It’s been 50 years since Venrock established itself to expose investors to venture capital opportunities. Today, the global venture capital industry tracks just south of $200 billion and continues to grow as new entrepreneurs, engineers, financiers, and thought leaders create the economy of tomorrow. The DailyAlts VC channel tracks the trends, opportunities, key thought leaders, and next-generation industries that will generate billions in returns.
TripActions, a cloud-based solution for business travel and expense management utilized by 4,000 companies across the globe, announced Thursday its Series E funding of $155 million. The round was co-led by existing investor Andreessen Horowitz; Addition, founded by Lee Fixel; and investor Elad Gil. Existing investors Zeev Ventures, Lightspeed Venture Partners, and Greenoaks Capital also participated.
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iSTOX, a digital securities platform announced today that it closed a Series A round of $50 million that included commitments from two new government-backed investors from Japan. The company will use the money to expand its operations across the globe and to broaden the scope of its investment offerings.
Electric truck maker Rivian, which is backed by Amazon (NASDAQ: AMZN) and Ford (NYSE: F), announced it has received funding of $2.65 billion. The company, which is starting production this summer, said funds and accounts advised by T. Rowe Price Associates, Inc. led the round. Fidelity Management and Research Company, Amazon’s Climate Pledge Fund, Coatue, and D1 Capital Partners as well as several other existing and new investors also took part.
Breakthrough Energy Ventures (BEV) is a venture capital firm that invests in cleantech. The term describes companies (or technologies) that aim to improve environmental sustainability including the negative impact of conventional technologies such as coal-fired power. It was established in 2015 by Bill Gates and a coalition of private investors concerned about climate change. The firm has just raised $1 billion (its second raise of that amount) from unnamed investors.
A consortium of investors including India’s Bharti Global and the UK government acquired OneWeb in bankruptcy proceedings. The latest investment, comprising $350 million from SoftBank (TYO:9984) and Echostar (NASDAQ: SATS) owned Hughes Network Systems, will allow OneWeb to continue the deployment of its initial 648-satellite constellation.
According to an exclusive report by TechCrunch, Tiger Global Management is raising its thirteenth venture fund. The $3.75 billion fund is named Tiger Private Investment Partners XIV, however. TechCrunch cited the firm’s recent investor letter, though a Tiger spokesperson did not comment.
Venture capitalists were generous this week, investing $300 million amounts in as many as five startups across multiple geographies. The largesse flowed to Grab Financial, Blend, MX, WeRide, and Rapyd.
Cockroach Labs, which offers CockroachDB, the leading cloud-native distributed SQL database, says it more than doubled revenues and customers over the past year after the events of 2020 forced businesses to digitize and move to the cloud. Investors poured $160 million into the company’s Series E round, valuing it at an impressive $2 billion.
Walmart (NYSE: WMT) announced Monday its launch of a new fintech startup to be created jointly with Ribbit Capital, the investment firm whose mantra is innovation in financial services. Ribbit is a backer of renowned fintechs such as Robinhood, Credit Karma, and Affirm. The new venture will deliver tech-driven financial experiences tailored to Walmart’s customers and associates.
Orange Ventures is among the top ten corporate venture capital funds in Europe. Orange, (EPA: ORA) the French telecom giant, has hived off Orange Ventures, its venture capital business, into a separate new entity and allocated it €350 million. It also decided to hand over the management of its Orange Digital Ventures initiative launched in…
After reporting 100% year-on-year growth, SaaS banking platform Mambu announced a new funding round of €110 million. This round was led by TCV, while additional investment was received from Tiger Global and Arena Holdings, as well as existing investors Bessemer Venture Partners, Runa Capital, and Acton Capital Partners.
Venture Capital: Games Platform Roblox And Cloud Security Developer Lacework Score $500M+ Funding Rounds
The new year is off to a good start with two funding rounds, each over $500 million, announced in its first week. Fast-growing Lacework, which allows companies to build securely in the cloud, closed a $525 million Series D round, earning a valuation tag of more than $1 billion. Online games platform Roblox raised $520 million in a Series H round that valued it at $29.5 billion. Both companies benefited from the digital shifts triggered by the coronavirus pandemic. Altimeter Capital was a lead investor in both companies’ rounds.
udaan, the Indian business-to-business (B2B) e-commerce platform, has scored a solid funding round of $280 million that valued it at $3 billion, post-money. It raised the funds from existing investors that included Chinese internet giant Tencent (HKG: 0700), and venture funds Lightspeed Venture Partners, DST Global, GGV Capital, and Altimeter Capital. Two new investors, Octahedron Capital and Moonstone Capital, also participated in the funding.
