Sourcery (7/12-7/16)
Revolut, M1 Finance, Railsbank, Cardless, Morty, Phantom, Imperative Care, Aidoc, Evvy, Flipkart, Netskope, EquipmentShare, Flock Safety, Remote, Sourcegraph, Mark43, Shopmonkey, Stytch, Openstore...
Last Week (7/12-7/16):
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 Revolut, M1 Finance, Tide, Railsbank, Cardless, Morty, Phantom, Imperative Care, Aidoc, Evvy, Flipkart, Netskope, EquipmentShare, Flock Safety, Remote, Sourcegraph, Mark43, Shopmonkey, Stytch, Openstore, Superannotate, Lightyear, Endgame, Marco, Nooks, Frontier, ClimateX; Stamps,com, RiskIQ, Chorus.ai, Sentropy; Blend Labs, F45 Training, Outbrain; Altus Power, Newfront Insurance, Aurora Innovation, Policygenius, ServiceMax
Final numbers on Change in Rev Growth Rate for S&P 500 Companies at the bottom.
Deals
Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC
Fintech:
- Revolut, a London-based financial superapp, raised $800 million in Series E funding at a $33 billion valuation co-led by SoftBank Vision Fund 2 and Tiger Global. http://axios.link/oCd1
- N26, a German fintech, is in talks to raise at a $10 billion valuation, per Bloomberg.
- M1 Finance, a Chicago-based borrowing and banking startup, raised $150 million in Series E funding. SoftBank’s Vision Fund 2 led the round.
- Tide, a U.K.-based business financial platform, raised $100 million in Series C funding, valuing it at about $650 million. Apax Digital led the round and was joined by investors including Anthemis, Augmentum, Jigsaw, Local Globe / Latitude, SBI, and SpeedInvest.
- Railsbank, a London-based fintech-as-a-service platform, raised $70 million in Series B funding. Anthos Capital led, and was joined by Central Capital, Cohen and Company and Outrun Ventures. http://axios.link/AKf3
- Cardless, a San Francisco-based maker of branded credit cards, raised $40 million in Series B funding. Activant Capital led the round and was joined by investors including owners and management of the Phoenix Suns and Boston Celtics as well as Accomplice and Pear VC.
- Jasper Card, a credit card fintech, raised $34 million in Series A funding. Benslie International Fund led the round and was joined by investors including 500 Startups, Gauss Ventures, Off The Grid Ventures, OurCrowd, and SIBF.
- Morty, a New York City-based maker of a mortgage marketplace, raised $25 million in Series B funding. March Capital led the round and was joined by investors including Rethink Impact,Thrive Capital, Lerer Hippeau, Prudence Holdings, FJ Labs, and Metaprop.
- Daloopa, a New York-based provider of data extraction tech for financial institutions, raised $20 million in Series A funding led by Credit Suisse Asset Management. http://axios.link/eRuV
- Proper, a San Francisco-based automated accounting and bookkeeping service for property managers, raised $9 million in Series A funding. QED led, and was joined by insiders MetaProp, Expa and Bling Capital.www.proper.ai
- Phantom, a San Francisco-based crypto wallet and browser extension, raised $9 million in Series A funding. A16z led the round and was joined by investors including Variant Fund, Jump Capital, DeFi Alliance, and Solana Foundation.
. . .
Care:
- Imperative Care, a Campbell, Calif.-based stroke care startup, raised $260 million in Series D funding. D1 Capital Partners led, and was joined by HealthCor Innovations, Innovatus Capital Partners and insiders Ally Bridge Group, Bain Capital Life Sciences, Ascension Ventures, Delos Capital, Rock Springs Capital and Amed Ventures. www.imperativecare.com
- Aidoc, an Israel-based provider of medical imaging A.I., raised $66 million in Series C funding. General Catalyst led the round.
- Entos, a San Diego-based therapeutic discovery startup, raised $53 million in Series A funding. Coatue led, and was joined by Catalio Capital Management, OrbiMed, Sequoia Capital, Nexus Ventures and Freeflow. http://axios.link/ji3l
- Castor, a Hoboken, N.J.-based clinical trial software, raised $45 million in Series B funding. Eight Roads Ventures and F-Prime Capital led the round and were joined by investors including Two Sigma Ventures and Inkef Capital.
