Sourcery (2/22-2/26)
Klarna, Kraken, Anchorage, Earnix, EarnUp, Parkside, EquityBee, Promise, Wisetack, Koffie Labs, Finix, Innovaccer, Redox, Nanit, JanuaryAI, Plume, Highspot, BetterUp, Reddit, Creatio, Splice, Emotive
Last Week (2/22-2/26):
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 Klarna, Kraken, Anchorage, Earnix, EarnUp, Parkside, EquityBee, Promise, Wisetack, Koffie Labs, Finix, Innovaccer, Redox, Nanit, JanuaryAI, Plume, Highspot, BetterUp, Reddit, Creatio, Splice, Emotive, Vidmob, Shippo, Electric, Evisort, SoundCommerce, Maze, SotrageOS, Torii, Datajoy, BlocPower, HowGood, Patch. M&T Bank, RentPath, Canva, MDLive. Toast, Babbel, DigitalOcean, Coinbase, Joby Aviation, Yieldstreet.
Final numbers on Regional Banks by Total Assets at the bottom.
Deals
Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC
Fintech:
- Klarna Bank, the Swedish buy-now-pay-later fintech, is raising between $800 million to $1 billion in funding that could value it around $31 billion, per Bloomberg. Read more.
- Kraken, a San Francisco-based cryptocurrency exchange, is in talks to raise funding at a $10 billion valuation, per Bloomberg. Discussion include Fidelity, Tribe Capital, and General Atlantic. Read more.
- Anchorage, a San Francisco-based digital asset platform, raised $80 million in Series C funding. SIngapore’s GIC led the round and was joined by investors including Andreessen Horowitz, Blockchain Capital, Lux, and Indico.
- Earnix, a Boston-based provider of A.I.-driven rating, pricing, and product personalization solutions for insurance and banking, raised $75 million in funding at a pre-money valuation of $1 billion. Insight Partners led the round and was joined by investors including JVP, Vintage Partners, and Israel Growth Partners.
- RecargaPay, a Miami-based payments fintech focused on Brazil, raised $70 million in Series C funding. IDC Ventures and Fuel Venture Capital led the round and was joined by investors including ATW, LUN Partners, and Experian.
- Episode Six, an Austin-based payment processing and banking infrastructure company, raised an additional $30 million. Investors include HSBC, Mastercard, SBI Investment Co., and Anthos Capital.
- Borrowell, a Canadian fintech and credit education startup, raised C$25 million from Kensington Capital Partners, BDC Capital, iA Financial Group, Impact Engine and insiders Portag3 Ventures, White Star Capital, National Bank of Canada and Equitable Bank. It also acquired Refresh Financial, an affordable credit provider to underserved Canadians. http://axios.link/qLYt
- EarnUp, a San Francisco-based mortgage payments platform, raised $25 million in Series B funding. Bain Capital Ventures led the round and was joined by investors including SignalFire, Blumberg Capital, and Flourish Ventures.
- Parkside, a San Francisco-based stock trading and clearing platform for brokerages and digital banks, raised $24 million in Series A funding from Mubadala Capital, Peak6, FinTech Collective and Enlight Growth Partners. www.parkside.app
- EquityBee, a Palo Alto-based stock option financing marketplace, raised $20 million. Group 11 led, and was joined by Zeev Ventures, Battery Ventures and ICON Continuity Fund.www.equitybee.com
-Promise, a Mountain View-based payment plan platform for government and utility bills, raised $20 million in Series A funding from Kapor Capital, XYZ, Bronze, First Round Capital and YC. http://axios.link/np12
- Wisetack, a San Francisco-based buy-now-pay-later startup, raised $19 million in seed and Series A funding. Greylock led the rounds. Read more.
- Bottlepay, a U.K.-based fiat and crypto payments app, raised £11 million ($15 million) in seed funding. Investors included Alan Howard, FinTech Collective, NYDIG, and tech entrepreneur Phil Doye.
- FundGuard, a Tel Aviv-based SaaS investment management and asset servicing enterprise platform, raised $12 million in Series A funding. Team8 led the round and was joined by investors including Blumberg Capital and LionBird Ventures.
