Sourcery (8/24-8/28)
Palantir, Snowflake, JFrog, Amwell, Asana, Sumo Logic. Finix, PrizePool, Lyra Health, One Drop, Brightline, Klara, Mural, Dataiku, Charthop, GRID, Verta, Berbix, Narrative, Minerva
Last Week (8/24-8/28):
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 IPO filings include Palantir, Snowflake, JFrog, Amwell, Asana, Sumo Logic. Highlighted deals include Finix, PrizePool, Lyra Health, One Drop, Brightline, Klara, Mural, Dataiku, Charthop, GRID, Verta, Berbix, Narrative, Minerva.
Final numbers on Businesses Negatively Affected by COVID, by Sector at the bottom.
Deals
Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC
Fintech:
- Finix, a San Francisco-based payments infrastructure company, raised $30 million in extended Series B funding. Lightspeed Venture Partners and American Express Ventures led the investment.
- Stem, a Los Angeles-based distribution and payments platform for musicians and labels, raised $10 million in funding. Slow Ventures led the round and was joined by investors including Aspect Ventures and Upfront Ventures.
- Commonstock, a social platform for stock traders, raised $9.7 million in seed funding. Floodgate, QED, Upside, and Resolute invested.
- Stratify, a Seattle- and San Francisco-based budgeting and forecasting firm, raised $4.9 million in seed funding. Madrona Venture Group led the round and was joined by investors including Coatue.
- Breathe Life, a Montreal-based enterprise SaaS platform for the life insurance industry, raised CAD$6.5 million ($4.9 million) in Series A funding. Real Ventures and Investissement Québec co-led the round and were joined by investors including Clocktower Technology Ventures, Cameron Ventures, Desjardins, NAventures, and Diagram Ventures.
- PrizePool, a San Francisco company seeking to incentivize Americans to build savings, raised $4.3 million in seed funding. Investors included Accomplice, Bling Capital, Coatue, SciFi VC, and World Innovation Lab.
- Grain, an Oakland, Calif.-based revolving credit startup, raised $2.8 million in seed funding. Investors included the Urban Innovation Fund and Y Combinator.
- Lootcakes, a New York-based platform aggregating in-app purchase information in return for virtual currency, raised $2 million in seed funding. Konvoy Ventures led the round and was joined by investors including SOSV and GAN Ventures. Read more.
- Artis Technologies, an Atlanta, Ga.-based provider of lending solutions for businesses, raised $1.5 million in additional seed funding. Investors include Fintech Ventures Fund and its affiliates.
. . .
Care:
- Lyra Health, a Burlingame, Calif.-based provider of mental health care benefits for employers, raised $110 million in Series D funding. Addition led the round and was joined by investors including Adams Street Partners, former Starbucks CEO Howard Schultz, Casdin Capital, Glynn Capital, Greylock, IVP, Meritech Capital Partners, Providence Ventures, and Tenaya Capital.
- One Drop, a New York-based provider of digital solutions for people living with diabetes, raised $34.7 million in Series C funding led by Bayer. One Drop and Bayer also signed a joint development agreement that includes upwards of $64 million in fees and milestone-based payments. www.onedrop.today
- PatientPop, a Santa Monica, Calif.-based platform for managing health practices, raised $50 in Series C funding. HLM Venture Partners led the round and was joined by investors including Commonfund and Vivo Capital, Toba Capital, Transformation Capital, and Silicon Valley Bank.
- Brightline, a Palo Alto, Calif.-based pediatric behavioral health care company, raised $20 million in Series A funding. Threshold Ventures led the round and was joined by investors including Oak HC/FT.
- Klara, a New York-based patient engagement platform for doctors and clinics, raised $15 million in funding. Gradient Ventures and Frist Cressey Ventures co-led the round and were joined by investors including FirstMark Capital, Lerer Hippeau, Project A, and Stage 2 Capital. Read more.
- Trellus Health, a New York-based digital health solution for chronic conditions, raised $5 million of seed funding. Mount Sinai Health System and EKF Diagnostics invested.