The Series D funding valued the startup at $3 billion post-money – a 6X increase in less than a year.
According to a report by TechCrunch, San-Francisco-based Hinge Health raised $310 million in a Series D round that valued it at $3 billion post-money. Hinge is the first digital clinic for back and joint pain and offers musculoskeletal (MSK) care at every stage from prevention to post-surgery.
Big-name, new investors such as Hanaco, PayPal Ventures, Whale Rock, and Schonfeld participated in Divvy’s latest investment round. Previous investors such as NEA, Insight Venture Partners, Acrew, and Pelion also chipped in, catapulting the leader in spend management to unicorn status.
Color, a startup that works on a population scale in distributed healthcare and clinical testing, announced Monday its raise of $167 million in a Series D round. Led by General Catalyst and funds and accounts advised by T. Rowe Price Associates, Inc., with participation from Viking Global Investors and others, the round tagged Color with a valuation of $1.5 billion.
Seattle-based Madrona Venture Group has obtained more than $500 million in the largest-ever fundraising effort in its year history. Madrona has earmarked $345 million out of this capital for its eighth ‘early-stage’ fund targeting 35-to-40 Pacific Northwest tech startups. The balance amount of $160 million is for its second “acceleration fund” to be deployed for later-stage companies in North America.
Octopus Energy has a mission: to disrupt the energy industry in Britain which “is ruled by a handful of complacent dinosaurs peddling fossil fuels, pricing trickery, and poor customer service.” Supplying green energy sourced from renewable sources, the startup is already adding 30,000 customers a month and supplies energy to 1.5 million homes in the UK. Expanding its international footprint, Octopus will soon enter Japan in collaboration with Tokyo Gas, the largest gas utility in Japan.
Lalamove, the logistics major which offers services around the globe, announced Tuesday its Series E round raise of $515 million. Sequoia Capital China led the round which received participation from existing investors including Hillhouse Capital and Shunwei Capital.
OneTrust is a fast-growing provider of privacy, security, and compliance software. The startup, which was launched in 2016, announced Monday its raise of $300 million in a Series C funding round that valued it at $5.1 billion. TCV led the round, with existing investors such as Insight Partners and Coatue also chipping in.
Brazilian fintech and lender Creditas announced Friday fundraising of $ 255 million led by impact investor LGT Lightstone. This fifth Series E round valued the start-up at $ 1.75 billion, more than double the valuation of $750 million it secured last year in a D round.
Verily, an Alphabet (NASDAQ:GOOGL) subsidiary, focuses on life sciences and healthcare. It announced Thursday a $ 700 million funding raised from its existing investors. These included parent company Alphabet, Silver Lake, Temasek, Ontario Teachers’ Pension Plan, and others.
Paxos, the blockchain infrastructure and financial technology firm that partners Revolut and PayPal (NASDAQ: PYPL) for cryptocurrencies, has raised $142 million in a Series C round.
Declaration Partners, an investment adviser to the family office of $230 billion private equity giant Carlyle Group’s co-founder David Rubenstein, led Paxos’ round. Mithril Capital, PayPal Ventures, RIT Capital Partners plc, Ken Moelis, Alua Capital, Senator Investment Group and others also participated.
ABN AMRO has bolstered the cash arsenal of ABN AMRO Ventures, its venture arm, with an additional fund infusion of € 50 million. Last November, the bank topped up capital at the fund by € 50 million, taking it to € 100 million.
California-based ZeroAvia, a startup developing hydrogen-electric aviation solutions, announced Wednesday its raise of $21.4 million. The company will use the money to advance its program for the development of zero-emission commercial aircraft. The aviation industry is a major user of fossil fuels and the source of emissions. ZeroAvia’s powertrain uses hydrogen, which produces water when burned.