- First Boulevard, a digitally native neobank focused on Black America, raised raised $5 million in seed funding. Investors included Barclays and Anthemis.
- Koffie Labs, a Brooklyn, N.Y.-based insurtech company focused on trucking and transportation, raised $4.5 million. Anthemis Group and Lerer Hippeau led the rounds and were joined by investors including 2048 Ventures, Plug and Play Ventures, and C2 Ventures.
- Finix, a San Francisco-based payments business, raised $3 million from Black and Latinx investors. Read more.
. . .
Care:
- Innovaccer, a San Francisco-based healthcare tech company, raised $105 million, valuing it at $1.3 billion post-money. Tiger Global Management led the round and was joined by investors including Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital, M12, and OMERS Growth Equity.
- Redox, a Madison, Wis.-based healthcare data company, raised $45 million in Series D funding. Adams Street Partners led the round and was joined by investors including Avenir, Battery Ventures, .406 Ventures, and RRE Ventures.
- Nanit, a New York-based maker of a smart monitoring system for babies, raised $25 million in Series C funding. GV (formerly Google Ventures) led the round and was joined by investors including Jerusalem Venture Partners, Upfront Ventures, RRE Ventures, and Rho Capital Partners.
- January AI, a Menlo Park, Calif.-based company for tracking glycemic response, raised $21 million in funding. Felicis Ventures led the round and was joined by investors including Fitbit and Modern Health.
- Heyday, a New York-based skincare focused company, raised $20 million in Series B funding. Level 5 Capital Partners led the round and was joined by investors including Lerer Hippeau and Fifth Wall Ventures.
- Maple, a maker of an app for tracking and coordinating parenting tasks, raised $3.5 million in seed funding. Inspired Capital led the round and was joined by investors including Box Group. Read more.
. . .
Future of Work:
- Plume, a Palo Alto, Calif.-based smart home service, raised $270 million in Series E funding from Insight Partners. It values the company at $1.4 billion.
- Highspot, a Seattle, Wash.-based sales platform, raised $200 million in Series E funding. It values the firm at $2.3 billion. Tiger Global Management led the round and was joined by investors including Bain & Company, ICONIQ Growth, Madrona Venture Group, OpenView, Salesforce Ventures, Sapphire Ventures, and Shasta Ventures.
- Industrious, a New York-based coworking space operator, raised $200 million from CBRE. CBRE now holds a 35% stake in the business and is its largest shareholder.
- Pocket Outdoor Media, a Boulder, Colo.-based creator of active lifestyle content and experiences, raised $150 million in Series B funding. Sequoia Heritage led the round and was joined by investors including JAZZ Ventures, Zone 5 Ventures, and NEXT Ventures.
- BetterUp, a San Francisco-based professional coaching startup, raised $125 million in Series D funding, valuing it at $1.7 billion. ICONIQ Growth led the round and was joined by investors including Lightspeed Venture Partners, Threshold Ventures, Plus Capital, Salesforce Ventures, Sapphire Ventures, and Mubadala Capital.
- Reddit, a San Francisco-based social media company, raised an additional $116 million of a planned $500 million.
- ScienceLogic, a Reston, Va.-based maker of A.I.-based solutions for hybrid cloud management, raised $105 million in Series E funding. Silver Lake Waterman led and was joined by investors including Goldman Sachs, Intel Capital and NewView Capital.
- Shield AI, a San Diego, Calif.-based defensetech company allowing unmanned systems to operate without GPS and communications, raised $90 million in a Series C funding that was a mix of equity and debt financing. Point72 Ventures led the round.
- Creatio, a Boston-based software company with a low-code platform for process management and CRM, raised $68 million. Volition Capital led the round and was joined by investors including Horizon Capital.
- Splice, a New York-based maker of software for music producers with A.I., raised $55 million in Series D funding. Goldman Sachs’ GS Growth led the round and was joined by investors including MUSIC, a joint venture between Matt Pincus and Liontree. Read more.
