Sourcery (4/18-4/22)

Flipside Crypto, BlockApps, Stem, Basis Theory, Ellis, SoundMint, Reify, Unlearn.ai, Levels, Clipboard Health, Nue Life Health, The Boring Company, ThreatLocker, Gravity Sketch, Cal.com, Trust, SellX

First, I want to say a big thank you to everyone who reads, shares, and subscribes to Sourcery. We’ve not only hit consistent 50% open-rates week over week, but we’ve also already grown 50% since the start of the year. That's big! I’ve met and connected with so many wonderful people whether you’re in venture capital, tech, real estate, sales, based in SF, NYC, Miami, LA or London, etc. And hope to keep growing and engaging with this community. As a refresher, my day job is in VC with Upfront Ventures’ early-stage investment team, and this is my side project that takes about 4-5+ hours a week. It's not easy, but it’s proven to be wildly rewarding! If you want to get in touch, share deals, or just say hi, feel free to continue to reach out directly. I’d love to meet as many of you as possible.

Second, I don’t know how to explain this but I went back for Coachella weekend 2, that’s why this is arriving in your inbox a day late #LongLA. That being said, we will continue to believe this music festival was a tech event, just as Art Basel was actually a Web3 event. And to be fair, both Bill Gates and Evan Spiegel were there, so that’s all the evidence I need. Lastly, if you don’t know who “Fred Again..” is you should get on board ASAP.

ICYMI (and were at a silent retreat for the last 48 hours like Jared Leto in the beginning of the pandemic) Elon’s bid to buy Twitter for $44B was accepted.

Follow us on Twitter Linkedin for just the top deals recap

@MollySOShea @MarissaCohen

. . .

Last Week (4/18-4/22):

Relevant deals include the 60+ deals across stages below. 

I've categorized the deals below into four categories, Fintech, Care, Enterprise & Consumer, and Sustainability, and ordered from later-stage rounds to early-stage rounds. Highlighted deals include Flipside Crypto, BlockApps, Fundguard, Stem, Basis Theory, Wheelhouse, EPNS, Ellis, Vyng, SoundMint, Reify, Unlearn.ai, Loop Health, Levels, Clipboard Health, Nue Life Health, Aunt Flow, Sika, Source Health, The Boring Company, ThreatLocker, SEON, Mutiny, Mendel, Demostack, Gravity Sketch, Cal.com, One More Game, Prezent.ai, Glide, Playbook, Salad, Privy, BACH, Kindred, Speckle, Trust, Kangaroo, SellX, Ink, UPSIDE Foods, Beta Technologies, Air Company, Greenly, Vaayu, Klima, Carbon Upcycling Tech; OpenWeb, Robinhood, Zendesk, Just Eat, Brex, Shopify, Amazon

Final numbers on Crypto Funding at the bottom.

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Deals 

Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC

Fintech:

- Flipside Crypto, an on-demand analytics and learning platform for blockchains, raised $50 Milion Series in A funding led by Republic Capital and was joined by investors including True Ventures, Galaxy Digital, Terra, Dapper Labs, M13, Blockchain Coinvestors, Collab Currency, Hashkey, Avon Ventures, Lightshed, Resolute, Boston Seed, Converge, Hutt Capital, Gaingels, Commerce Ventures, Quiet, and Tribe Capital.

- BlockApps, a New York-based blockchain provider, raised $41 million in funding led by Liberty City Ventures and was joined by investors including Morgan Creek Digital, Eidetic Ventures, Givic, ConsenSys, Bloccelerate, Fitz Gate Ventures, Arab Angels, Kenetic Capital, and PropelX.

