Sourcery (5/3-5/7)
Wealthsimple, Bitso, Shift, HoneyBook, Railz.ai, Figure, Collective Health, Vida, Oura, Headway, Groups, Kajabi, ReCharge, Ada, Material Bank, SafetyCulture, Vast Data, WorkBoard, JupiterOne, Goody...
Last Week (5/3-5/7):
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 Wealthsimple, Bitso, Shift, HoneyBook, Railz.ai, Figure, Collective Health, Vida, Oura, Headway, Groups, Little Otter, Kajabi, ReCharge, Ada, Material Bank, Mux, SafetyCulture, Vast Data, WorkBoard, Genies, Persona, Timescale, JupiterOne, Nearby, TerraTrue, Goody, Cased; Einride, Pachama; FIGS, Remitly, Monday.com, ForgeRock; Alto Pharmacy, Roivant Sciences, Equinox, Manscaped
Final numbers on U.S. Personal Income at the bottom.
Deals
Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC
Fintech:
- Wealthsimple, a Canada-based investment startup, raised $610 million at a $4 billion valuation. Meritech and Greylock led the round.
- Bitso, a Mexico City-based crypto exchange, raised $250 million in Series C funding valuing it at $2.2 billion. Tiger Global and Coatue led the round and were joined by investors including Paradigm, BOND, Valor Capital Group, QED, Pantera Capital, and Kaszek.
- Shift Technology, a San Francisco-based insurance fraud detection company, raised $220 million in Series D funding. Advent International led the round and was joined by investors including Avenir, Accel, Bessemer Venture Partners, General Catalyst, and Iris Capital.
- HoneyBook, a San Francisco-based client experience and financial management platform, raised $155 million in Series D funding. Durable Capital Partners led the round and was joined by investors including Tiger Global Management, Battery Ventures, Zeev Ventures, 01 Advisors,Norwest Venture Partners, OurCrowd, and Citi Ventures.
- LoanSnap, a San Francisco-based lending startup, raised $30 million in Series B funding. True Ventures led the round and was joined by investors including Baseline, Virgin Group, AAA, MANTIS, and Hall of Fame NFL quarterback, Joe Montana.
- Boost Payment Solutions, a New York-based payments company, raised $22 million in Series C funding. Invictus Growth Partners led the round.
- Railz.ai, a Toronto-based developer of APIs for small to medium sized businesses and their customers, raised $15 million. Nyca Partners led and was joined by investors including Susa Ventures, Vestigo Ventures, Entrée Capital Global Founders Capital, Plug and Play Ventures, N49P, and Hack VC.
- Figure, a San Francisco-based compensation software startup, raised $7.5 million in seed funding. CRV led the round and was joined by investors including Bling Capital, Better Tomorrow Ventures, and Garage Capital, as well as Naval Ravikant, Jason Calacanis, and Steve Huffman.
- Sprout.ai, a British insurance claims settlement startup, raised £8 million in Series A funding. Octopus Ventures led, and was joined by Amadeus Capital Partners, Playfair Capital and Techstars.http://axios.link/Btyp
- alt.bank, a Brazilian neobank, raised $5.5 million in Series A funding. Union Square Ventures led the round.
- Relay Platform, a Canadian property and casualty insurance software provider, raised $5.2 million in seed funding. Drive Capital led the round and was joined by investors including Highline Beta.
. . .
Care:
- Collective Health, a San Francisco-based health tech company, raised $280 million in Series F funding. Health Care Service Corporation led the round and was joined by investors including DFJ Growth, Founders Fund, G Squared, Maverick Ventures, NEA, PFM Health Sciences, SoftBank Vision Fund 1, and Sun Life.
- Vida Health, a San Francisco-based virtual chronic care platform, raised $110 million in Series D funding. General Atlantic led the round and was joined by investors including Centene, AXA Venture Partners, and Ardea Capital Partners.
- Oura, a Finland-based maker of a wearable ring that tracks sleep and fitness, raised $100 million in Series C funding. Investors in the round included Temasek, JAZZ Venture Partners, The Chernin Group, and Bedford Ridge Capital.
