletes, including Cameron Diaz, Nicole Kidman, Klay Thompson, and Tony Gonzalez. More here.
- Virta Health, a San Francisco-based type 2 diabetes company, raised $65 million in Series D funding. Sequoia Capital Global Equities led the round.
- Databand, a New York and Tel Aviv-based maker of data health monitoring software, raised $14.5 million in Series A funding. Accel led the round and was joined by investors including Blumberg Capital, Lerer Hippeau, Ubiquity Ventures, Differential Ventures, F2 Venture Capital, and Bessemer Venture Partners.
- MedArrive, a San Francisco-based care management software maker, raised $4.5 million in seed funding. Kleiner Perkins and Define Ventures led the round.
- Wellory, an “anti-diet” nutrition app, raised $4.2 million. Story Ventures led, and was joined by Harlem Capital, Ground Up Ventures and individuals. http://axios.link/BdzL
- Hydra Studios, a New York-based network of wellness studios, raised $3.8 million in seed funding. Investors included Slow Ventures, Company Ventures, Courtside Ventures, CityRock Venture Partners, Hatzimemos/Libby, and Fifth Wall.
- LemonBox, an e-commerce startup that sells American health supplements to Chinese millennials, raised $2.5 million. Panda Capital led, and was joined by YC. http://axios.link/om0J
- Loop Health, an India-based health insurance startup, raised $2.3 million in seed funding funding. Sierra Ventures led the round and was joined by investors including Y Combinator and Soma Capital.
- Segmed, a Stanford, Cali-based cloud platform for medical data management, raised $2 million in seed funding. Blumberg Capital led, and was joined by Nina Ventures. http://axios.link/G3Zg
. . .
Future of Work:
- ShipMonk, a Fort Lauderdale, Fla.-based shipping solution for e-commerce businesses, raised $290 million. Summit Partners led the round.
- Scale AI, a San Francisco-based A.I. training startup, raised $155 million in funding. Tiger Global led the round valuing it at over $3.5 billion.
- Function of Beauty, a maker of customizable hair, skin, and body care products, raised $150 million from L Catterton. CircleUp and GGV also reinvested.
- Bizzabo, a New York-based event software company, raised $138 million in Series E funding. Insight Partners led the round and was joined by investors including Viola Growth, Next47, and OurCrowd.
- Flock Freight, a Solana Beach, Calif.-based logistics provider with shared truckload shipping services, raised $113.5 million. Softbank Vision Fund 2 led the round and was joined by investors including SignalFire, GLP Capital Partners, Google Ventures, and Volvo Group Venture Capital.
- FLEXE, a Seattle-based on-demand warehousing and fulfillment company, raised $70 million in Series C funding. Investors included Activate Capital, Tiger Global, Madrona Ventures, Redpoint Ventures, Prologis Ventures, and T. Rowe Price Associates.
- Sourcegraph, a San Francisco-based company with a tool for fixing code, raised $50 million in Series C funding. Sequoia Capital led the round.
- Ridecell, a San Francisco-based fleet management software maker, raised $45 million in Series C funding. Fort Ross Ventures led the round and was joined by investors including Solasta Ventures. Existing investors Activate Capital, DENSO, LG Technology Ventures, and Initialized Capital.
- Materialize, a New York-based SQL database streaming company, raised $40 million in funding. Kleiner Perkins led a $32 million Series B round. Lightspeed Venture Partners led the Series A investment in 2019.
- GoSite, a San Diego-based website building platform for SMBs, raised $40 million in Series B funding. Left Lane Capital led, and was joined by Longley Capital, Cove Fund, Stage 2, Ankona Capital and Serra Ventures also participating. http://axios.link/mCIW
- Sundae, a two-year-old, San Francisco-based residential real estate marketplace focused on sellers of distressed property, has raised $36 million in Series B funding. QED Investors led the round, joined by Founders Fund, Susa Ventures, Navitas Capital, and Prudence Holdings. More here.
- Stord, a five-year-old, Atlanta, Ga.-based logistics software startup that allows companies to manage and monitor their shipments and inventory domestically, has raised $31 million in Series B funding led by Founders Fund. Earlier backers Kleiner Perkins, Susa Ventures and Dynamo also joined the round, which brings the company's total funding to $46 million. Atlanta Inno has more here.
- Versatile, a San Francisco-based company startup using A.I. in the construction process, raised $20 million in Series A funding. Insight Partners and Entree Capital led the round and were joined by Robert Bosch Venture Capital GmbH, Root Ventures, Conductive Ventures, Leigh Jasper, and Rob Phillpot.
- ultimate.ai, a Helsinki and Berlin-based company building a virtual customer service agent, raised $20 million in Series A funding. OMERS Ventures led the round and was joined by investors including Felicis Ventures, HV Capital, and Maki.vc.
- Pave, a San Franciscob-based compensation benchmarking company, raised $16 million in Series A funding. Andreessen Horowitz led the round.
