Sourcery (3/29-4/2)
HighRadius, Next Insurance, Pipe, Capitolis, Ramp, Ethic, Price.com, Tonal, Cityblock Health, SteadyMD, Rightway, Dapper Labs, Staffbase, Cameo, Substack, Stord, Productiv, SuperRare...
Last Week (3/29-4/2):
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 HighRadius, Next Insurance, Pipe, Capitolis, Ramp, Ethic, Price.com, Tonal, Cityblock Health, SteadyMD, Rightway, Dapper Labs, Staffbase, Cameo, Substack, Stord, Productiv, SuperRare. Compass, Coursera, Wise, Knock, Allbirds.
Final numbers on U.S. IPO Performance at the bottom.
Deals
Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC
Fintech:
- HighRadius, a Houston-based provider of receivables software, raised $300 million in Series C funding at a $3.1 billion valuation. D1 Capital and Tiger Global co-led, and were joined by Iconiq and Susquehanna Growth Equity.http://axios.link/ujuq
-Next Insurance, a Palo Alto-based small business, raised $250 million. FinTLV Ventures and Battery Ventures co-led, and were joined by CapitalG, Group 11, Zeev Ventures, Founders Circle and G Squared. www.nextinsurance.com
- Pipe, a Miami-based B2B financing platform for SaaS companies, raised $150 million led by Greenspring Associates at a $2 billion valuation, per TechCrunch. http://axios.link/ClhU
- Thrasio, a New York-based company acquiring Amazon businesses, raised $100 million in additional Series C funding.
- Sightline Payments, a Las Vegas-based fintech payments company for the gaming market, raised $100 million. Cannae Holdings led the round and was joined by investors including Genting Group, Point Break Capital, Searchlight Capital Partners, Shift4 Ventures, and Vectr Ventures.
- Capitolis, a capital-markets focused financial resource optimization platform, raised $90 million in Series C funding. Andreessen Horowitz led the round.
- Ramp, a New York-based corporate card startup, is raising $65 million in funding and $50 million in funding that will value it at $1.1 billion and $1.6 billion, per the Information. D1 Capital Partners led the $65 million round, and was joined by investors including Stripe, Coatue Management, and Goldman Sachs. Stripe is also leading the second $50 million. Read more.
- Ethic, a New York-based asset management platform for advisors, raised $29 million in Series B funding. Oak HC/FT led the round and was joined by investors including Fidelity Investments, Nyca Partners, Sound Ventures, ThirdStream Partners, Urban Innovation Fund, and Kapor Capital.
- AUDITORIA.AI, a Santa Clara, Calif.-based automation solutions for corporate finance teams, raised $15.5 million in Series A funding. Venrock led the round and was joined by investors including Workday Ventures, B Capital Group, Engineering Capital, Firebolt Ventures, and Neotribe Ventures.
- Spiral, a New York-based banking solution for the charitable sector, raised $14 million. Team8 led the round and was joined by investors including Communitas Capital, Phoenix, Nidoco AB, and MTVO.
- Price.com, a San Francisco-based price-comparison platform, raised $10 million in seed funding. Ricky Caplin (Chairman of Caplin Family Offices) led the round and was joined by investors including Founders Fund, Social Capital,Dick Costolo (former Twitter CEO), Vanja Josifovski (Airbnb CTO).
- StarStock, a New York-based marketplace for sports fans and card hobbyists to buy, sell, and invest in their favorite athletes, raised $8 million in Series A funding. Andreessen Horowitz led the round.
- Gro, a London-based blockchain finance company company, raised $7.1million. Galaxy Digital, Framework Ventures and Northzone invested.
- Unhedged, a New York-based-based financial research and collaboration platform, raised $4.4 million. Littlebanc led the round and was joined by investors including Palm Ventures.
- Ensemble, a Los Angeles-based expense tracking app for co-parents, raised $3 million in seed funding. Investors included TTV Capital, Lerer Hippeau, and Citi Ventures.
- KPI Sense, a Chicago-based finance platform for Saas companies, raised $1.1 million in seed funding. Network Ventures led the round and was joined by investors including Goldin Ventures.
. . .