- PerimeterX, a San Mateo, Calif.-based provider of cybersecurity solutions for web apps, raised $57 million. AllianceBernstein led the round and was joined by investors including Stereo Capital, JS Capital, and Golden Arc Capital.
- Bitwise Industries, a Fresno, Calif.-based company seeking to bring more underserved communities into tech, raised $50 million in Series B funding. Kapor Capital led the round and was joined by investors including JPMorgan Chase, Motley Fool Ventures, and ProMedica.
- Emotive, a Los Angeles-based text message platform for ecommerce brands, raised $50 million in Series B funding. CRV led the round valuing the business at $400 million. Other investors included Mucker Capital, TenOneTen Ventures, Stripes, and Vulcan Capital.
- VidMob, a New York City-based analytics platform provider, raised $50 million in Series C funding. Investors included Adobe, Shutterstock, Drive by DraftKings, the Spruce House Partnership, Prefix Capital, BuildGroup, Interlock Partners, and Macanta.
- Otter.ai, a Los Altos, Calif.-based collaborative note-taking platform, raised $50 million in Series B funding. Spectrum Equity led the round and was joined by investors including Horizons Ventures, Draper Associates, GGV Ventures, and Draper Dragon Fund. The round includes a $10 million convertible note.
- Shippo, a San Francisco-based shipping platform for small-to-medium-sized businesses, raised $45 million. D1 Capital led the round.
- Foxtrot Market, a Chicago-based corner store and café, raised $42 million in Series B funding. Almanac Insights and Monogram Capital Partners led the round.
- Electric, a New York-based provider of IT tech and support for small and medium-sized businesses, raised $40 million in Series C funding. Greenspring Associates led the round and was joined by investors including Bessemer Venture Partners, GGV Capital, 01 Advisors, Primary Venture Partners, Atreides Management, and Vintage Investment Partners.
- Codecademy, a New York-based online learning platform, raised $40 million in Series D funding. Owl Ventures led the round and was joined by investors including Union Square Ventures and Prosus.
- Blueshift, a San Francisco-based maker of a customer data platform, raised today announced $30 million in Series C funding. Fort Ross Ventures led the round and was joined by investors including Avatar Growth Capital, SoftBank Ventures Asia, Storm Ventures, Conductive Ventures, and Nexus Venture Partners.
- Armorblox, a Sunnyvale, Calif.-based email cybersecurity company, raised $30 million in Series B funding. Next47 led the round and was joined by investors including Polaris Partners, Unusual Ventures, and General Catalyst.
- Evisort, a San Mateo, Calif.-based contract management platform using A.I., raised $35 million in Series B funding. General Atlantic led the round and was joined by investors including Amity Ventures, M12, and Vertex Ventures.
- Gettacar, a Philadelphia-based online car buying startup, raised $25 million. 3L and Luxor Capital led the round and was joined by investors including Torch Capital.
- Atera, a Tel Aviv-based IT management company, raised $25 million. K1 Investment Management led the round.
- Abound, a New York-based wholesale marketplace, raised $23 million in Series A funding. Left Lane Capital led, and was joined by RiverPark Ventures, All Iron Ventures, Red Antler and Prose. http://axios.link/wOr9
- Saltmine, a San Francisco-based platform for office space planning, raised $20 million in Series A funding. Investors included JLL Spark, Jungle Ventures, and Xplorer Capital.
- Rows.com, a Berlin-based spreadsheet for developing business tools, raised $16 million in Series B funding. Lakestar led the round and was joined by investors including Accel and Cherry Ventures.
- SoundCommerce, a Seattle, Wash.-based data platform, raised $15 million in Series A funding. Emergence Capital led the round and was joined by investors including Defy Partners and Voyager Capital.
- Maze, a France-based maker of a rapid testing platform, raised $15 million in Series A funding. Emergence Capital led the round and was joined by investors including Jay Simons (Former President at Atlassian), Amplify Partners, Partech, and Seedcamp.
- Contra, a maker of a professional network for independent work, raised $14.5 million in Series A funding. Unusual Ventures led the round and was joined by investors including Cowboy Ventures and Atelier Ventures.
- Origin Wireless, a Greenbelt, Md.-based maker of Wifi sensing tech, raised $14 million. Investors included Verizon Ventures and Alarm.com.