- Infogrid, a two-year-old, London-based startup whose sensors are used to retrofit existing buildings to make them “smart," has raised $15.5 million in Series A funding. Northzone led the round, joined by JLL Spark, Concrete VC, The Venture Collective, and Jigsaw VC, among others. TechCrunch has more here.
- Shop-Ware, a San Francisco-based aftermarket shop management software maker, raised $15 million in Series A funding. Insight Partners led the round.
- Databand, a two-year-old, New York-based AI-based observability platform for data pipelines, has raised $14.5 million in Series A funding. Accel led the round, joined by Blumberg Capital, Lerer Hippeau, Ubiquity Ventures, Differential Ventures and Bessemer Venture Partners. TechCrunch has more here.
- Cast.ai, a Miami, Fla.-based cloud management software provider, raised $7.7 million in seed funding. Investors included TA Ventures, DNX, and Florida Funders. Read more.
- Deduce, a New York-based provider of cybersecurity, raised $7.3 million in seed funding. True Ventures led the round and was joined by investors including Ridge Ventures.
- Fylamynt, a San Francisco-based maker of cloud automation software, raised $6.5 million in seed funding. Gradient Ventures led the round Mango Capital and Point72 Ventures.
- Supergreat, a New York-based app for beauty enthusiasts, raised $6.5 million in Series A funding. Benchmark led the round and was joined by investors including TQ Ventures led the round and was joined by investors including Scooter Braun, Schuster Tanger and Andrew Marks, Michael Kives’ K5 Global, Shrug Capital, Thrive Capital, Hannah Bronfman and Rent the Runway co-founder Jenny Fleiss.
- Welcome, a New York-based HR software maker, raised $6 million in seed funding. FirstMark Capital led the round and was joined by investors including Ludlow Ventures, Nat Turner, Zach Weinberg, Keenan Rice, and Ben Porterfield.
- LambdaTest, a London-based cloud testing company, raised $6 million in funding. Sequoia Capital India’s Surge led the round and was joined by investors including Blume Ventures, Entrée Capital and Leo Capital.
- Loop Team, a Menlo Park, Calif.-based virtual office for distributed teams, raised $4.8 million in seed funding from ENIAC, Crosslink, Golden, Redpoint, and Precursor.
- Orbit, a San Francisco-based platform for developers, raised $4 million in seed funding. Andreessen Horowitz led the round and was joined by investors including Heavybit and Harrison Metal.
- Minerva Knows, a New York-based company making a way to share instructions, raised $4 million in funding. Craft Ventures led the round and was joined by investors including GGV Capital, Max Ventures, Charge Ventures, Sagehill Capital, Bayes Ventures, New York Venture Partners, and CapitalX.
- CoreStack, a Seattle-based cloud governance and compliance SaaS startup, raised $4 million from Iron Pillar.
- Fakespot, a New York-based maker of a way to check for scams on Amazon, Walmart and Shopify sites, raised $4 million in Series A funding. Bullpen Capital led the round and was joined by investors including Graph Ventures, Ty Shay, 500 Startups, and Faith Capital Holdings.
- Sketchy, a Los Angeles-based online education company, raised $3 million in additional funding from Reach Capital.
- AirDeck, a 20-month-old, Madison, Wi.-based platform that helps users create narrated presentations and documents for on-demand viewing, has raised $3.4 million in funding led by Rock River Capital Partners and Cultivation Capital, with additional participation from Revolution's Rise of the Rest Seed Fund and Winnebago Seed Fund. More here.
- BuildBuddy, a year-old, Palo Alto, Ca.-based startup whose software helps developers compile and test code quickly using both open-source and proprietary tools, has raised $3.15 million in seed funding from Y Combinator (it just passed through YC's accelerator), Addition, Scribble and Village Global, among others. TechCrunch has more here.
- Okay, a San Francisco-based dashboard for engineers, raised $2.2 million in seed funding. Sequoia Capital led the round.
. . .
Sustainability:
- Aurora Solar, a San Francisco-based company developing tools for solar professionals to design and sell solar remotely, raised $50 million in Series B funding. ICONIQ Capital led the round and was joined by investors including Energize Ventures, Fifth Wall, and Pear VC.
Acquisitions:
- Bestow agreed to acquire Centurion Life Insurance Company, an Iowa-based insurer, from Wells Fargo. Financial terms weren't disclosed.
- Facebook (Nasdaq: FB) acquired Kustomer, a New York-based SaaS platform for enterprise customer service, for $1 billion. Kustomer had raised $173 million in VC funding, most recently in late 2019 at a $710 million valuation, from firms like Redpoint Ventures, Social Leverage, Canaan Partners, Battery Ventures, Tiger Global Management and Coatue. http://axios.link/kZir
- Uber (NYSE: UBER) completed its all-stock acquisition of on-demand delivery company Postmates, which had raised over $900 million from firms like Founders Fund, Spark Capital, Uncork Capital, and Tiger Global Management.