- Eucalyptus, an Australian telehealth company, raised AUD$30 million ($22.4 million) in Series B funding. NewView Capital led the round and was joined by investors including 23andMe and Hims & Hers, Blackbird Ventures, W23, and AirTree Ventures.
- Wecasa, a French marketplace for homecare and wellness, raised €15 million. Blisce led, and was joined by Serena, ISAI and Frédéric Mazzella. http://axios.link/iL3j
- Front of The Pack, a Los Angeles-based dog health products company, raised $10 million in Series A funding. Stride VC, Heartcore, and Founder Collective invested.
- Evvy, a New York City-based maker of an at-home test kit for the vaginal microbiome, raised $5 million. General Catalyst led the round and was joined by investors including BoxGroup and BBG Ventures.
. . .
Future of Work:
- Flipkart, the Indian grocery delivery startup, raised $3.6 billion at a $37.6 billion valuation. Investors included GIC, Canada Pension Plan Investment Board, SoftBank Vision Fund 2, and Walmart.
- Netskope, a Los Altos, Calif.-based cloud access security company, raised $300 million at a $7.5 billion valuation. Iconiq Growth led, and was joined by fellow insiders Lightspeed Venture Partners, Accel, Sequoia Capital Global Equities, Base Partners, Sapphire Ventures and Geodesic Capital.http://axios.link/qoqm
- Cybereason, a US-Israeli cybersecurity startup, raised $275 million in Series F funding. Liberty Strategic Capital, a venture capital fund founded by Steven Mnuchin, led the round.
- Elevate Brands, an Amazon merchant rollup platform, raised $250 million in equity and debt funding from firms like FJ Labs and Novel TMT. http://axios.link/TW5I
- EquipmentShare, a Columbia, Mo.-based maker of equipment-tracking tech for the construction industry, raised $230 million in funding. Tiger Global Management,The Spruce House Partnership, and RedBird Capital Partners led the round and were joined by investors including Tru Arrow Partners, Romulus, Insight Partners, and Anchorage Capital Group.
- Quantexa, a New York City-based data analytics software company, raised $153 million in Series D funding. Warburg Pincus led the round.
- Arctic Wolf, an Eden Prairie, Minn.-based cybersecurity startup, raised $150 million. Investors included Viking Global Investors and Owl Rock (Blue Owl Capital). The deal is valued at $4.3 billion.
- Netradyne, a San Diego, Calfi.-based fleet safety company, raised $150 million in Series C funding. SoftBank Vision Fund 2 led the round and was joined by investors including Point72 Ventures and M12.
- Impact, a maker of a marketing platform, raised $150 million in funding on a $1.5 billion valuation. Qatar Investment Authority led the round and was joined by investors including Providence Public.
- Flock Safety, an Atlanta-based maker of police cameras and software, raised $150 million in Series D funding. Andreessen Horowitz led the round and was joined by investors including Matrix, Bedrock, Initialized Capital, and Meritech.
- Remote, a New York City-based human resources software maker, raised $150 million in Series B funding. Accel led the round and was joined by investors including Sequoia, Index Ventures, Two Sigma, General Catalyst, and Day One Ventures, valuing it over $1 billion.
- Sourcegraph, a San Francisco-based search engine startup, raised $125 million in Series D funding at a $2.6 billion valuation. Andreessen Horowitz led the round and was joined by investors including Insight, Geodesic,Sequoia, Craft, and others.
- Genvid Holdings, a New York City-based maker of livestreaming technologies and services, raised $113 million in Series C funding. Valor Equity Partners and Atreides Management led the round and were joined by investors including Third Point Ventures, Cobalt Capital, LightShed Ventures, XN, and Lux Capital.
- Mark43, a New York City-based maker of software for law enforcement, raised $101 million million in Series E funding. The Spruce House Partnership and Tiger Global Management led the round.
- Virsec, a San Jose, Calif.-based cybersecurity company, raised $100 million in Series C funding. BlueIO led the round and was joined by investors including Allen & Company, Arena Holdings, Intuitive Venture Partners, JC2 Ventures, Artiman Ventures, Quantum Valley Investments, and Marker Hill Capital.
- Amperity, a Seattle-based customer data company, raised $100 million in funding at a valuation of over $1 billion. HighSage Ventures led the round and was joined by investors including Tiger Global Management, Declaration Partners, Madrona Venture Group, and Madera Technology Partners.
