Sourcery (9/7-9/11)
Klarna, Mollie, Melio, Deel, Truepill, Klue, Boostup, PopSQL
Last Week (9/7-9/11):
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 Klarna, Mollie, Melio, Deel, Truepill, Klue, Boostup, PopSQL
Final numbers on Largest SPAC Investors at the bottom.
Deals
Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC
Fintech:
- Klarna, a Swedish payments firm, is in talks for a new round of funding that would value it at more than $10 billion, per Reuters. Read more.
- Mollie, a Dutch payments integration platform for e-commerce, raised €90 million in Series B funding led by TCV at a valuation north of $1 billion. http://axios.link/Eurz
- Melio Payments, a New York-based B2B payments platform, raised $80 million. Investors include Coatue Management and General Catalyst.
- EverC, an anti-online money laundering startup, raised $35 million in Series B funding. Red Dot Capital Partners led, and was joined by Maor Investments and return backers Viola Ventures, Arbor Ventures, and American Express Ventures. www.everc.com
- Deel, a San Francisco-based payroll and compliance platform for international teams, raised $30 million in Series B funding. Spark Capital led the round and was joined by investors including Andreessen Horowitz.
- Sana Benefits, a manager of self-funded insurance plans for small businesses, raised $20.8 million in Series A funding from Gigafund, Trust Ventures, and Mark VC. http://axios.link/sWZw
- Descartes Underwriting, a Paris-based insurtech focused on climate risk modeling and data-driven risk transfer, raised $18.5 million in Series A funding. Investors included Serena, Cathay Innovation and BlackFin Capital Partners.
- Oyster Financial, a Mexico-based fintech startup, raised $14 million in seed funding. monashees and SV Latam Capital led the round and were joined by investors including Fintech Collective, Kevin Efrusy, Redpoint eventures, S7 Ventures and Ulu Ventures.
- Capitolis, a New York-based capital markets platform, raised $11 million. Citi, J.P. Morgan and State Street were the investors.
- Decent, an Austin, Texas-based health insurance startup focused of small businesses, raised $10 million in Series A funding led by QED Investors. http://axios.link/suuY
- Salaryo, a New York-based fintech platform for U.S. freelancers and startups, raised $5.8 million in funding. Investors included Variant Investments, KEN Investments, Techstars Ventures and Michael Ullmann’s investment group.
. . .
Care:
- Grand Rounds, a San Francisco-based digital health company for self-insured employers, raised $175 million led by The Carlyle Group. http://axios.link/RW7q
- Truepill, a San Mateo, Calif.-based API-connected healthcare infrastructure company, raised $75 million in Series C funding. Oak HC/FT led the round and was joined by investors including Optum Ventures, TI Platform Management, Sound Ventures and YCombinator.
- Silk and Sonder, a San Francisco-based mental wellness subscription company, raised $3.6 million in seed funding. Redpoint led the round.
- Mustard, a motion analysis app for athletics coaching, raised $1.7 million from backers like David Novak (ex-YUM Brands CEO), Mike Dixon (ex-Sequoia Capital), Drew Brees and Nolan Ryan. http://axios.link/MWAx
- Proov, a Boulder-based at-home hormone testing kit company, raised an undisclosed amount of funding. Lightship Capital and Texas HALO Fund invested.
. . .
Future of Work:
- Sprinklr, a New York-based customer experience management platform, raised $200 million from Hellman & Friedman at a $2.7 billion valuation. It also secured $150 million in convertible securities from Sixth Street Growth. www.sprinklr.com
- Snyk, a Boston-based developer-based security company, raised $200 million. Addition led the round. The raise pushes Snyk’s valuation to more than $2.6 billion.
- Xometry, a Gaithersburg, Md.-based on-demand manufacturing marketplace, raised $75 million in equity. T. Rowe Price Associates led the round and was joined by investors including Durable Capital Partners, ArrowMark Partners, BMW i Ventures, Greenspring Associates, Dell Technologies Capital, Robert Bosch Venture Capital, Foundry Group, Highland Capital Partners, and Almaz Capital.
- Orchard, a New York-based home buying and selling platform, raised $69 million of Series C funding. Revolution Growth led the round and was joined by investors including FirstMark, Navitas, Accomplice, and Juxtapose.
- AnyVision, an Israel- and New York-based maker of facial recognition tech, raised $43 million in funding. The backs weren’t disclosed.
- StackRox, a Mountain View, Calif.-based container and Kubernetes security provider, raised $26.5 million in funding. Menlo Ventures led the round and was joined by investors including Highland Capital Partners, Hewlett-Packard Enterprise, Sequoia Capital, and Redpoint Ventures.
- Pcysys, an Israel-based cybersecurity firm, raised $25 million in Series B funding round. Insight Partners led the round and was joined by investors including Awz Ventures and The Blackstone Group.
- Hasura, a San Francisco-based data access infrastructure company, raised $25 million in Series B funding. Lightspeed Venture Partners led the round and was joined by investors including Vertex Ventures US, Nexus Venture Partners, Strive VC, and SAP.iO Fund.