- SeamlessMD, a Toronto, Calif.-based digital patient engagement platform, raised $4 million in Series A funding. MEDTEQ+ led, and was joined by Hikma Ventures, Anges Québec, AIoT Health, and Sanjay Malaviya. http://axios.link/FfRj
- Emme, a San Francisco-based women’s health startup focused on contraception adherence, raised $2.5 million in seed funding led by Magnetic Ventures. http://axios.link/tJ5o
. . .
Future of Work:
- ReliaQuest, a Tampa, Fla.-based enterprise cybersecurity managed service and intelligence platform, raised over $300 million in growth funding. KKR led, and was joined by Ten Eleven Ventures and company founder Brian Murphy. www.reliaquest.com
- MURAL, a San Francisco-based digital workspace for visual collaboration, raised $118 million in Series B funding. Insight Partners led the round and was joined by investors including Tiger Global, Slack Fund, and World Innovation Lab.
- Redis Labs, a Mountain View, Calif.-based company behind an open source database, raised $100 million in Series F funding, valuing it at over $1 billion. Bain Capital Ventures and TCV led the round and were joined by Francisco Partners, Goldman Sachs Growth, Viola Ventures, and Dell Technologies Capital.
- Dataiku, a New York-based Enterprise A.I. and machine learning platform, raised $100 million in Series D funding. Stripes led the round and was joined by investors including Tiger Global Management, Battery Ventures, CapitalG, Dawn Capital, FirstMark Capital, and ICONIQ.
- Restream, an Austin, Texas--based multiplatform live streaming solution, raised $50 million in Series A funding. Sapphire Ventures and Insight Partners led the round.
- Socure, a New York-based identity verification firm, raised $35 million in funding. Sorenson Ventures led the round and was joined by investors including Commerce Ventures, Scale Venture Partners, and Flint Capital.
- Split, a Redwood City, Calif.-based feature delivery platform, raised $33 million in Series C funding. Comcast Ventures led the round and was joined by investors including Accel, Lightspeed Venture Partners, and Harmony Venture Partners.
- Shopmonkey, a San Jose, Calif.-based software company serving the automotive industry, raised $25 million in Series B funding. Bessemer Venture Partners led the round and was joined by investors including Index Ventures, e.ventures, and I2BF.
- ChartHop, a New York-based organizational management platform, raised $14 million in Series A funding. Andreessen Horowitz led the round and was joined by investors including Abstract Ventures, Basement Fund, CoFound Partners, Company Ventures, Cowboy Ventures, the a16z Cultural Leadership Fund, Flybridge Capital, Ride Ventures, the Todd and Rahul Angel Fund, Tokyo Black, SemperVirens, Shrug Capital, and Work Life Ventures.
- GRID, a Reykjavík, Iceland-based SaaS spreadsheet startup, raised $12 million in Series A funding. New Enterprise Associates led the round and was joined by investors including BlueYard Capital, Slack Fund, and Acequia Capital.
- Verta, a Palo Alto, Calif.-based A.I. model management and operations company, raised $10 million in Series A funding. Intel Capital led the round and was joined by investors including General Catalyst.
- Berbix, a San Francisco-based identity verification platform, raised $9 million in Series A funding. Mayfield led the round and was joined by investors including Initialized Capital, Y Combinator, and Fika Ventures.
- Narrative, a New York-based software company for data distribution, raised $8.5 million in Series A funding. G20 Ventures led the round and was joined by investors including Glasswing Ventures, MathCapital, Revel Partners, Tuhaye Venture Partners, and XSeed Capital.
- harbor, an emergency readiness platform, raised $5 million in funding. 25madison led the round. Read more.
- Esusu, a New York-based rent platform, raised $2.3 million in seed extension funding. Investors included Acumen Fund, Concrete Rose Capital, Global Good Fund, Impact America Fund, Next Play Ventures, and Zeal Capital Partners.
- LaunchNotes, a product change communication platform, raised $1.8 million in seed funding. Cowboy Ventures and Bull City Venture Partners co-led the round.
- Synapse, a Toronto-based corporate remote training platform, raised $2 million in seed funding. Investors include BDC Capital as well as existing investors Generation Ventures, Differential Ventures and Ripple Ventures.
- MyPorter, an Atlanta-based startup for moving and storing items, raised $2 million. Florida Funders participated in the most recent round.
