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The Briefing: Klook Lands $200M, Rhino Raises $95M, 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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Klook lands $200M for travel platform

Hong Kong-based Klook, a platform for travel booking, announced that it raised $200 million in a Series E round led by Aspex Management.

The fundraise follows a rough several quarters for the travel sector amid the COVID-19 pandemic. For its part, Klook says it took steps to address the pandemic’s impact on business by increasing its focus on digitizing the experiences booking sector, and launching new verticals such as staycations and car rental.

The new round brings total funding to date for the 7-year-old company to around $721 million, per Crunchbase data.

Sidecar Health earns $1B valuation following $125M Series C

Insurtech startup Sidecar Health raised $125 million in a Series C funding round, giving the company a new valuation of $1 billion.

Drive Capital led the new round, which included new investors BOND, Tiger Global and Menlo Ventures, and existing investors Cathay Innovation and GreatPoint Ventures. Including the new investment, the company has raised a total of $175 million in known funding since the company was founded in 2018, according to Crunchbase data.

El Seguno, California-based Sidecar Health provides health insurance via a “cash price” model that allows members to pay lower prices for medical bills and procedures using a prepaid Visa card. Members save 40 percent compared to traditional insurance and can enroll for coverage at any time.

Sidecar expects to use the new funding for growth, hiring new talent and to fund the launch of a new Affordable Care Act or “Obamacare” offering for 2022.

Albert banks $100M Series C

Albert, a fintech company focused on improving financial wellness, closed on a $100 million Series C led by General Atlantic.

Also participating in the round was CapitalG, Portag3 and QED, which brings the company’s total funding to $173 million since 2016, according to Crunchbase data. This is the second funding announcement in under a year for Albert, which raised $50 million in Series B funding in March 2020.

The company said more than 5 million people are using its platform, and the funding will be used to expand its team and product development.

Since our launch in 2016, more than 5 million people have trusted Albert with improving their financial health.

Fast bags $102M Series B

Fast, which has developed an online login and checkout experience, brought in a $102 million Series B to boost its overall funding to $124 million since the San Francisco-based company was founded in 2019.

Addition and Stripe led this round and were joined by existing investors Index Ventures, Susa Ventures, Sugar Capital and Jaren Glover. The Series B follows a $20 million Series A round, led by Stripe, in March 2020, and a $2.5 million pre-seed round from October 2019, led by Index, according to Crunchbase data.

Fast launched its Fast Checkout product in September 2020, which is now being used by millions of WooCommerce and BigCommerce sellers. The new funding is being deployed into product expansion, customer and talent acquisition and international expansion.

Despite what seemed like a flurry of investment activity in the past year, for e-commerce technology startups—those with a focus on “e-commerce platforms” and “retail technology”—deals and dollars fell both globally and in the U.S. in 2020, according to Crunchbase data. Investments totaled $2.4 billion in the U.S. in 2020, compared with $2.5 billion in 2019. Globally, it was $4 billion in 2020, compared with $5.1 billion the year prior.

Funding rounds

  • Rhino raises $95M for renter insurance: New York-based Rhino, a provider of security deposit insurance that renters can use in lieu of cash deposits, reportedly raised $95 million in a funding round led by Tiger Global at a valuation of just under $500 million.
  • Wyre secures $7M for payments: Wyre, a blockchain-based payment platform based in San Francisco, raised $7 million in funding led by Stellar Development Foundation, along with Draper Associates and Great Oaks Venture Capital.
  • OFFOR Health inks $5M for medical services: OFFOR Health, headquartered in Columbus, Ohio, which coordinates on-site anesthesia and specialty medical services for local dental and medical offices, announced $5 million in Series A funding led by SpringRock Ventures.
  • Joshu emerges from stealth with $3.7M: Insurtech startup Joshu, based in Menlo Park, said it came out of stealth with $3.7 million in seed funding, led by Blumberg Capital, to digitize and automate commercial insurance.
  • GoodTrust raises $2.3M for digital afterlives: GoodTrust, a Palo Alto-based startup providing legacy document management, announced a $2.3 million seed funding round led by Bling Capital, Synetro Ventures and Azure Capital Partners.

M&A

Twitter acquires Revue: Twitter has acquired Revue, a Dutch startup that helps writers and publishers establish and get paid for newsletters, for an undisclosed sum.

Illustration: Dom Guzman

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

Source: https://news.crunchbase.com/news/briefing-1-26-21/

Crunchbase

The Briefing: Snyk Gets $530M, Scalapay Raises $155M, 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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Snyk snags $530M at $8.5B valuation

Boston-based application security developer Snyk closed a $530 million Series F at a valuation of $8.5 billion—more than tripling its value since the beginning of 2021.

The round was co-led by Sands Capital Ventures and Tiger Global, with participation from new investors Baillie Gifford, Koch Industries, Lone Pine Capital, T. Rowe Price and Whale Rock Capital Management, and existing investors Accel, funds managed by BlackRock, Addition, Boldstart Ventures, Canaan Partners, Coatue, Salesforce Ventures1, Alkeon, Atlassian Ventures, Franklin Templeton, Geodesic Capital and Temasek.

The deal included both primary and secondary offerings with more than $300 million of new working capital.

Founded in 2015, the company has now raised a total of $775 million to date.