- Fundguard, a New York-based investment management platform, raised $40m in Series B funding. Blumberg Capital led, and was joined by Citigroup and State Street. www.fundguard.com

- Stem, an L.A.-based distribution and payments platform for musicians and labels, raised $20m. QED Investors led, and was joined by Block, Slow Ventures and Quality Control. www.stem.is

- NovoPayment, a Miami-based full-stack banking API provider founded in 2007, raised $19m in Series A funding. Fuel VC and IDC Ventures co-led, and were joined by Visa and Endeavor Catalyst. http://axios.link/VTLn

- Basis Theory, a Mill Valley, Calif.-based data tokenization startup, raised $17m from Bessemer Venture Partners, Kindred Ventures, Conversion Capital, Offline Ventures, Ludlow Ventures, BoxGroup and Good Friends. http://axios.link/jonL

- Wheelhouse, a remote-based revenue management software company for the rental industry, raised $16 million in funding. NEA and Highgate Ventures led the round and were joined by investors including Signalfire, Fifth Wall, Tishman Speyer, 01 Advisors, Certares, RXR, PAR Capital, and other angels. 

- Bastion, a lending and StableSwap protocol DeFi project on NEAR, raised $9 million in Series A funding led by Three Arrows Capital, and was joined by investors including FTX Ventures, Jump Crypto, Jane Street, Crypto.com Capital, Spartan Group, CMS, and Hypersphere. 

- EPNS, a decentralized communication layer for crypto, raised $10.1m in Series A funding. Jump Crypto led, and was joined by Tiger Global, ParaFi, Polygon Studios, Wintermute, Sino Global Capital, Harmony Foundation and Zebpay. http://axios.link/441F

- Delta One, a San Francisco-based yield generation protocol on the Solana blockchain, raised $9.1 million in seed funding led by Alameda Research and Ship Capital and was joined by investors including Solana Ventures, Electric Capital, AlleyCorp, Chris McCann, and Alfred Chuang.

- Ellis, a neobank for international students studying in the U.S., raised $5.6m in seed funding. Kindred Ventures led, and was joined by Castle Island Ventures, 20VC, Dreamers VC and V1.VC. http://axios.link/fFtZ

- MetaLend, a Santa Monica, Calif.-based web3 banking startup, raised $5m in seed funding led by Pantera Capital. www.metalend.tech

- Vyng, an L.A.-based Android app that lets users earn bitcoin when making phone calls, raised $5m from March Capital Partners, Newbound Venture Capital, Alpha Edison and Omidyar Network. www.vyng.me

- Boss Beauties, an NFT collection focused on women's empowerment, raised $4.4 million in seed funding led by Offline Ventures and was joined by investors including Serena Ventures and Female Founders Fund. 

- Hedge, a lending protocol on the Solana blockchain, raised $3.7m in seed funding. Race Capital led, and was joined by Pantera Capital, Solana Ventures, ShimaCapital and DCM. http://axios.link/pYK2

- trac, a Los Angeles-based musician monetization platform, raised $2.5 million in pre-seed funding led by Lagos and was joined by investors including AppWorks, InfinityVC, Calm Company Fund, Dapper Labs, and other angels

- SoundMint,, a music collectibles NFT startup raised $1.7m in seed funding. Animoca Brands led, and was joined by Castle Island Ventures, Focus Labs, Sfermion, Sky Vision, Tess Capital and Goodwater Capital. www.soundmint.xyz

. . .

Care:

- Reify Health, a Boston-based clinical trial startup, raised $220 million in Series D funding led by Altimeter and Coatue and was joined by investors including Dragoneer, Iconiq Growth, Adams Street, Sierra Ventures, and Battery Ventures.

- NexHealth, a San Francisco-based patient booking platform, raised $125 million in Series C funding led by Buckley Ventures’ Josh Buckley and LGF3 and was joined by investors including Mantis VC, Lattice, Loom, and Ramp. 

- Unlearn.ai, an SF-based developer of digital twins for clinical trials, raised $50m in Series B funding from Insight Partners, Radical Ventures, 8VC, DCVC, DCVC Bio and Mubadala Capital Ventures. http://axios.link/4kRA

- Loop Health, an Indian health insurance startup, raised $40m in Series B funding. General Catalyst and Elevation Capital co-led, and were joined by Optum Ventures and Vinod Khosla. www.loophealth.com

- Levels, a New York-based software company that gives feedback on how food affects your health, raised $38 million in Series A funding from angels including Basecamp Fund’s Andrea Funsten, Acquired Podcast’s Ben Gilbert and David Rosenthal, Lenny Rachitsky and the Airbnb Alumni Syndicate, The Generalist’s Mario Gabriele, CrossFit athlete Mat Fraser, Shrug’s Moshe Lifschitz and Niv Dror, a16z, and the Levels member community through a crowdfunding round. 