- Platform9, a Mountainview, Calif.-based provider for private and edge clouds, raised an additional $12.5 million in Series D funding. WRVI Capital led the round and was joined by investors including NGP Capital, Mubadala Ventures, Canvas Ventures, Menlo Ventures, and Redpoint Ventures.
- Katana, a Tallinn, Estonia-based maker of a manufacturing enterprise resource planning platform, raised $11 million in Series A funding. Atomico led the round.
- StorageOS, a cloud native storage management company, raised $10 million in Series B funding. Downing Ventures led the round and was joined by investors including Bain Capital Ventures, Uncorrelated Ventures and MMC Ventures, and Chestnut Street Ventures.
- Torii, an enterprise SaaS management startup, raised $10 million in Series A funding. Wing VC led, and was joined by Entree Capital, Global Founders Capital, Scopus Ventures and Uncork Capital. http://axios.link/I0Ii
- Jumpstart, a San Francisco-based recruiting platform focused on diversity, raised $8.5 million in Series A funding. Sequoia Capital led the round and was joined by investors including Michael Lynton (chairman of Snap). Read more.
- DataJoy, a San Mateo, Calif.-based analytics company, raised $6 million in seed funding. Foundation Capital led the round and was joined by investors including Quarry VC, Partech Partners, IGSB, Bow Capital, and SVB.
- Prophecy.io, a Palo Alto, Calif.-based maker of a data engineering platform, raised $6 million. SignalFire led the round and was joined by investors including Ross Mason (founder of Mulesoft).
- OpsCruise, a Sunnyvale, Calif.-based cloud application observability company, raised $5 million in seed funding. The Fabric led the round and was joined by investors including First Rays Venture Partners, Impact Ventures, The Band of Angels, and TiE Silicon Valley.
- Praxis Labs, a New York-based maker of a virtual reality-based diversity and inclusion learning platform, raised $3.2 million in seed funding. Investors include SoftBank’s SB Opportunity Fund, Norwest Venture Partners, Emerson Collective, Ulu Ventures, Precursor Ventures, Firework VC, and 20|20 Fund.
. . .
Sustainability:
- BlocPower, a Brooklyn, N.Y.-based climate tech startup, raised $8 million in Series A funding. American Family Insurance Institute for Corporate and Social Impact, AccelR8, and The Goldman Sachs Urban Investment Group led the round.
- HowGood, a New York-based sustainability database for the food and personal care industries, raised $6 million. Contour Venture Partners led the round and was joined by investors including FirstMark Capital, Danone Manifesto Ventures, and Trailhead Capital.
- Patch, a San Francisco-based platform for businesses to mitigate their carbon footprint through carbon removal projects, raised $4.5 million in seed funding. Andreessen Horowitz led the round and was joined by investors including VersionOne, Pale Blue Dot, and Maple VC.
Acquisitions:
- M&T Bank is nearing a deal to acquire with People’s United Financial, a Bridgeport, Conn.-based bank, for $7 billion, per the Wall Street Journal. Read more.
- Cisco (Nasdaq: CSCO) acquired IMImobile (AIM: IMO), a London-based provider of cloud communications software for about $730 million.
- Redfin (Nasdaq: RDFN) agreed to acquire RentPath, an Atlanta-based owner of apartment rental marketplace websites, for $608 million in cash. RentPath previously filed for bankruptcy.
- Goodyear Tire & RubberCo. agreed to acquire Cooper Tire & Rubber Co., a Findlay, Oh.-based tire maker, for about $2.8 billion.
- LVMH’s Moet Hennessy is buying a 50% stake in Armand de Brignac, rapper Jay-Z’s champagne brand. Financial terms weren't disclosed.
- Canva acquired Kaleido.ai, an Austrian startup with tools to remove backgrounds from photos and videos, and Smartmockups, a Czech Republic-based maker of tech for creating mockups for merchandise. Financial terms weren't disclosed. Read more.
- SoftBank is nearing a settlement with WeWork co-founder and former CEO Adam Neumann that could include a $500 million decrease in Neumann’s payout, per Reuters. Read more.