Care:
- Tonal, an at-home strength and personal training platform, raised $250 million in Series E funding from Dragoneer, Cobalt Capital, L Catterton, Sapphire Ventures and individuals like Mike Tyson and Maria Sharapova. http://axios.link/86bE
- Cityblock Health, a Brooklyn-based healthcare provider for lower-income communities, raised $192 million in Series C funding. Tiger Global led, and was joined by insiders Kinnevik AB, Maverick Ventures, General Catalyst, Wellington Management, Thrive Capital, Redpoint Ventures, Echo Health Ventures, 8VC and Goldman Sachs Asset Management.http://axios.link/PYYn
- Crossover Health, a San Clemente, Calif.-based health-tech company integrating virtual and in-person care for employers and health plans, raised $168 million in Series D funding. Deerfield Management Company led the round and was joined by investors including Perceptive Advisors, OrbiMed Advisors, Foresite Capital, Avidity Partners, SharesPost100 Fund, Irving Investors, and PFM Health Sciences.
- Harry’s, a New York-based razor company, raised $155 million in Series E funding. Bain Capital and Macquarie Capital led the round, valuing the company at $1.7 billion.
- BrightInsight, a San Jose, Calif.-based provider of a digital health platform for biopharma and medtech, raised $101 million in Series C funding. General Catalyst led the round.
- Rightway, a New York-based healthcare technology and services company focused on pharmacy benefits, raised $100 million in Series C funding, valuing it at $1.1 billion. Khosla Ventures led the round and was joined by investors including Thrive Capital and Tiger Global Management.
- Cleo, a San Francisco-based family benefits platform, raised $40 million in Series C funding. Transformation Capital led the round and was joined by investors including Glynn Capital, PruVen Capital, Gaingels, Greylock, NEA, and Felicis.
- Manual, a London-based company focused on men’s health, raised $30 million in Series A funding. Sonoma Brands,Felix Capital, and Cherry Ventures invested.
- SteadyMD, a St. Louis, Mo.-based telehealth provider, raised $25 million in Series B funding. Lux Capital led the round and was joined by investors including Sound Ventures and Acrew Capital.
- CirrusMD, a Denver-based provider of on-demand virtual care services, raised $20 million in Series C funding. Blue Venture Fund led the round and was joined by investors including 7wireVentures, Drive Capital and the Colorado Impact Fund.
- Materna Medical, a Mountain View-based company focused on women’s pelvic health, raised $6 million in extended Series A funding. Wavemaker Three-Sixty Health led the round and was joined by investors including Kimera Limited, Texas Halo Fund, Band of Angels, and Houston Angel Network. A second close is expected in June.
. . .
Future of Work:
- Dapper Labs, a Vancouver-based company behind NBA Top Shot, raised $305 million in new funding, valuing it at $2.6 billion. Coatue led the round and was joined by investors including Michael Jordan, Kevin Durant, Andre Iguodala, Kyle Lowry, Spencer Dinwiddie, Andre Drummond, Alex Caruso, Michael Carter-Williams, and Josh Hart.
- HighRadius, a Houston-based order management software company, raised $300 million in Series C funding valuing it at $3.1 billion. D1 Capital and Tiger Global led the round and was joined by investors including ICONIQ Growth and Susquehanna Growth Equity. Other investors included Frank Slootman (CEO of Snowflake).
- Staffbase, a German provider of internal communications solutions, raised €122 million. General Atlantic led, and was joined by insiders Insight Partners and e.ventures. www.staffbase.com
- 6sense, a San Francisco-based sales platform, raised $125 million in Series D funding, valuing it at $2.1 billion. D1 Capital Partners led the round and was joined by investors including Sapphire Ventures, Tiger Global, and Insight Partners.
- Cameo, a Chicago-based app for sharing personalized celebrity videos, raised $100 million in Series C funding, valuing it at over $1 billion. e.ventures led the round and was joined by investors including GV (formerly Google Ventures), Amazon’s Alexa Fund, UTA Ventures, SoftBank Vision Fund 2, Valor Equity Partners, and Counterpoint Global.
- Everli, a European marketplace for online grocery shopping, raised $100 million in Series C funding. Verlinvest led the round and was joined by investors including Luxor, DN Capital, C4 Ventures, and Convivialité Ventures. Read more.
- HYCU, a Boston-based enterprise software company specializing in multi-cloud data backup and recovery as a service, raised $87.5 million in Series A funding. Bain Capital Ventures led the round and was joined by investors including Acrew Capital.
- Tomorrow.io (fka ClimaCell), a Boston-based weather intelligence platform, raised $77 million in Series D funding. Stone Court Capital led, and was joined by Highline Capital. http://axios.link/RoGc
- GoStudent, an Austrian tutoring marketplace, raised €70 million in Series B funding. Coatue led, and was joined by insiders Left Lane Capital and DN Capital. http://axios.link/VA9c
- Substack, a San Francisco-based newsletter platform, raised $65 million in Series B funding. Andreessen Horowitz led the round. The deal values the platform at $650 million, per Axios. Read more.