- Pantheon, a San Francisco-based platform for creating website, raised $100 million in Series E funding, valuing it over $1 billion. SoftBank Vision Fund 2 was the investor.
- Shopmonkey, a maker of software for the auto repair industry, raised $75 million in Series C funding. Bessemer Venture Partners and Index Ventures led the round and were joined by investors including Headline, I2BF, and ICONIQ Growth.
- DevRev, a customer relationship software company, raised $50 million in seed funding. Mayfield Fund and Khosla Ventures invested.
- AttackIQ, a San Diego-based cyber breach and attack simulation startup, raised $44 million in Series C funding co-led by Atlantic Bridge, Saudi Aramco Energy Ventures and Gaingels. Return backers include Index Ventures, Khosla Ventures, Salesforce Ventures and Telstra Ventures. http://axios.link/sJL0
- LinkSquares, a Boston-based contract management and analysis tool, raised $40 million in Series B funding. Sorenson Capital led the round and was joined by investors including Catalyst Investors, Xerox, and Bottomline Technologies.
- Teikametrics, a Boston-based platform for sellers on Amazon and Walmart, raised $40 million in Series B funding. Intel Capital led the round and was joined by investors including GoDaddy, Centana Growth Partners, and Lydia Jett (Head of ecommerce at Softbank Vision Fund).
- Simpplr, Redwood City, Calif.-based maker of a platform for building intranet sites, raised $32 million in Series C funding. Tola Capital led the round and was joined by investors including Norwest Ventures, Salesforce Ventures, and George Still Ventures.
- LearnWorlds, a platform for selling online courses, raised $32 million from Insight Partners.
- Stytch, a San Francisco-based passwordless authentication platform, raised $30 million in Series A funding. Thrive Capital led and was joined by investors including Coatue Management, Benchmark, and Index Venture Partners.
- Specright, a Tustin, Calif.-based supply chain software maker, raised $30 million in Series B funding. Sageview Capital led the round and was joined by investors including VMG Catalyst.
- OpenStore, a Miami-based business buying Shopify merchants, raised $30 million in Series A funding, per Axios. Khosla Ventures led the round valuing it at about $250 million.
- Blues Wireless, a Boston-based cellular coverage company, raised $22 million in Series A funding. Sequoia Capital and Lachy Groom led the round and were joined by investors including XYZ Venture Capital and Bill Gates.
- Mighty Buildings, an Oakland, Calif.-based 3D printing, robotics, and automation, raised $22 million in extended Series B funding. Investors include ArcTern Ventures, Core Innovation Capital, Decacorn Capital, Gaingels, Khosla Ventures, Klaff Realty, MicroVentures, Modern Venture Partners, Polyvalent Capital, and Vibrato Capital.
- Flash, a Brazilian HR and benefits startup, raised $22 million in Series B funding. Tiger Global Management led the round.
- Flymachine, a San Francisco-based virtual venue for live entertainment, raised $21 million. Greycroft Partners and SignalFire led the round and were joined by investors including Primary Venture Partners, Contour Venture Partners, Red Sea Ventures, and Silicon Valley Bank.
- Virtuous, a Phoenix, Ariz.-based provider of software to nonprofits, raised $18 million in Series B funding. Fulcrum Equity Partners and was joined by investors including MATH Venture Partners, Seven Peaks Ventures, and PHX Venture Partners.
- SuperAnnotate, a San Francisco-based computer vision product maker, raised $14.5 million in Series A funding. Base10 Partners led the round and was joined by investors including Point Nine Capital, Runa Capital, and Fathom Capital.
- Acelerate, a Los Angeles-based software company for restaurants, raised $14.4 million in Series A funding. Sequoia Capital led the round.
- Lightyear, a New York City-based enterprise infrastructure management software maker, raised $13.1 million in Series A funding. Ridge Ventures led the round and was joined by investors including Zigg Capital, Barry Sternlicht (CEO of Starwood), Gokul Rajaram (DoorDash exec, Coinbase Board), Michael Rapino (CEO of Live Nation), Marcus Ridgway (Invitation Homes Founder), and Stephen Klenert (Founder of Atlantic Metro).
- IVIX, a company focused on tracking the shadow economy, raised $13 million in seed funding. Team8 led the round and was joined by investors including Citi Ventures and Cardumen Capital.