- Florence, an Atlanta-based platform for clinical trials, raised $80 million in Series C funding. Insight Partners led the round and was joined by investors including Fulcrum Equity Partners, Bee Partners, and Flashpoint.
- Headway, a New York-based maker of a therapy marketplace, raised $70 million in Series B funding. Andreessen Horowitz led the round and was joined by investors including Thrive, GV, and Accel. The round values it at about $750 million.
- Groups Recover Together, a Burlington, Mass.-based opioid addiction treatment company, raised $60 million in Series C funding. Oak HC/FT led the round and was joined by investors including Bessemer Venture Partners, Transformation Capital, RRE Ventures, Optum Ventures, and Kaiser Permanente Ventures.
- Vori Health, a San Francisco-based medical provider for musculoskeletal care, raised $45 million in Series A funding. New Enterprise Associates led the round and was joined by investors including AlleyCorp and Max Ventures.
- Alife Health, a San Francisco-based fertility data company, raised $9.5 million in seed funding. Lux Capital led the round and was joined by investors including Amplo, IA Ventures, and Springbank Collective.
- Backer, a San Francisco-based college savings platform formerly known as ColegeBacker, raised $8.4 million. Crosslink Capital led the round and was joined by investors including Rally Ventures, Correlation Ventures, and Expansion Ventures.
- Sorbet, a U.S. and Israel-based startup focused on financial risks pertaining to paid time off, raised $6 million in seed funding. Viola Ventures led the round and was joined by investors including Global Founders Capital and Meron Capital.
- Expressable, an Austin-based speech therapy solution, raised $4.5 million in seed funding. Lerer Hippeau and NextView Ventures led the round and were joined by investors including Amplifyher Ventures.
- Little Otter, a San Francisco-based mental health company focused on children, raised $4.2 million in pre-seed and seed funding. Torch Capital, Vast Ventures, Box Group, Canaan, 8VC, Able, and Hinsdale led the round.
. . .
Future of Work:
- Kajabi, an Irvine, Calif.-based e-commerce platform for knowledge-based businesses, raised $550 million at a valuation north of $2 billion. Tiger Global led, and was joined by TPG, Tidemark, Owl Rock and Meritech Capital Partners. Insider Spectrum Equity remains the company’s largest outside investor. http://axios.link/J9O9
- ReCharge, a Santa Monica, Calif.-based subscription e-commerce company, raised $277 million. The investors were Summit Partners, ICONIQ Growth, and Bain Capital Ventures, valuing it at $2.1 billion.
- Acronis, a Swiss data protection and cybersecurity company, raised more than $250 million led by CVC Capital Partners at a valuation north of $2.5 billion. It previously raised $170 million from firms like Goldman Sachs, Delta-V Capital, Insight Partners and Almaz Capital. www.acronis.com
- Ada, a Toronto-based maker of chatbot software, raised $130 million in Series C funding. Spark Capital led the round and was joined by investors including Tiger Global, Accel, Bessemer, FirstMark, Version One, and Burst, valuing the business at $1.2 billion.
- Material Bank, a Miami-based marketplace for searching and sampling architectural, design, and construction materials, raised $100 million in Series C funding. General Catalyst and Durable Capital Partners led the round and was joined by investors including BOND, Lead Edge Capital, Bain Capital Ventures, and Raine Ventures.
- Mux, a San Francisco-based video platform, raised $105 million in Series D funding. Coatue led the round and was joined by investors including Accel, Andreessen Horowitz, Cobalt, and Dragoneer.
- SafetyCulture, an Australia-based operations platform, raised an undisclosed amount of funding that values it at $1.6 billion. Insight Partners led the round and was joined by investors including Tiger Global.
- CircleCI, a San Francisco-based continuous integration and delivery platform for software development, raised $100 million in Series F funding at a $1.7 billion post-money valuation. Greenspring Associates led, while existing backers include IVP and Sapphire Ventures. CircleCI also acquired Vamp, a Dutch orchestration release platform. www.circleci.com
- Vast Data, a New York-based storage software provider, raised $83 million in Series D funding at a $3.7 billion valuation. Tiger Global led, and was joined by insiders like Nvidia.www.vastdata.com
- WorkBoard, a Redwood City, Calif.-based employee performance platform, raised $75 million. SoftBank Vision Fund 2 led the round and was joined by investors including Andreessen Horowitz, GGV Capital, Workday Ventures, M12, Capital One Ventures, and SVB Capital.
