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Evinced Accesses $17M Series A For Accessibility

Palo Alto, California-based Evinced landed a $17 million Series A to help push its accessibility software into the market

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Palo Alto, California-based Evinced landed a $17 million Series A to help push its accessibility software into the market.

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The round was co-led by M12, BGV and Capital One Ventures, with seed investor Engineering Capital also participating. The company has raised just under $20 million since being founded in 2018.

Evinced’s accessibility software helps companies analyze their digital assets — such as websites and applications — and automatically detects accessibility problems while suggesting fixes while in development.

Founder and CEO Navin Thadani said with more than 1 billion people worldwide living with some form of disability, according to the World Health Organization, digital accessibility is of critical importance. However, remedies for the problem have been insufficient, he added.

“This is a big market that is dominated by manual testing,” he said. “Our strategy is to shift this to products and technology.”

Competition

While some companies use open-source like Google Lighthouse to test accessibility, Thadani said he sees the market more like how cybersecurity is — where large consulting firms such as Accenture, Deloitte and even IBM manually evaluate a company’s software development process from design to production.

“I think there are alternatives in this market, but not real competitors,” Thadani said.

Ashmeet Sidana, founder of Engineering Capital, said the market for Evinced is large, especially when one considers how accessibility helps even those that are impaired, pointing to closed captioning as a perfect example.

“I think this company is ready to scale,” he said.

Go-to market

Evinced will use the new money to fund research and continue product development, but also on its go-to market approach as it now has entered general availability, Thadani said.

The company has been working with a “handful” of paying customers for more than six months and is going after the large enterprise customers in what the company believes is a multibillion-dollar market.

“We are creating a company that has the potential to go public,” Sidana said.

Illustration: Li-Anne Dias.

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

“This is a big market that is dominated by manual testing,” he said. “Our strategy is to shift this to products and technology.”

Source: https://news.crunchbase.com/news/evinced-accesses-17m-series-a-for-accessibility/

Crunchbase

The Briefing: Circle Banks $440M, QuitoAndar Lands $300M, Full Truck Alliance Files For IPO, And More

Crunchbase News’ top picks of the news to stay current in the VC and startup world.

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Circle raises $440M

Circle, a fintech company that provides payments and treasury infrastructure for businesses that want to use digital currencies, announced $440 million in financing.

Backers include Fidelity Management and Research Co., Marshall Wace, Willett Advisors, Intersection Fintech Ventures, Atlas Merchant Capital, Digital Currency Group, FTX, Breyer Capital, Valor Capital Group and Pillar VC, as well as Michael J. Price. The funding brings the Boston-based company’s total known funding to $711 million, according to Crunchbase data.

The company’s platform has supported over 100 million transactions by more than 10 million retail customers and 1,000-plus businesses since it was founded in 2013. The company is also a principal developer of USD Coin, which together with Coinbase and the Centre Consortium, oversees the standards and protocol for dollar digital currency, which now stands at $22 billion in circulation.

— Christine Hall

Brazilian proptech unicorn QuitoAndar lands $300M

São Paulo-based QuitoAndar, a marketplace for real estate rentals and sales, reportedly picked up $300 million in fresh funding at a valuation of $4 billion.

Ribbit Capital led the Series E financing, which roughly doubles capital raised to date, bringing it to around $635 million, per Crunchbase data.

QuitoAndar says it is currently the largest digital real estate company in Brazil, with more than 1,000 employees and over 200,000 visits to properties arranged each day through its platform.

— Joanna Glasner

Enterprise software maker Sprinklr files to go public

New York-based Sprinklr, a developer of customer experience management software, filed to go public Friday.

The company reported revenues of $386.9 million for the fiscal year ended January 31, compared to $324.3 million for the previous year. Net loss for the fiscal year ended January 31 was $41.2 million, compared to $39.1 million last year.

The software developer also reported revenues of $111 million for the quarter ended April 30 — a 19 percent increase from $93 million for the same quarter last year.

According to the company’s S-1, its largest institutional investors include Hellman & Friedman with a 24.8 percent stake, Battery Ventures with a 19.1 percent stake and ICONIQ with a 10.8 percent stake.

Sprinklr has raised a total of $429 million to date, according to Crunchbase data.

— Chris Metinko

Public offerings

Full Truck Alliance files for US IPO: China-based truck-hailing platform Full Truck Alliance (formerly known as Manbang) has filed to go public on the New York Stock Exchange. The company posted revenue of $396 million in 2020, per its filing, and a net loss of $532 million.

Funding rounds

Klarna eyes valuation over $40B with new funding: Sweden’s Klarna, the popular buy now, pay later financing unicorn, is reportedly eyeing a new funding round backed by SoftBank that would push its valuation over the $40 billion mark.

— Joanna Glasner

Health care

Brightside raises $24M: Brightside, a mental health telemedicine platform that offers anxiety and depression care, announced a $24 million Series A led by ACME Ventures. The company said it recently enhanced its therapy model to align with the Unified Protocol, a form of cognitive-behavioral therapy for people diagnosed with anxiety disorders, depression and related emotional disorders.