- Endgame, a Los Angeles-based sales software provider, raised $12.3 million in Series A round funding. Menlo Ventures led the round.
- Gembah, an Austin-based supply chain software maker, raised $11 million in Series A funding. ATX Venture Partners led the round and was joined by investors including Silverton, Flexport, Brett Hurt, Jim Curry, and Dan Graham.
- Axuall, a Cleveland, Oh.-based identity network, raised $10.4 million in Series A funding. Flare Capital Partners led the round.
- Proper, an automated accounting startup, raised $9 million in Series A funding. QED led the round and was joined by investors including MetaProp, Expa, and Bling Capital.
- Marco, a Miami-based trade financing company, raised $7 million. Kayyak Ventures led the round.
- Code-X, a St. Petersburg, Fla.-based security startup, raised $5 million in Series A funding. By Light Professional IT Services LLC led the round and was joined by investors including fama Ventures.
- Nooks, a Palo Alto, Calif.-based virtual office, raised $5 million in seed funding. Tola Capital and Floodgate led the round.
- Shipyard Software, a San Francisco-based data workflow startup, raised $4 million for its decentralized exchange, Clipper. Polychain Capital led the round and was joined by investors including 0x Labs, 1inch, DeFi Alliance, and Quantstamp.
- Acelab, a Brooklyn-based marketplace connecting architects and manufacturers of building products, raised $3.5 million in seed funding. Pillar VC led the round and was joined by investors including Alpaca (formerly Corigin), Draper Associates, Transcend Partners, MIT MET Fund, and Erik Jarnryd.
- Frontier, a San Francisco-based jobs marketplace, raised $2.8 million. NFX led the round and was joined by investors including firstminute Capital, FJ Labs, Cyan Banister, Ilkka Pannanen, Alex Bouaziz, and Liquid 2.
. . .
Sustainability:
- Climate X, a London-based climate analytics startup, raised $1.5 million in pre-seed funding. Pale Blue Dot led the round and was joined by investors including Blue Wire Capital, A100x, and Possibilian.
Acquisitions & PE:
- Thoma Bravo agreed to acquire Stamps.com (NASDAQ: STMP), an El Segundo, Calif.-based-based online postage and shipping company, in a deal valuing the latter at $6.6 billion.
- Microsoft (NYSE: MSFT) agreed to acquire RiskIQ, a San Francisco-based cybersecurity software company, for over $500 million, per Bloomberg. Investors in RiskIQ include Georgian, Battery Ventures, and Summit Partners.
- ZoomInfo will acquire Chorus.ai, a San Francisco-based conversational A.I. company, for $575 million. Redpoint Ventures and Emergence Capital Partners backed Chorus.
- Klarna acquired Hero Towers, a London-based e-commerce communications tech company, from investors including Platina Partners and S28 Capital. The deal values Hero around $160 million, per the WSJ.
- Pluralsight, backed by Vista Equity Partners, acquired A Cloud Guru, an Austin-based cloud skills development company, from investors including Summit Partners and Elephant Partners. Financial terms weren't disclosed.
- Discord acquired Sentropy, a Palo Alto, Calif.-based software company focused on fighting abuse and harassment online. Investors in Sentropy have included Initialized Capital and Playground Global. Financial terms weren't disclosed.
- Avast (LSE: AVST) confirmed it's in talks to merge with rival cybersecurity firm NortonLifeLock (Nasdaq: NLOK). http://axios.link/7ySx
. . .
IPOs:
- Blend Labs, a San Francisco-based mortgage and lending tech company, raised $360 million in an offering of 20 million shares priced at $18 per share. Coatue, Formation8, and General Atlantic back the firm.
- F45 Training, a fitness chain whose SPAC deal collapsed last year, raised $325 million in its IPO. It priced in the middle of its $15-$17 range, for a $1.5 billion fully diluted value, and will list on the NYSE (FXLV). Shareholders include Mark Wahlberg (4.6% pre-IPO stake). http://axios.link/PLOM
- Outbrain, a New York-based online content marketing platform, set IPO terms to 8 million shares at $24-$26. It would have a $1.5 billion fully diluted value, were it to price in the middle, and plans to list on the Nasdaq (OB). The company raised from firms like Viola Ventures (13.9% pre-IPO stake), Lightspeed (13.8%), Gemini Israel Ventures (10.8%) and Gruner & Jahr (5.4%). http://axios.link/JMas
- Paycor HCM, a Cincinnati, Oh.-based human capital management software company, plans to raise up to $338.5 million in an offering of 18.5 million shares priced between $18 and $21 per share. Apax Partners backs the firm.