- Minerva Knows, a New York-based company making a way to share instructions online, raised $1.1 million in funding. Charge Ventures and Max Ventures led the round and were joined by investors including Sagehill Capital, Bayes Capital, New York Venture Partners, and Tribe Capital.
- MagicCube, a Santa Clara, Calif.-based security platform, raised an undisclosed amount in strategic funding from Visa.
- Fiddler, a Palo Alto, Calif.-based provider of an A.I. monitoring solution, received a strategic investment from the Amazon Alexa Fund. Financial terms weren't disclosed.
. . .
Sustainability:
- SparkMeter, a Washington, D.C.-based provider of grid management services, equipment, and software solutions, raised $12 million in Series A funding. Investors include Clean Energy Ventures, Breakthrough Energy Ventures,Goodwell Investments, Alitheia Capital, Total Energy Ventures, and others.
- Raptor Maps, a Boston-based solar software company, raised $5 million in Series A funding. Blue Bear Capital, Data Point Capital, and Buoyant Ventures led the round and were joined by Congruent Ventures, Powerhouse Ventures, and the Massachusetts Clean Energy Center, along with Y Combinator.
M&A:
- Mastercard (NYSE: MA) acquired and shut down IfOnly, a San Francisco-based experiences marketplace that had raised around $46 million in VC funding from Mastercard, NEA, American Express, Khosla Ventures, Founders Fund, Sotheby’s, Hyatt, and TriplePoint Capital. http://axios.link/3pJ5
- Aveva Group (LSE: AVV) agreed to buy OSIsoft, a San Leandro, Calif.-based industrial IoT company, at a $5 billion enterprise value. Sellers include SoftBank Vision Fund, which has nearly a 45% stake. http://axios.link/23YD
- Smartsheet (NYSE: SMAR) agreed to buy Brandfolder, a Denver-based digital asset management firm, for $155 million. Brandfolder raised $10.5 million in VC funding from firms like Telescope Partners, Techstars, and Right Side Capital Management. http://axios.link/Ij0U
- Cognizant (Nasdaq: CTSH) agreed to acquire Tin Roof Software, an Atlanta-based custom software and digital product development services company. Financial terms weren't disclosed.
- Cisco plans to acquire BabbleLabs, a way to control unwanted noise in video meetings. BabbleLabs was backed by investors including Dell Technologies Capital, Intel Capital, Jerry Yang, John Hennessy, Harvey Jones, James Hogan, Kurt Keutzer, and OTB Ventures.
- WorldRemit plans to acquire Sendwave, an app-based remittance company for an estimated $500 million in cash and stock. Read more.
- NetRate System, backed by Polaris, plans to merge with MGA Systems, a software provider. Financial terms weren't disclosed.
- Fastly (NYSE: FSLY), a provider of an edge cloud platform, agreed to acquire Signal Sciences, a web application security company, for about $775 million in cash and stock.
- Capital One acquired Freebird, a Cambridge, Mass.-based startup that helps to sell flight insurance. Freebird’s investors have included American Express and Alumni Ventures.Read more.
. . .