- Genies, a Los Angeles-based personalized avatar developer, raised $65 million in Series B funding. BOND led the round, and was joined by investors including NEA, Breyer Capital, Tull Investment Group, NetEase, Dapper Labs, and Coinbase Ventures.
- Persona, a San Francisco-based identity infrastructure startup, raised $50 million in Series B funding. Index Ventures led, and was joined by insider Coatue. www.withpersona.com
- Vanta, a San Francisco-based security and verified compliance platform, raised $50 million in Series A funding. Sequoia Capital led the round and was joined by investors including Y Combinator.
- Cymulate, a New York and Israel-based cybersecurity company, raised $45 million in Series C funding. One Peak led the round and was joined by investors including Susquehanna Growth Equity, Vertex Ventures Israel, Vertex Growth, and Dell Technologies Capital
- Timescale, a New York-based database for analysis, raised $40 million in Series B funding. Redpoint led the round and was joined by investors including Benchmark, New Enterprise Associates, Icon Ventures, and Two Sigma Ventures.
- JupiterOne, a Morrisville, N.C.-based provider of cyber asset management and governance solutions, raised $30 million in Series B funding. Sapphire Ventures led the round and was joined by investors including Bain Capital Ventures.
- Pecan AI, a New York and Tel Aviv-bas predictive analytics company, raised $35 million in Series B funding. GGV Capital led the round and was joined by investors including Vintage, Dell Technologies Capital, S-Capital, and Mindset.
- Razor Group, a Berlin-based buyer of Amazon sellers, raised $25 million. Victory Park Capital led the round.
- StarTree, a Mountain View, Calif.-based cloud analytics provider, raised $24 million in Series A funding. Bain Capital Ventures and GGV Capital led the round and were joined by investors including CRV.
- Nearby, an e-commerce platform for small, local retailers, raised $21 million in Series A funding. Annie Kadavy from Redpoint Ventures led the round and was joined by investors including GV, Obvious Ventures, Cowboy Ventures, Sound Ventures, Moxxie Ventures, and Tina Sharkey.
- Crayon, a Boston-based competition intelligence platform for the enterprise, raised $22 million in Series B funding. Baird Capital led the round and was joined by investors including Baseline Ventures, Bedrock Capital, C&B Capital, and Oyster Funds.
- Utmost, a San Francisco-based contracted workforce management platform, raised $21 million in Series B funding. Mosaic Ventures led the round and was joined by investors including Greylock Partners, Workday Ventures, Acadian Ventures and Alumni Ventures Group.
- Bitski, a San Francisco-based NFT platform for consumer and entertainment companies, raised $19 million in Series A funding. Investors include Andreessen Horowitz, Marcy Ventures, Jay Brown, Serena Williams, Jay-Z, Ari Emanuel,Metapurse, AG Ventures, Troy Carter, Wendi Murdoch, 3LAU, Trevor McFedries, and MrBeast.
- Recount Media, a political media startup co-founded by John Battelle and John Heilemann, raised $18 million in Series B funding, per Axios. Foundry Group led, and was joined by Union Square Ventures, Alumni Ventures, Burda Principal Investments, True Ventures and Correlation Ventures. http://axios.link/VBrD
- TerraTrue, a San Francisco-based privacy and security tools platform, raised $15 million in Series A funding. 3L led the round, and was joined by investors including Anthos Capital and Chris Sacca.
- Avenue 8, a San Francisco-based residential real estate brokerage, raised $14 million in Series A funding. Threshold Ventures and Craft Ventures led the round.
- Pawp, a New York-based veterinary telehealth platform, raised $13 million in Series A funding. Lux Capital led the round and was joined by investors including Good Friends (founders of Warby Parker, Harry's, and Allbirds).
- Goody, a Miami-based maker of a gift-giving app, raised $13.1 million in Series A funding. New Enterprise Associates led the round and was joined by investors including David Solomon (CEO, Goldman Sachs), Scott Bellsky (CPO, Adobe), and Amber Atherton (Executive, Discord).