- Kaltura, a New York City-based video software company, now plans to raise up to $165 million in an offering of 15 million shares priced between $9 and $11 per share. It had formerly planned to raise $278.4 million. Point 406 Ventures and Intel Capital back the firm.
- Couchbase, a Santa Clara, Calif.-based provider of a database for application developers, plans to raise up to $161 million in an offering of 7 million shares priced between $20 and $23 per share. Accel and North Bridge Venture Partners back the firm.
- Cadre Holdings, a Jacksonville, Fla.-based provider of safety and survivability equipment for first responders, filed for a $144 million IPO. It plans to list on the NYSE (CDRE) and reports $7 million of net income on $110 million in revenue for Q1 2021. http://axios.link/1HB9
- CS Disco, an Austin, Texas-based provider of software to law firms, set IPO terms to 7 million shares at $26-$29. It would have a $1.6 billion fully diluted value, were it to price in the middle, and plans to list on the NYSE (LAW). The company raised over $230 million from firms like Bessemer Venture Partners (26.4% pre-IPO stake), LiveOak Venture Partners (19.2%) and Georgian Partners (12%). http://axios.link/7BQ6
- VTEX, a New York-based provider of e-commerce solutions for retailers and brands, set IPO terms to 19 million shares at $15-$17. It would have a $3 billion market value, were it to price in the middle, and plans to list on the NYSE (VTEX). The company raised around $377 million from firms like SoftBank, Tiger Global, Lone Pine Capital, Constellation and Endeavour Catalyst. http://axios.link/XH7s
- Scribd, a San Francisco-based digital content platform, is in talks to go public in 2021 via IPO or SPAC at around a $1 billion valuation, per Bloomberg. It's raised around $100 million since its 2007 founding, from firms like Khosla Ventures, Redpoint Ventures and Spectrum Equity. http://axios.link/7Edc
- Fabletics, an El Segundo, Calif.-based workout apparel brand, selected four investment banks to help it prepare for a public offering, per the Wall Street Journal. Actress Kate Hudson backs the firm.
- Amplitude, a San Francisco-based digital product optimization company, confidentially filed for an initial public offering, per Reuters. Tencent Holdings, Sequoia Capital and GIC back the firm.
. . .
SPACs:
- Altus Power, a Greenwich, Conn.-based solar power company, will go public via merger with CBRE Acquisition Holdings (NYSE: CBAH), a SPAC. A deal values the company at $1.6 billion.
- Policygenius, a New York City-based online insurance marketplace, is in talks to go public via merger with PWP Forward Acquisition I, a SPAC, per Bloomberg.
- Aurora Innovation, a self-driving vehicle technology company, will go public via a merger with the SPAC Reinvent Technology Partners Y, which is led by LinkedIn co-founder Reid Hoffman and Zynga founder Mark Pincus, according to Bloomberg.
- Newfront Insurance, a San Francisco-based insurance broker company, agreed to go public via merger with a SPAC valuing it at nearly $1.4 billion. Founders Fund and Meritech back Newfront.
- ServiceMax, a field service management software company backed by Silver Lake, will go public via merger with Pathfinder Acquisition, a SPAC backed by HGGC and Industry Ventures. The deal values the company at $1.4 billion.
Funds:
- Female Founders Fund raised $57 million for its third fund. http://axios.link/OVsD
- Josh Harris, the co-founder of Apollo Global Management who was passed over for the top position, is in the process of building his own fund, per Bloomberg. He could seek to raise $5 billion for a private equity fund.
- General Atlantic is raising $4 billion for a growth equity fund focused on climate technologies, Axios has learned. GA will seek to raise $3 billion from outside investors, while $1 billion will come from existing managed accounts. It also announced the creation of a dedicated climate investment team called BeyondNetZero, which will be chaired by former BP CEO John Browne. Axios has learned that another senior member will be Lance Uggla, current president of IHS Markit (which is being acquired by S&P Global).
Final Numbers
Data: BoardReady; Chart: Connor Rothschild/Axios
Go deeper: Boardroom diversity pays off