- Clipboard Health, a Walnut, Calif.-based nurse shift-matching marketplace, raised $30m in Series C funding at a $1.3b valuation. Sequoia Capital led, and was joined by IVP, YC, Caffeinated Capital, Initialized Capital and SciFi VC. http://axios.link/PS2N

- NUE Life Health, a remote mental health platform that incorporates psychedelics, raised $23m in Series A funding led by Obvious Ventures. http://axios.link/M7ME

- Aunt Flow, a Columbus, Ohio-based B2B menstrual products business that stocks tampons and pads for offices, retailers, schools, and stadiums, raised $8.5 million in Series A funding led by  JLL Spark and was joined by investors including Amboy Street Ventures, Harlem Capital, CityRock Ventures, and Precursor Ventures.

- Sika, a New York-based payments platform using FSA/HSA wallets, raised $5 million in seed funding led by Forerunner Ventures and was joined by investors including Shine Capital, Ulu Ventures, PrimeSet, Atacama, and the co-founders of Plaid.

- Source Health, a New York-based startup that helps digital health companies scale, raised $3m in seed funding. First Round Capital led, and was joined by Box Group. www.sourcehealth.com

. . . 

Enterprise & Consumer: 

- The Boring Company, Elon Musk’s Austin-based intra-city tunnel and transportation company, raised $675 million in Series C funding led by Vy Capital and Sequoia Capital and was joined by investors including Valor Equity Partners, Founders Fund, 8VC, Craft Ventures, and DFJ Growth.

- Convoy, a Seattle-based digital freight network, raised $160 million in Series E funding led by Baillie Gifford and funds and accounts advised by T. Rowe Price Associates. 

- Oyster, a remote-based HR software company, raised $150 million in Series C funding led by Georgian and was joined by investors including Salesforce Ventures, the Base10 Partners Advancement Initiative, Okta, LinkedIn, Endeavor Catalyst, and others. 

- ThreatLocker, a Maitland, Fla.-based cybersecurity firm, raised $100 million in Series C funding led by General Atlantic and was joined by investors including Elephant VC and Arthur Ventures.

- SEON, a London-based online fraud prevention startup, raised $94m in Series B funding. IVP led, and was joined by Creandum and PortfoLion. www.seon.io

- AppHub, a New York and San Francisco-based ecommerce software platform, raised $60 million in funding from Silversmith Capital Partners. 

- Mutiny, a San Francisco-based A.I. marketing platform, raised $50 million in Series B funding. Tiger Global and Insight Partners led the round and were joined by investors including Sequoia Capital, Cowboy Ventures, Uncork Capital, and other angels. 

- Zubale, a Mexico City-based software and gig collaborators marketplace for ecommerce orders in Latin America, raised $40 million in Series A funding led by QED Investors and was joined by investors including GFC, Felicis Ventures, GGV Capital’s Hans Tung, NFX, Accel’s Kevin Efrusy, Wollef, and Maya Capital.

- Mendel, a San Jose, Calif.-based clinical A.I. and language processing platform, raised $40 million in Series B funding led by Oak HC/FT and was joined by DCM. 

- Demostack, a San Francisco and Tel Aviv-based demo experience platform for SaaS sales teams, raised $34 million in Series B funding led by Tiger Global Management and was joined by investors including Bessemer Venture Partners, Amiti Ventures, GTMfund, Operator Collective, and StepStone.

- Gravity Sketch, a London-based 3D design tool, raised $33 million in Series A funding led by Accel and was joined by investors including GV, Kindred Capital, Point Nine, and Forward Partners. 