- Swimply, a Cedarhurst, N.Y.-based marketplace for renting swimming pools, raised $10 million in Series A funding. Norwest Venture Partners led the round and was joined by investors including Trust Ventures.
- Thentia, a Toronto-based platform for government licensing and data management, raised $10 million in Series B funding. Spring Mountain Capital led the round and was joined by investors including BDC Capital.
- RTFKT, a Salt Lake City-based provider of digital sneakers and accessories for gamers, raised $8 million in Series A funding led by Andreessen Horowitz. http://axios.link/mMF2
- BluBracket, a Palo Alto, Calif.-based security startup, raised $6.5 million in seed funding. Unusual Ventures led the round and was joined by investors including Point72 Ventures, SignalFire, and Firebolt Ventures.
- Carry1st, a Brooklyn, N.Y.-based mobile games publishing platform focused on theAfrican market, raised $6 million in Series A funding. Konvoy Ventures led the round and was joined by investors including Riot Games, Raine Ventures, AET Fund / Akatsuki, and TTV Capital.
- Portainer.io, an Auckland-based container management tool, raised $6 million in Series A funding. Bessemer Venture Partners led the round and was joined by investors including Sonae Investment Management and Movac.
- Datanomix, a Nashua, N.H.-based vendor of production intelligence software for industrial manufacturers, raised $6 million in Series A funding. Bob Davoli (Founder and Managing Director at Gutbrain Ventures) and Bruce Clarke (Managing Partner of PBJ Capital) with participation from Mike Wohl (Chief Investment Officer at CEAS Investments).
- Metafy, a Blairsville, Pa.-based marketplace for matching gamers with instructors, raised $5.5 million in additional funding. Forerunner Ventures, DCM and Seven Seven Six led the round.
- Gatheround, a team bonding and community engagement platform, raised $4 million in funding. Investors include Claire Hughes Johnson (COO of Stripe), Scott Heiferman (Co-Founder of Meetup), Li Jin, and Lenny Rachitsky.
- Recurate, a Washington D.C.-based resale platform, raised about $3.3 million in seed funding. Gradient Ventures led the round.
- Text Blaze, a San Francisco-based maker of a Chrome extension for saving snippets of text, raised $3.3 million in seed funding. Two Sigma Ventures’s Villi Iltchev and Susa Ventures’s Leo Polovets led the round.
- Cased, a San Francisco-based platform for developers, raised about $2.3 million in seed funding. Founders Fund led the round.
. . .
Sustainability:
- Einride, a Sweden-based developer and provider of electric and autonomous freight tech, raised $110 million in Series B funding. Investors included Temasek, Soros Fund Management, Northzone, and Maersk Growth.
- Pachama, a San Francisco-based maker of a marketplace for forest carbon credits, raised $15 million. Breakthrough Energy Ventures led the round and was joined by investors including Amazon’s Climate Pledge Fund, Lowercarbon Capital, Saltwater Capital, the MCJ Collective, and OATV.
Acquisitions & PE:
- Francisco Partners and TPG Capital agreed to acquire Boomi, Dell Technologies’ cloud business, for $4 billion in cash.
- Slack Technologies (NYSE:WORK) acquired Woven, a Mountain View, Calif.-based calendar app. Woven has been backed by investors including Amplify Partners and Battery Ventures. Financial terms weren't disclosed.
- Coinbase (Nasdaq: COIN) agreed to acquire Skew, a London-based data provider with cryptocurrency derivatives analytics. Octopus Ventures backed Skew. Financial terms weren't disclosed.
- Global Payments (NYSE: GPN) agreed to acquire Zego, a provider of real estate software and payments solutions, from Vista Equity Partners. The deal values Zego at about $925 million.
- Better Collective A/S agreed to buy Action Network, a New York-based sports analysis media company made by the Chernin Group, for $240 million.
- Better Collective (Stockholm: BETCO) agreed to buy Action Network, a New York-based provider of sports betting information, for $240 million. Action Network had raised over $17 million from firms like Chernin Group, RSE Ventures and Bitkraft. http://axios.link/AuIM
-Twitter (NYSE: TWTR) agreed to buy Scroll, a Brooklyn-based online content management platform that had raised $10 million from firms like Union Square Ventures and Gannett, OATV, NY Times, Uncork Capital, Founder Collective and Axel Springer. http://axios.link/cnQG
- ClassPass and Mindbody, two providers of tech to fitness companies, held talks to merge, per Bloomberg.