- Virtual Kitchen, a commissary kitchen start-up founded by two ex-Uber executives, raised $20 million. Founders Fund led the round. Read more.
- Klue, a Canadian the AI-powered market intelligence platform on competitors, raised $15 million in Series A funding. Craft Ventures led the round and was joined by investors including HWVP, OMERS Ventures, Rhino Ventures, and BDC Ventures.
- Panther Labs, a San Francisco-based cybersecurity startup, raised $15 million in Series A funding. Lightspeed Venture Partners led the round and was joined by investors including S28 Capital, Innovation Endeavors, and Fathom Capital.
- BoostUp.ai, Santa Clara, Calif.-based sales and customer acquisition platform, raised $6.3 million in Series A funding. Canaan Partners led the round and was joined by investors including Emergent Ventures, BGV, MFV Partners, and Correlation Ventures.
- Bolster, a New York-based marketplace for executive talent, raised $6 million in funding. Investors included High Alpha, Union Square Ventures, Costonoa Ventures, and Silicon Valley Bank.
- SenseHawk, a Saratoga, Calif.-based solar infrastructure intelligence platform, raised $5.1 million in Series A funding. Alpha Wave Incubation led, and was joined by return backer SAIF Partners. http://axios.link/sUTp
- Britive, a Los Angeles-based provider of cloud-native security solutions, raised $5.4 million in seed funding. Upfront Ventures led the round.
- PopSQL, a San Francisco-based maker of an SQL editor for teams, raised $3.4 million in seed funding. Gradient Ventures led the round and was joined by investors including Y Combinator, and FundersClub.
- Swyg, a Dublin-based platform that seeks to use peer-to-peer interviewers and A.I. to reduce bias in recruitment, raised $1.2 million in pre-seed funding. Frontline Ventures led the round.
- Trint, an AI speech-to-text platform for transcription and content production, raised an undisclosed amount of funding from The New York Times Company.
. . .
Sustainability:
- Everlane, a San Francisco-based online apparel retailer focused on “ethical basics,” raised $85 million in Series F funding led by L Catterton. www.everlane.com
- Iron Ox, a San Carlos, Calif.-based based developer of indoor robotic farms, raised $20 million in Series B funding. Pathbreaker Ventures led, and was joined by Crosslink Capital, Amplify Partners, ENIAC Ventures, R7 Partners, Tuesday Ventures, At One Ventures, and YC. http://axios.link/VU8m
- Myst AI, a San Francisco-based startup using A.I. to forecast electricity supply and demand, raised $6 million in Series A funding. Valo Ventures led the round and was joined by investors including Gradient Ventures.
- Terabase Energy, a Berkeley, Calif.-based solar digital startup, raised $6 million in Series A funding. SJF Ventures led the round.
No-Deal
- Taboolaand Outbrain, two ad-based startups going up against Google and Facebook, called off a $850 million merger that would have valued the combined company at more than $2 billion.
. . .
Acquisitions:
- KAR Auction Services will acquire BacklotCars, a Kansas City-based automotive platform, for $425 million. BacklotCars investors included Stripes, Origin Ventures, and Pritzker Group Venture Capital.
- North American Bancard acquired SALIDO, a New York-based hospitality technology provider. Salido has been backed by investors including Alumni Venture Partners and Great Oak Ventures. Financial terms weren't disclosed.
- Digital Currency Group acquired Luno, a London-based cryptocurrency exchange. Luno investors have included Balderton Capital. Financial terms weren't disclosed.
. . .
IPOs:
- Petco Animal Supplies, a San Diego retailer of pet supplies, is weighing an IPO or sale that could kick off next year and value the firm at $6 billion, per Bloomberg. CVC Capital Partners and Canada Pension Plan Investment Board back the firm. Read more.
. . .
SPACs:
- Opendoor, a property technology startup, is in advanced talks to go public through a merger with Social Capital Hedosophia Holdings Corp. II, a blank check company. The company would be valued at $5 billion in the deal. Firms including SoftBank and GV back the firm.
- Bradley Tusk, the former political strategist and founder of Tusk Ventures, has formed a SPAC focused on the leisure, gaming and hospitality sector and it plans to raise $300 million to acquire a company valued at more than $750 million, according to an SEC filing flagged yesterday by The Information. More here.
Funds:
- Dawn Capital, a London-based VC firm focused on B2B software startups, raised $400 million for its fourth fund. http://axios.link/x2n4
-DNX Ventures, a VC firm that focuses on B2B startups in the U.S. and Japan, raised $315 million for its third flagship fund. http://axios.link/TVvK
- TCV is targeting $3.25 billion for its eleventh fund, per public pension fund documents. www.tcv.com
Final Numbers
Data: SPAC Research through 6/30/20. Chart: Andrew Witherspoon/Axios
Caveat, per Axios' Kia Kokalitcheva: More than 50 SPACs have priced IPOs since the end of June, including the largest one of all time.