- BlueOcean, a San Francisco-based brand decision platform for executive leadership, raised $30 million in Series B funding led by Insight Partners and was joined by FJ Labs. 

- Cal.com, a remote-based scheduling platform, raised $25 million in Series A funding led by Seven Seven Six and was joined by investors including Obvious Ventures, OSS Capital, Jack Altman, Tobi Lutke, Anthony Pompliano, and others. 

- Playable Worlds, a San Marcos, Calif.-based online game developer, raised $25 million in Series B funding led by Kakao Games Corp. and was joined by investors including BITKRAFT Ventures, Galaxy Interactive, Lilith Games, and Gaingels. 

- One More Game, a Seattle-based game studio, raised $22 million in Series A funding led by Lightspeed Venture Partners and was joined by investors including Griffin Gaming Partners Andreessen Horowitz, Animal Capital, Cleo Capital, and others.

- Prezent.ai, a Los Altos-based presentation deck gamification startup, raised $20m in Series A funding. Greycroft led, and was joined by WestWave Capital and Emergent Ventures. http://axios.link/22JJ

- Glide, a San Francisco-based software development platform, raised $20 million in Series A funding led by Benchmark and was joined by investors including Y Combinator, First Round, SV Angel, and other angels. 

- tvScientific, a Pasadena, Calif.-based performance platform for CTV ads, raised $20m in Series A funding. Norwest Venture Partners led, and was joined by NBCUniversal and Hearst Ventures. http://axios.link/ZGXv

- Tulu, a New York-based provider of on-demand access to appliances and entertainment devices for apartment building tenants, raised $20m in Series A funding. New Era Capital Partners led, and was joined by Robert Bosch VC, Kärcher New Venture and Round Hill Venture http://axios.link/eTBQ

- Playbook, a San Francisco-based visual cloud storage platform for creatives, raised $18 million in Series A funding led by Bain Capital Ventures and was joined by investors including Founders Fund, Abstract Ventures, Maple VC, Hyphen Capital, Blank Ventures, and angel investor Elad Gil. 

- Salad, a Web3 compute-sharing network, raised $17 million in Series A funding led by Left Lane Capital and Origin Ventures and was joined by investors including Kickstart Seed Fund, Royal Street Ventures, and Carthona Capital.

- ​​Enso, a San Francisco-based data processing and visualization platform, raised $16.5 million in funding from SignalFire, Khosla Ventures, Day One Ventures, Decacorn Capital, Y Combinator, Samsung Next, Harvard’s Endowment, West Coast Endeavors, Innovation Nest, and others.

- Backbone, a San Francisco-based supply chain software company, raised $14 million in funding from investors including Nautilus Ventures, 12/12 Ventures, and angels including Wired’s John Battelle and Netsuite’s Brian Taylor. 

- Themis, a New York-based collaborative governance, risk and compliance platform, raised $9m in seed funding. TTV Capital led and was joined by Felicis and Walkabout Ventures. www.askthemis.com

- Privy, a New York-based API builder for off-chain user data management, raised $8 million in seed funding led by Sequoia Capital and BlueYard Capital. 

- BACH, a Philadelphia-based bachelorette party planning app, raised $8 million in funding led by Corazon Capital and was joined by investors including Freestyle Capital, Oversubscribed Ventures, and Alumni Ventures.

- Mytaverse, a Miami-based VR/AR meetings platform, raised $7.6 million in seed funding led by Blumberg Capital and was joined by investors including Baselayer Ventures, Correlation Ventures, Accelerator Ventures, and others. 

- Kindred, a San Francisco-based home swapping network, raised $7.75 million in seed funding raised from investors including Andreeseen Horowitz, Bessemer, Caffeinated Capital, and others.

- Revea, a San Francisco-based skincare company, raised $6 million in seed II funding led by Alpha Edison and was joined by investors including Ulta Beauty, WaldenCast Ventures, GISEV, Verlinvest, and Kathaka.

- Speckle, a London-based 3D data platform, raised $5.5 million in seed funding. Frontline Ventures and Matrix Partners led the round and were joined by investors including Foundamental and other angels. 