— Chris Metinko

Scalapay raises $155M

Milan-based buy now, pay later provider Scalapay raised $155 million as part of a Series A round led by Tiger Global, with participation from Baleen Capital and Woodson Capital.

The company allows buyers of fashion, furniture and other consumables to pay for their purchases over three installments.

Founded in 2019, the company currently offers its services in Italy, France, Germany, Spain, Portugal, Finland, Belgium, Netherlands and Austria.

Fintech

Nuula lands $120M for small biz fintech: Toronto-based Nuula, developer of an app delivering business metrics and financial products for small businesses, raised $120 million in a debt and equity round. The financing includes $20 million in equity funding led by Edison Partners and a $100 million credit facility provided by funds managed by the credit group of Ares Management.

— Joanna Glasner

Health tech

• Flo raises $50M for women’s health app: London-based women’s health app Flo said this week that it has closed a $50 million Series B financing led by VNV Global and Target Global. Flo said it will use the new capital to hire more employees and for R&D into new product features. Its app focuses on women’s health and includes period, fertility and pregnancy tracking features. The company said its headcount has more than doubled in the last two years to 350 people and that it aims to have $100 million in ARR by the end of 2021.

Illustration: Dom Guzman

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

Source: https://news.crunchbase.com/news/briefing-9-9-21/

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The Briefing: Reddit Reportedly Plans IPO, Iconiq Eyes SPAC Deal, 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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Reddit reportedly planning big IPO

Online discussion form Reddit is talking to investment banks and attorneys in preparation for a potential IPO in coming months, according to a Reuters report citing unnamed sources.

The company was reportedly valued around $10 billion in a private funding round last month. As a public company, Reddit is said to be seeking a valuation of more than $15 billion.

Founded in 2005, Reddit has raised at least $1.3 billion in known funding to date, per Crunchbase data, with the majority of investment occurring over the past two years.

Chinese EV maker Iconiq mulls SPAC listing

China-based electric vehicle maker Iconiq is in talks about potentially going public through a merger with a blank-check acquirer, according to a Bloomberg report citing unnamed sources. A deal could reportedly value the combined company at around $4 billion.

Funding rounds

Sunday raises $45M Series B: Bangkok-based Sunday, a tech-focused provider of insurance policies and underwriting, raised $45 million in a Series B financing backed by Tencent, SCB 10X, Vertex Ventures Southeast Asia & India, Quona Capital, Aflac Innovation Partners and Z Venture Capital.

— Joanna Glasner

Illustration: Dom Guzman

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

Source: https://news.crunchbase.com/news/briefing-9-3-21/

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The Briefing: HeadSpin Co-Founder Charged, Headspace Merges With Ginger, 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.

Subscribe to the Crunchbase Daily

HeadSpin co-founder charged with defrauding investors

U.S. authorities charged the co-founder and former CEO of HeadSpin with defrauding investors out of as much as $80 million by overstating the financial numbers of the Palo Alto, California-based startup.

The U.S. Department of Justice arrested Manish Lachwani on charges of securities fraud and wire fraud related to raising money from investors. In a release, the U.S. Securities and Exchange Commission said Lachwani is charged with defrauding investors by falsely claiming that the company had “achieved strong and consistent growth in acquiring customers and generating revenue.”

According to the SEC’s complaint, Lachwani is alleged to have engaged in a fraudulent scheme to push HeadSpin’s valuation to more than $1 billion by “falsely inflating the company’s key financial metrics and doctoring its internal sales records” from at least 2018 through 2020. The alleged fraud came to light after the company’s board of directors conducted an internal investigation which revised HeadSpin’s valuation down from $1.1 billion to $300 million.

Lachwani co-founded HeadSpin—a digital experience test platform—and acted as its CEO from its inception in 2015 until approximately May of last year.

— Chris Metinko

Headspace merges with Ginger

Headspace and Ginger, two startups focused on mental health and well-being, announced plans to merge into a single company named Headspace Health.

Santa Monica, California-based Headspace, known for its mindfulness and meditation apps, was founded in 2010 and has raised around $216 million in known funding to date. San Francisco-based Ginger, a provider of on-demand mental health coaching and therapy, was founded in 2011 and has raised around $220 million to date.

As Headspace Health, the two companies will serve consumers, employers and health plans, offering support for mental health symptoms from anxiety to depression to more complex diagnoses.

Cribl lands $200M Series C

San Francisco-based Cribl raised a $200 million Series C led by Greylock and Redpoint Ventures. The round also included new investor IVP, existing investors Sequoia and CRV and strategic investments from Citi Ventures and Crowdstrike.

Founded in 2017, Cribl helps companies manage their flow of data and route it to where it can be used best. The company has now raised a total of $254 million.

— Chris Metinko

Energy Vault raises $100M

Energy Vault, an energy storage technology provider, announced it has raised $100 million in a Series C funding round led by Prime Movers Lab. Based in Westlake, California, and Lugano, Switzerland, Energy Vault focuses on renewable energy storage products.

M&A

LexisNexis Risk Solutions to acquire Trunarrative: LexisNexis Risk Solutions announced that it is acquiring startup Trunarrative, for an undisclosed sum. Founded in 2016, Leeds, U.K.-based Trunarrative provides a cloud-based platform that detects and prevents financial crime and fraud.

— Joanna Glasner

Illustration: Dom Guzman

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

Source: https://news.crunchbase.com/news/briefing-8-25-21/

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