- Stord, an Atlanta-based supply chain software company for retailers and e-commerce brands, raised $65 million in Series C funding. BOND led the round and was joined by investors including Lineage Logistics, Salesforce Ventures, Dynamo Ventures, Founders Fund, and Susa Ventures.
- Zoomin Software, a New York-based provider of knowledge orchestration solutions, raised $52 million in Series C funding. General Atlantic led the round and was joined by investors including Bessemer Venture Partners, Salesforce Ventures, and Viola Growth.
- Striim, a Palo Alto-based data integration platform, raised $50 million in Series C funding. Goldman Sachs Growth Equity led the round and was joined by investors including Summit Partners, Atlantic Bridge Ventures, Dell Ventures, and Bosch Ventures.
- UnitedMasters, a Brooklyn-based music distribution platform for independent artists, raised $50 million in Series B funding. Apple led the round and was joined by investors including Alphabet and Andreessen Horowitz.
- Productiv, a Palo Alto, Calif.-based management software company, raised $45 million in Series C funding. IVP led the round and was joined by investors including Accel, Norwest Venture Partners, Okta Ventures, and Atlassian Ventures.
- KUDO, a New York-based maker of a video conferencing platform with real-time multilingual interpretation, raised $21 million in Series A funding. Felicis Ventures led the round and was joined by investors including Maverick Ventures, Elephant VC, FJ Labs, Global Founders Capital and Bill Ackman.
- Idelic, a Pittsburgh-based provider of operations and safety software to the transportation industry, raised $20 million in Series B funding. Highland Capital Partners led the round and was joined by investors including AXA Venture Partners, Origin Ventures, Birchmere Ventures, TDF Ventures,
- Rivery, a New York-based devops platform, raised $16 million. Entree Capital led the round and was joined by investors including State Of Mind Ventures.
- Living Security, an Austin-based cybersecurity company seeking to bring awareness to people, raised $14 Million in Series B funding. Updata Partners led the round and was joined by investors including Silverton Partners, Active Capital, Rain Capital, and SaaS Venture Partners.
- Crosschq, a San Francisco-based recruiting software company, raised $13 million in Series A funding. Tiger Global Management led the round and was joined by investors including GGV Capital, Bessemer Venture Partners, Slack Fund, SAP, Intersect Capital, and Rocketship.VC.
- ZEDEDA, a San Jose, Calif.-based distributed edge company raised $12.5 million in extended Series A funding. Rockwell Automation, Juniper Networks, and EDF North America Ventures invested.
- Sonar, an Atlanta-based maker of software based on monitoring the Salesforce tech stack, raised $12 million in Series A funding. Craft Ventures led the round and was joined by investors including Slack, Valor EP, and Parade VC.
- Spekit, a Denver-based digital adoption platform, raised $12.2 million in Series A funding. Foundry Group and Renegade Partners led the round and were joined by Operator Collective, Matchstick Ventures, and Bonfire Ventures.
- Avvir, a New York-based tech platform for catching construction errors, raised $10 million at a $40 million valuation. True Ventures led, and was joined by Tekfen Ventures, Khosla Ventures and MetaProp.http://axios.link/0CmY
- SuperRare, a Delaware-based NFT art platform, raised $9 million in Series A funding. Velvet Sea Ventures and 1confirmation led the round and were joined by Collaborative Fund, Shrug Capital, Third Kind, SamsungNext, Sound Ventures, Mark Cuban, Marc Benioff, Naval Ravikant and Chamath Palihapitiya.
- Memfault, a San Francisco-based provider of a cloud-based platform for connected device monitoring, raised $8.5 million in Series A funding. Partech led the round and was joined by investors including Uncork Capital.
- Datapeople, a New York-based recruiting software company, raised $8 million. Investors include Uncork Capital, NextView Ventures, and First Round Capital.Read more.
- Lowkey, a San Francisco-based maker of software for game streamers, raised $7 million in Series A funding. Andreessen Horowitz led the round and was joined by investors including Figma’s Dylan Field, Loom’s Joe Thomas, and Plaid’s Zach Perret & William Hockey.