- Dassana, a San Jose, Calif.-based cloud logging solutions company, raised $5 million in seed funding led by Dell Technologies Capital and was joined by investors including MinIO CEO and founder Anand Babu Periasamy and Shutterstock CEO and founder Jon Oringer. 

- Strike Security, a continuous penetration testing startup, raised $5.4m in seed funding. Greyhound Capital led, and was joined by from FJ Labs, Canary, NXTP, VentureFriends, Magma Partners, Latitud and Orok Ventures. http://axios.link/DuRG

- Trust, a Los Angeles-based network for brands, raised $5 million in funding from investors including Sapphire Sport and former Venmo COO Michael Vaughan.

- Influur, a Miami-based marketplace for connecting influencers with brands, raised $5m in seed funding led by Point72 Ventures. http://axios.link/LITq

- Glacier, a San Francisco-based robotic waste technology provider, raised $4.5 million in seed funding led by New Enterprise Associates and was joined by angels including former GE CEO Jeff Immelt, climate investor and former climate policymaker Sierra Peterson, and former Uber CPO Manik Gupta.

- Experify, a consumer product review platform, raised $4m in seed funding. Vertex Ventures US led, and was joined by Sonae Investment Management and Berkeley SkyDeck Fund. www.experify.io

-  U.S. Integrity, a VC-backed sports betting integrity startup, raised funding from Las Vegas Sands. www.usitegrity.com

- Kangaroo, a storytelling platform, raised $3.3 million in funding led by Human Capital and was joined by investors including Michael Ovitz, Greylock Partners, and other angels. 

- Superjoi, a Los Angeles-based platform connecting creators to their fans through voting and fundraising, raised its $2.5 million in pre-seed funding from investors including Ascension, QED Investors, Systema VC, Tomahawk, and Modern Venture Partners.

- SellX, a New York-based freelance marketplace for sales reps, raised $2m from GroundUp and State of Mind Ventures. http://axios.link/2rpQ

- Ink, a Venice, Calif.-based content monetization and signed digital content company, raised $1.5 million in pre-seed funding from investors including Sound Ventures, Mark Cuban, and others. 

. . .

Sustainability:

- UPSIDE Foods, a Berkeley, Calif.-based meat, poultry, and seafood producer from animal cells, raised $400 million in Series C funding. Temasek and Abu Dhabi Growth Fund led the round and were joined by investors including Baillie Gifford, Bill Gates, Cargill, and Tyson Foods. 

- Beta Technologies, a Burlington, Vt.-based eVTOL startup, raised $375m in Series B funding co-led by TPG Rise Climate and Fidelity. http://axios.link/GEfO

- Air Company, a New York-based carbon-negative alcohols and consumer products creator, raised $30 million in Series A funding led by Carbon Direct Capital Management and was joined by investors including Toyota Ventures, JetBlue Technology Ventures, and Parley for the Oceans. 

- Greenly, a Paris-based provider of carbon emissions tracking and reduction solutions for SMEs, raised $22m in Series A funding co-led by Energy Impact Partners and Xange. http://axios.link/Ape5

- Vaayu, a Berlin-based carbon tracking platform for retailers, raised $11.5m in seed funding. Atomico led, and was joined by CapitalT and Seven Seven Six. http://axios.link/QnRG

- Klima, a Berlin-based climate app focused on global warming, raised €10 million ($10.9 million) in Series A funding led by Keen Venture Partners and was joined by investors including HV Capital, Headline, 468 Capital, and Adjacent. 

- CellMeat, a South Korean alt shrimp maker, raised $8.1m in Series A funding from NauIB, BNK VC, Strong Ventures and Ryukyung PSG. http://axios.link/Z3zn

- Carbon Upcycling Tech, a Canadian developer of a CO2-embedded cement and concrete additive, raised C$6m. Clean Energy Ventures led, and was joined by CEMEX Ventures, Amplify Capital and Oxy Low Carbon Ventures. http://axios.link/1gcz

- Tandem PV, a Santa Clara, Calif.-based developer of solar panels that pair perovskite with traditional silicon, raised $6m in Series A funding led by Bioeconomy Capital. http://axios.link/T2P8

- TômTex, a New York-based biobased leather alternatives company, raised $1.7 million in pre-seed funding led by SOSV and was joined by investors including Nucleus Adventures Capital, C3 Ventures, CRCM Ventures, Gaingels, Portfolia, and Chasing Rainbow.