IPOs:
- Palantir, the data analytics company known for government work, filed to go public on the NYSE via a direct listing. It reports a $165 million net loss on $481 million in revenue for the first half of 2020, compared to a $280 million net loss on $323 million in revenue for the year-earlier period. It's raised around $3.3 billion in VC funding from backers like Founders Fund, BlackRock, Fidelity, RRE Ventures, and In-Q-Tel. http://axios.link/Xxuh
- Snowflake, a San Mateo, Calif.-based cloud data warehousing company, filed for an IPO that Renaissance Capital estimates could raise $2 billion. It plans to list on the NYSE (SNOW) with Goldman Sachs and Morgan Stanley as lead underwriters, and reports a $171 million net loss on $241 million in revenue for the first half of 2020. The company raised around $1.4 billion in VC funding, most recently at a $12.4 billion valuation, from firms like Sutter Hill Ventures, Altimeter, Iconiq, Redpoint Ventures, Sequoia Capital, and Dragoneer. http://axios.link/TC1l
- American Well, a Boston-based telehealth platform, filed for a $100 million IPO. It plans to list on the NYSE (AMWL) with Morgan Stanley as lead underwriter, and reports a $113 million net loss on $122 million in revenue for the first half of 2020. Shareholders include Allianz and Teva Pharmaceutical Industries. http://axios.link/VDlP
-Asana, a San Francisco-based provider of project and task management software, filed to go public via a direct listing on the NYSE. It reports a $119 million net loss on $143 million in revenue for the year ending January 31, 2020, and raised over $200 million in VC funding from firms like Benchmark, Generation Investment Management, and Founders Fund. http://axios.link/trCo
- JFrog, an Israeli software management company, filed for a $100 million IPO. It plans to list on the Nasdaq (FROG) with Morgan Stanley as lead underwriter, and reports a $426k net loss on $69 million in revenue for the first half of 2020. It raised around $228 million in VC funding from firms like Gemini Israel Ventures (15.8% pre-IPO stake), Scale Venture Partners (10.8%), Sapphire Ventures (9.9%), Insight Partners (9.8%), Dell (9.3%), and Qumra Capital (5.2%). http://axios.link/vIUP
- Bentley Systems, an Exton, Penn.-based provider of construction and infrastructure project software, filed for a $100 million IPO. Renaissance Capital estimates the actual raise could be closer to $800 million. Bentley plans to trade on the Nasdaq (BSY) with Goldman Sachs as lead underwriter, and reports $69 million of net income on $679 million in revenue for the first half of 2020. Shareholders include Siemens. http://axios.link/SXTR
- Sumo Logic, a Redwood City, Calif.-based machine data analytics platform, filed for a $100 million IPO. It plans to trade on the Nasdaq (SUMO) with Morgan Stanley as lead underwriter, and reports a $92 million net loss on $155 million in revenue for 2019. The company raised around $345 million in VC funding from firms like Greylock (22.6% pre-IPO stake), Sapphire Ventures (7.1%), Accel (6.8%), IVP (5.6%), DFJ Growth (5.1%), Battery Ventures, Tiger Global, Sutter Hill Ventures, Workday Ventures, and Franklin Templeton. http://axios.link/W3SO
- StepStone Group, a New York-based private markets investment and advisory firm, filed for a $100 million IPO. It plans to trade on the Nasdaq (STEP) and reports $145 million of net income on $447 million for the 12 months ending March 31, 2020. http://axios.link/pb70
. . .
SPACs:
- Desktop Metal,a Burlington, Mass.-based 3D printing company, will go public via merger with Trine (NYSE:TRNE), a SPAC. The combined company will be valued at about $2.5 billion.
- Accountable Healthcare America Inc., a Fort Lauderdale, Fla.-based population health management company, will go public by merging with GreenVision Acquisition Corp., a blank-check company. The combination gives the company a $150 million enterprise value.
- Far Point Acquisition Corp. (NYSE: FPAC), a SPAC sponsored by Dan Loeb’s Third Point, will go through with its $2.6 billion takeover of Swiss payments firm Global Blue after a shareholder vote. Far Point had agreed to buy Silver Lake-backed Global Blue in January, but tried to back out after COVID-19 negatively impacted Global Blue’s business. Past coverage.
Funds:
- Digital Currency Group’s subsidiary called Foundry will invest $100 million into mining Bitcoin and other cryptocurrencies in North America. Read more.
- Goldman Sachs is considering raising $2 billion for a new VC and growth equity fund, per Bloomberg. http://axios.link/SSy6
- Greylock is raising its sixteenth flagship VC fund, per SEC filings. www.greylock.com
- JSL Health Capital, a Virginia-based VC firm led by Alex Turkeltaub (ex-Roam Analytics CEO), is raising $30 million for its debut fund. http://axios.link/xsRO
- March Capital, a Santa Monica, Calif.-based VC firm, raised $60 million for a gaming-focused fund. http://axios.link/PnS3
- Scribble Ventures is raising $35 million for its debut fund, per an SEC filing. The new early-stage VC firm is led by Elizabeth Weil (ex-137 Ventures, Andreessen Horowitz), and also includes partner Annelies Gamble (ex-Western Technology Investment) and operator-in-residence Kevin Weil (Facebook). www.scribble.vc
- Draper Associates closed on over $82 million for its $170 million-targeted sixth fund, per an SEC filing. http://axios.link/JQys
Final Numbers
Reproduced from U.S. Census Bureau; Chart: Axios Visuals