- Hex, an enterprise data-sharing solution, raised $5.5 million in seed funding. Amplify Partners led, and was joined by Box Group, XYZ, Data Community Fund and Operator Collective. http://axios.link/ZdkN
- Sardine, a San Francisco-based provider of fraud prevention software, raised $4.6 million in seed funding. XYZ Ventures led the round and was joined by investors including 11.2 Capital, Village Global, and Coinbase Ventures.
- Gryps, a New York-based robotic process automation startup focused on the construction industry, raised $1.5 million in seed funding. LDV Capital led the round and was joined by investors including Pear VC and Harvard Business School Graduate Syndicate.
. . .
Sustainability:
- LIVEKINDLY Collective, a New York-based collection of plant-based food companies, raised $335 million including $135 million converted from a prior round. TPG’s The Rise Fund led the round and was joined by investors including Rabo Corporate Investments and S2G Ventures.
Acquisitions & PE:
- Squarespace acquired Tock, a Chicago-based maker of software for the hospitality industry, for over $400 million in a mix of cash and stock. Tock is backed by investors including Valor Equity Partners and Origin Ventures.
. . .
IPOs:
- Coursera, a Mountain View, Calif.-based online learning company, raised $519 million in its IPO. The company priced at $33 per share (high end of range), for an initial market cap of $4.3 billion, and will list on the NYSE (COUR). It reports a $67 million net loss on $294 million in revenue for 2020 and raised $463 million in VC funding from firms like NEA (18.3% pre-IPO stake), G Squared (15.9%), Kleiner Perkins (9.2%), Future Fund (7.9%), The Lampert Foundation, GSV Ventures and Learn Capital. http://axios.link/SRpo
- Compass, a New York-based real estate platform, raised $450 million in its IPO. The company priced 25 million shares at $18, versus original plans to offer 35 million shares at $24-$26, for an initial market cap of nearly $7 billion. Compass will list on the NYSE (COMP), reports a $270 million net loss on $3.72 billion in revenue for 2020 and had raised $1.6 billion in VC funding from firms like SoftBank Vision Fund, Dragoneer, CPPIB, Qatar Investment Authority, IVP, Thrive Capital, Founders Fund and .406 Ventures. http://axios.link/iDki
- Wise, the U.K.-based fintech formerly known as Transferwise, is planning to launch a London IPO in May this year in a deal that could value it between $6 billion to $7 billion, per Reuters. Read more.
- Knock, an Atlanta-based property tech startup, is weighing an IPO that could raise between $400 million to $500 million, smerger with a SPAC, and a direct listing, per Bloomberg. A deal could value it at roughly $2 billion. Read more.
- Allbirds, the wool sneaker maker valued by VCs at $1.7 billion, is taking steps toward the public markets, hiring Panera vet Mike Bufano as CFO, adding a pair of independent directors and posting for an "SEC reporting" job. http://axios.link/dRgA
. . .
SPACs:
- AeroFarms, a Newark, N.J.-based vertical farming company, agreed to go public via merger with Spring Valley Acquisition, a SPAC. A deal values the combined business at $1.2 billion.
- Cazoo, a U.K.-based second-hand car selling platform, will go public via merger with Ajax I, a SPAC. A deal would value the combined business at $7 billion.
Funds:
- Tiger Global, a New York-based hedge fund and private market investor, raised nearly $6.7 billion for its thirteenth venture fund. Read more.
- Animal Capital, a Gen Z-focused VC firm launched by a group of TikTok stars, has raised around $15 million for its debut fund. www.animalcapital.co
-Anthos Capital is raising $1.5 billion for its fifth growth equity fund, per an SEC filing. www.anthoscapital.com
- Harlem Capital raised $134 million for its second VC fund. http://axios.link/FR77
- Atlas Holdings, a Greenwich, Conn.-based investment firm, closed its fourth private equity investment fund with $3.1 billion.
- Canvas Ventures, a Portola Valley, Calif.-based early-stage firm, raised $350 million for its newest fund.
- BlackRock Private Equity Partners, a New York-based division of BlackRock, closed its debut secondaries and liquidity strategy with $3 billion.
- Zigg Capital, the New York-based venture capital firm investing in companies operating in the real estate technology sector, closed its second fund with $225 million.
- General Atlantic, a New York-based private equity firm, plans to raise $5 billion for its fourth flagship fund. Read more.
- B Capital Group, a Los Angeles-based multi-stage investment firm, raised $415 million for its Elevate fund, which provides follow-on capital to companies in its portfolio.
Final Numbers
Source: Renaissance Capital. Data for Jan. 1, 2021-March 30, 2021.