- Bill.com (NYSE: BILL) is in talks to buy Divvy, a Draper, Utah-based corporate spend management solutions, for more than $2 billion, per Forbes. Divvy most recently raised at a $1.6 billion valuation from Hanaco, Schonfeld, PayPal Ventures and Whale Rock. http://axios.link/6h5g
-Galaxy Digital, the crypto-focused firm led by Mike Novogratz, agreed to buy BitGo, a Palo Alto-based cryptocurrency custodian, for $1.2 billion in cash and stock. BitGo, which was previously circled by PayPal, had raised over $70 million from Valor Equity Partners, Craft Ventures, Redpoint Ventures, Inventures and Radar Partners. http://axios.link/24Em
- AIG (NYSE: AIG) says it plans to sell a 19.9% stake in its life insurance and retirement unit via an IPO, after having held discussions with suitors like Athene Holding (NYSE: ATH). http://axios.link/2Rkt
- Walmart (NYSE: WMT) agreed to buy MeMD, a Scottsdale, Ariz.-based provider of telehealth services. http://axios.link/5LuC
. . .
IPOs:
- MeridianLink, a Costa Mesa, Calif.-based provider of software to financial institution, field to raise $100 million. Thoma Bravo and Serent Capital back the firm.
- Paymentus, a Redmond, Wash.-based electronic billing platform, filed to raise $100 million. Accel-KKR backs the firm.
- Flywire, a Boston-based payments company, filed for an IPO. Spark Capital, Ossa Investments, and F-Prime Capital back the firm.
- ForgeRock, a provider of identity management tools for the enterprise, hired banks for an IPO that could value the company at between $3 billion and $4 billion, per Bloomberg. It's raised $273 million from firms like Riverwood Capital, Accenture Ventures, Accel, Meritech Capital Partners, Foundation Capital and KKR. http://axios.link/wQJE
- FIGS, a Santa Monica, Calfi.-based direct-to-consumer healthcare apparel brand, filed for an IPO. Tulco and Viking Global Investors back the firm.
- Remitly, a Seattle-based fintech, is prepping for an IPO that could value it around $5 billion, per Reuters.
- Monday.com, an Israel-based maker of project management tools, filed confidentially to go public, per Bloomberg.
. . .
SPACs:
- Alto Pharmacy, a San Francisco-based prescription medication delivery startup, is in talks to merge with Gores Technology Partners II, per Bloomberg. SoftBank and OliveTree back the firm.
- Plus, a Cupertino, Calif.-based autonomous driving truck startup backed by Sequoia, is in talks to merge with blank check company Hennessy Capital Investment Corp. V, for an over $3 billion valuation, per Bloomberg.
- Roivant Sciences, a Swiss biopharmaceutical company, will go public via merger with Montes Archimedes Acquisition, a SPAC backed by former KKR dealmaker Jim Momtazee. The deal values the duo at about $7.3 billion.
- Catalyst Partners Acquisition, an enterprise software SPAC sponsored by General Catalyst, cut its proposed IPO size from $400 million to $300 million. http://axios.link/7t1O
- Manscaped, a San Diego-based maker of men’s personal hygiene products, is in advanced talks to go public via SPAC, Axios has learned.
-Equinox, the high-end gym chain and owner of Soulcycle, is in talks to go public at more than a $7.5 billion valuation via Chamath Palihapitiya's Social Capital Hedosophia Holdings Corp. VI (Nasdaq: IPOF), per Bloomberg. Equinox backers include L Catterton and Related Cos. http://axios.link/gUVe
Funds:
- Stride VC, a London-based seed firm, raised £100 million for its second fund. http://axios.link/iEJJ
- Emergence, a San Mateo, Calif.-based venture capital firm focused on enterprise technology companies, closed Emergence Capital Partners VI with $575 million fund and Emergence Capital Opportunity I with $375 million.
Final Numbers
Data: U.S. Bureau of Economic Analysis; Chart: Axios