- Unilever agreed to acquire SmartyPants Vitamins, a Los Angeles-based vitamin, mineral and supplement company. Investors including Morgan Stanley and North Castle backed SmartyPants.
- Intuit’s (Nasdaq: INTU) $7 billion bid to acquire Credit Karma, a fintech company, received Department of Justice approval for their union with the divestiture of Credit Karma’s tax business. Square (NYSE: SQ) will acquire the tax business for $50 million.
- Vista Equity Partners agreed to buy Gainsight, a San Francisco-based customer success platform, for $1.1 billion. Gainsight had raised over $180 million in VC funding from such backers as Battery Ventures, Summit Partners, Sixth Street Partners, Bessemer Venture Partners, Lightspeed Venture Partners, Bain Capital Ventures, Founders Circle Capital, Salesforce Ventures, Cisco and Insight Partners. http://axios.link/qZ3Y
- FedEx Corp. (NYSE: FDX) agreed to acquire ShopRunner, a Chicago-based e-commerce marketplace backed by August Capital. Financial terms weren't disclosed.
- Roblox acquired Imbellus, a developer of edtech and simulation-based testing company. Investors of Imbellus have included Owl Ventures, Upfront Ventures, and Thrive Capital.
- Amazon is in talks to acquire Wondery, a West Hollywood, Calif.-based podcasting company, valuing it at over $300 million, per the Wall Street Journal. Read more.
- Microsoft plans to acquire Smash.gg, a San Francisco-based esports company backed by Accel and Spark Capital.
- Flutter (LOND: FLTR) has agreed to buy about 37% of FanDuel, a New York-based betting company, for about $4.2 billion from Fastball Holdings (a consortium with Google Ventures, Comcast Ventures, KKR, Verizon Ventures, NBC Sports, and Shamrock). The consortium will still hold a stake.
- Google agreed to acquire Actifio, a Waltham, Mass.-based startup specializing in data backup and disaster recovery services. Actifio investors have included Andreessen Horowitz, Crestline Investors and 83North, per PitchBook.
- Starcity acquired Ollie, a New York-based maker of a co-living space platform. Ollie investors have included Bullpen Capital and Peak State Ventures.
- Affirm agreed to acquire PayBright, a Toronto-based provider of installment payment plans for about C$340 million ($264.5 million) Paybright is backed by Canadian Business Growth Fund.
- Olive acquired Verata Health, a Minneapolis, Minn.-based authorization solution for healthcare providers and payers. Bessemer and 3M backed Verata.
- VSCO, a photo-sharing platform valued at $550 million by VCs, acquired video editing app Trash, which had been seeded by Next 10 Ventures, DG Ventures and Akatsuki Entertainment Technology Fund. http://axios.link/30eH
. . .
IPOs:
- DoorDash, a San Francisco-based restaurant meal delivery service, boosted its IPO price range from $75-$85 to $90-$95. It still plans to offer 33 million shares. The company would have a fully diluted value of over $35 billion, were it to price in the middle of its revised range. http://axios.link/TZJs
-Upstart, a San Mateo, California-based consumer lending platform, set IPO terms to 12 million shares at $20-$22. It would have a fully diluted value of $1.9 billion, were it to price in the middle, and plans to list on the Nasdaq (UPST) with Goldman Sachs as lead underwriter. The company reports $147 million in revenue for the first nine months of 2020, and raised nearly $650 million in VC funding from firms like Third Point Ventures (19.5% pre-IPO stake), Khosla Ventures (8.4%), Rakuten (5.3%), and First Round Capital (5.2%). http://axios.link/ScVz
- Airbnb plans to boost the proposed price range of its IPO, says the WSJ. According to its sources, Airbnb is boosting the range to between $56 and $60 a share, from $44 to $50, which would give the home-rental company a valuation of as much as $42 billion on a fully diluted basis and including proceeds from the offering. More here.
Funds:
- Scale Venture Partners closed Scale Venture Partners Fund VII with $600 million in committed capital.
- Bling Capital, led by Ben Ling (ex-Khosla Ventures, Facebook), raised $77 million for its second seed-stage fund and $36 million for its second opportunities fund. http://axios.link/C1Bt
- Plexo Capital, a 3.5-year-old, L.A.-based early-stage venture firm that also has stakes in more than a dozen venture firms spearheaded by underrepresented founders, is raising $100 million for it second fund, shows a new SEC filing. Plexo was founded by Lo Toney, a former investment partner with GV. We talked with him this summer. More here.
- Scale Venture Partners, the 20-year-old, Foster City, Ca.-based enterprise-focused venture firm that originally spun out of Bank of America and later evolved into a fully independent outfit, has raised $600 million for its seventh fund. Scale’s previous fund had closed with $400 million in July 2018. The new fund is being managed by partners Stacey Bishop, Rory O'Driscoll, Andy Vitus, Ariel Tseitlin, and Alex Niehenke, with the help of four other investors. More here.
Final Numbers
Source: Preqin. Notes: 2020 data is annualized based on data to October. 2022-2025 are Preqin's forecasted figures.