— Christine Hall

Illustration: Dom Guzman

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Source: https://news.crunchbase.com/news/briefing-5-28-21/

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Laying Personal Finance Foundation: Wingocard Raises $1.7M For Teen Banking App

Wingocard launched

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Wingocard launched its mobile banking app and debit card focused on teens Wednesday following $1.7 million in additional seed funding.

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Co-founder and CEO Sebastien Brault got together with a friend in 2019 over a shared frustration of managing money with a teenager.

“I would give my teen cash, but anytime they wanted to buy online, they would come to me to use my credit card,” Brault said. “It didn’t make sense from both a security or a learning point of view because they weren’t tracking anything. We thought there had to be a better solution.”

In early 2020, the Montreal-based company was founded and opened up its waitlist that grew to more than 75,000 teens in the U.S. Wingocard’s app is free — something competitors are not doing, he said. It focuses solely on teens 13 and up, offering free gamified financial literacy tools and an account with no overdraft fees to manage that connects to a parent’s account. There is also a digital card for online and in-store shopping, as well as a physical Visa Debit card.

In addition, for $5 a month, parents can tap into other functionalities, including chore charts, additional fraud security, and parental controls, Brault said. The company will also make money from the card interchange fees.

Wingocard screenshot

Like Wingocard, other teen- and child-focused financial apps and platforms are attracting both customers and investments. Crunchbase data shows that since 2016, investors infused approximately $535 million into 89 known deals with global fintech startups focused on children, young people and parents.

Panache Ventures led the round and was joined by Diagram Ventures and a group of angel investors that included Cherif Habib and Francois Arbour. The new funding gives New York-based Wingocard total funding of $3 million, according to Brault.

Nicolas Jacques-Bouchard, principal at Panache Ventures, said he knew Brault from his work at other companies, and he was personally attracted to products and services for the Gen Z population, of which 90 percent own a smartphone and are always looking for something interesting.

“In fintech, that is going to be a free model with gamification,” Jacques-Bouchard said in an interview. “Wingocard’s team is strong, and their focus on the U.S. market is different, where Gen Z is a good asset, but a difficult one for banks to access.”

Meanwhile, the new funding will go toward validating the assumptions Wingocard had when it first launched, Brault said. He plans to accelerate the company’s growth and expand its product offering.

The company also now has 75,000 teens on the waitlist to get on board, something he wants to get right. He also said it will take time to demonstrate traction and get to a Series A.

“We want to provide a white-glove service so we can understand if the onboarding process is smooth so that we can begin to bring on a larger number of users,” Brault said. “We really want to help a generation of teens become smart with their money, and we want to go slow to understand how they use the app to provide better user experience. Our success is them being smarter than we were when getting credit cards for the first time.”

Inset photo courtesy of Wingocard
Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Source: https://news.crunchbase.com/news/laying-personal-finance-foundation-wingocard-raises-1-7m-for-teen-banking-app/

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The Briefing: Top Tier Closes On $310M For Europe, NerdWallet Aims To Go Public, And More

Crunchbase News’ top picks of the news to stay current in the VC and startup world.

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Top Tier raises $310M Europe fund

San Francisco-based Top Tier Capital Partners announced it has raised $310 million for a dedicated European investment fund.

The fund will focus primarily on European funds with some investments in Israel. The Luxembourg-based investment fund seeks to invest broadly across the region, including in niche venture funds and expansion-stage technology startups.

Founded in 2002, Top Tier has nearly $6 billion in capital commitments since inception.

— Joanna Glasner

NerdWallet aims to go public

Consumer financial advice website NerdWallet was reported to have confidentially submitted initial public offering paperwork to U.S. regulators, Reuters reported.

The San Francisco-based company was founded in 2009 by Tim Chen and Jake Gibson. It last raised funding in 2015 in the amount of $69 million in Series A funding, and to date has brought in $105 million in known venture capital funding, according to Crunchbase data.

Sources told Reuters that the company expected to go public before the end of the year and was seeking a valuation of up to $5 billion.

— Christine Hall

Funding rounds

Alba Orbital raises $3.4M for earth imaging: Glasgow-based Alba Orbital, a developer of tiny imaging satellites, raised $3.4 million in a seed round led by Metaplanet Holdings with participation from several other funds and individual investors, including Fitbit founder James Park.

— Joanna Glasner

Gelmetix inks £5M: U.K.-based Gelmetix, which is developing a polymer treatment for chronic lower-back pain, closed a £5 million ($7 million) Series C equity financing round led by Seneca Partners. The company will use the capital to support its first in-human trial and study.

— Christine Hall

New fund

Framework Ventures closes $100M fund: Decentralized finance venture capital fund Framework Ventures, a $100 million closeout of its second fundraising round, “Fund 2.” The funds will support a number of DeFi projects, as well as exploring NFTs and gaming.

— Christine Hall

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

The fund will focus primarily on European funds with some investments in Israel. The Luxembourg-based investment fund seeks to invest broadly across the region, including in niche venture funds and expansion-stage technology startups.

Source: https://news.crunchbase.com/news/briefing-5-14-21/

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