- Cigna acquired MDLive, a Miramar, Fla.-based telehealth provider. MDLive investors include Sixth Street. Financial Terms weren’t disclosed.
. . .
IPOs:
- Coinbase, the San Francisco-based crypto exchange, has been valued at over $100 billion in a secondary share sale, per Axios. Read more.
- Coinbase, a San Francisco-based crypto exchange, filed for an IPO. Investors include Andreessen Horowitz, Ribbit Capital, and Paradigm. Read more.
-DigitalOcean, a New York-based operator of cloud for developers, filed to raise $100 million. Investors include Access Industries,Andreessen Horowitz, and IA Venture Partners. Read more.
- Toast, the Boston-based maker of restaurant software, is preparing for an IPO that could value it at $20 billion, per the Wall Street Journal. Investors include Bessemer and TPG. Read more.
- Babbel, a German language app maker, is weighing an IPO, per Bloomberg. Read more.
- Cazoo, a U.K.-based online used car platform, is weighing an IPO in London, per Bloomberg citing sources. Investors include D1 Capital Partners and BlackRock. Read more.
- Oscar, a New York-based health insurer, set IPO terms to 31 million shares at $32-$34. It would have an initial market cap of $6.5 billion, were it to price in the middle, plans to list on the NYSE: OSCR) and raised around $1.4 billion from firms like Alphabet, Thrive Capital, Founders Fund, Formation8, Fidelity, General Catalyst and Khosla Ventures. http://axios.link/f8a3
-Roblox, an online gaming platform for kids and teens, said it plans to go public via direct listing on March 10. http://axios.link/aR2g
. . .
SPACs:
- Joby Aviation, a Santa Clara, Calif.-based maker of an all-electric, vertical take-off and landing aircraft, will go public via merger with Reinvent Technology Partners, a SPAC backed in part by Reid Hoffman. The deal values the firm at about $6.6 billion.
-YieldStreet, a New York-based startup allowing consumers to invest in alternative assets, is weighing creating its own SPAC, per Bloomberg. Read more.
Funds:
-Bessemer Venture Partners, a Redwood City, Calif.-based early stage venture firm, raised $3.3 billion for two funds, BVP XI and BVP Century II.
- Dyal Capital may sell a piece of its stake in Vista Equity Partners, the Austin-based alternative assets firm, per Bloomberg. Read more.
- Peak Rock Capital, an Austin-based private equity firm, has raised about $1.6 billion out of a planned $1.8 billion for its third fund. Read more.
- Alta Partners, a San Francisco and Denver-based early-stage healthcare venture capital firm, closed Alta Partners NextGen Fund III with $275 million.
- Avid Ventures, a New York-based firm led by Addie Lerner (ex-General Catalyst) and Tali Vogelstein (ex-Bessemer), raised $68 million for its debut fund. http://axios.link/BOcF
-Sequoia Capital told limited partners that some of their personal and financial information may have been accessed by a third party, after a Sequoia employee's email was successfully phished, Axios has learned.
- Oak HC/FT, a venture firm, raised $1.4 billion for its most recent fund.
- Primary Venture Partners, a New York City-based venture firm focused on investing in New York City, raised $150 million for its third fund. It also raised $50 million for its second Select fund.
- Kapor Capital, Oakland, Calif.-based venture firm focused on social impact ventures and founders of color, is raising $125 million fund for its third fund, per TechCrunch. Read more.
- Smash Ventures, a Los Angeles-based later-stage investment firm focused on consumer internet and technology companies, raised $75 million for its debut fund. The firm has already deployed some $500 million while in stealth.
Final Numbers
Data: FactSet; Chart: Andrew Witherspoon/Axios
M&T Bank (NYSE: MTB) agreed to buy People's United Financial (Nasdaq: PBCT) for $7.6 billion in stock.
Why it matters, per Courtenay Brown in the debut issue of her new afternoon biz newsletter, Axios Closer: "It adds to the parade of regional lenders — which have taken an active role in distributing PPP loans — swallowing each other in an effort to survive a more treacherous backdrop."