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Acquisitions & PE: 

- OpenWeb acquired ADYOULIKE, a Paris-based global advertising platform, for $100 million. 

- Robinhood (Nasdaq: HOOD) agreed to buy Ziglu, a British electronic money institution and cryptoasset firm that raised over $40m from crowdfunding and firms like Bigspace Investments and Seedrs. www.ziglu.io

- Zendesk (NYSE: ZEN), the customer engagement software provider the whose shareholders recently rejected a takeover of SurveyMonkey parent Momentive (Nasdaq: MNTV), hired Qatalyst Partners to explore a possible sale, per Reuters. Zendesk has around a $14.8b market cap. http://axios.link/7QBZ

- Just Eat Takeaway.com (AMS: TKWY) said it's considering a full or partial sale of Grubhub, less than a year after completing its $7.3 billion purchase of the U.S. food delivery group.  This would be the unwinding of a merger that kicked off a consolidation spree in the food delivery space. After Just Eat first announced its deal for Grubhub, Uber Eats agreed to buy Postmates for $2.65 billion, DoorDash took out Wolt for €7 billion and GoPuff acquired a pair of small British players. Just Eat has been under pressure from activist investor Lucerne Capital Management, which last week said it will vote against reappointment of the company's CFO and supervisory board.

- Blackrock Neurotech, a Salt Lake City-based brain-computer interface startup whose investors include Catalio Capital Management, Peter Thiel and re.Mind Capital, acquired MindX, a Bethesda, Md.-based spatial computing software startup backed by Catalio and Revolution. www.blackrockneurotech.com

- Brex, valued by VCs at $12.3b, paid $90m to buy Pry Financials, an S.F.-based budgeting, bookkeeping and forecasting software maker. Pry had raised over $5m from NOMO Ventures, GFC, Pioneer Fund, Liquid 2 Ventures and Hyphen Capital. http://axios.link/JqsX

- Shopify (TSX: SHOP) is in talks to buy Deliverr, an SF-based e-commerce fulfillment company most recently valued at $2b, per Bloomberg. Deliverr backers include Tiger Global, Coatue, 8VC, Activant, Brookfield Technology Partners and GLP. http://axios.link/jGx2

- Measurabl acquired Hatch Data, a San Francisco-based a decarbonization platform for real estate. Financial terms were not disclosed.

- Amazon (Nasdaq: AMZN) acquired GlowRoad, an Indian social commerce startup that had raised around $30m from firms like Accel, Korea Investment Partners, Vertex Ventures Southeast Asia and IND Fund. http://axios.link/DqpZ

. . .

IPOs:

Nothing..

. . . 

SPACs:

Nothing..

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Funds:

- WndrCo, the VC firm founded by Jeffrey Katzenberg, is raising $450m for its second fund, per an SEC filing.

- Framework Ventures raised $400m for a fund focused on early-stage web3 and blockchain gaming startups. www.framework.ventures

- Construct Capital, a VC firm focused on "foundational industries," raised $300m for its second fund. www.constructcap.com

- Evok Innovations closed on around $150m for its $300m-targeted industrial decarbonization VC fund. http://axios.link/ATZh

- Chipotle launched a $50m venture capital fund.

- Creative Juice, a VC-backed banking app for digital creators, launched a $50m fund to underwrite creator businesses. http://axios.link/tsSx

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Final Numbers: Crypto Funding

Data from PitchBook provided to Fortune show that venture capitalists have still poured $11.65 billion into crypto and blockchain startups around the world in 2022, as of April 12—meaning that investors are currently on pace to inject a record amount of capital into the crypto and blockchain space this year.

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.