PitchBook News - Investors circle TikTok takeover

Misfits Market forages $85M for Series B

Grocery delivery startup Misfits Market has raised an $85 million Series B led by Valor Equity Partners. Greenoaks Capital, Third Kind Venture Capital and Sound Ventures also participated in the round. The company offers a subscription service for pantry staples and organic produce that aims to reduce food waste. Misfits Market, which recently saw a 400% spike in consumer demand, has also unveiled a new warehouse in New Jersey.

Hyde Park Angels, Fika Ventures, FJ Labs, Silicon Valley Bank

Chowbus wraps up $33M Series A

Chowbus, which operates a food delivery platform focused on Asian cuisine, has raised $33 million in a round co-led by Altos Ventures and Left Lane Capital. Founded in 2016, the Chicago-based company connects diners with local restaurants in more than 20 cities across North America.

Additional Investors:

Golden Ventures, Sweet Capital

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Wave.tv scores $32M

Digital media startup Wave.tv has secured $32 million in equity and debt funding through a Series A co-led by CoVenture and GPS Partners. The company works with sports leagues to provide content through more than 18 brands across social media platforms like Snapchat, Instagram and TikTok. Founded in 2017, Wave.tv generates around 3.2 billion monthly views.

Additional Investors:

Insurance startup bags $24M

Branch, the provider of a tech-based home, auto and renters insurance platform, has raised $24 million in Series A funding. The round was co-led by Greycroft and HSCM Bermuda, with support from existing backers American Family Ventures and Revolution, as well as several new investors. Founded in 2017, the Columbus, Ohio-based startup operates in Arizona, Illinois, Missouri, Ohio and Texas.

Additional Investors:

SignalFire, SCOR Global P&C, Elefund, Foundation Capital, Stone Point Capital

Portfolio Companies

Hims considers $1B reverse merger

Hims, which sells hair-loss treatments and other personal health and wellness products under the Hims and Hers brands, is in talks to go public through a merger with a special-purpose acquisition company that could result in a valuation of more than $1 billion, according to Reuters. The San Francisco-based company was valued at $1.1 billion with a $100 million Series C last year, according to PitchBook data. Its backers include Founders Fund, IVP, Redpoint Ventures and Thrive Capital.

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Brex adds FDIC insurance to cash offering

Brex, a provider of financial products to other businesses, has added FDIC insurance to its no-fee cash management offering. The feature should help Brex, which also offers a corporate credit card, compete more directly with traditional banks. Backed by Kleiner Perkins, DST Global, Lone Pine Capital and others, the company has also named former Airbnb lawyer Katie Biber as chief legal officer.

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Exits

Chinese fintech company Lufax seeks US listing

Shanghai-based fintech company Lufax aims to raise $3 billion in a US public debut, according to Bloomberg. Backed by Ping An Insurance, Primavera Capital, LionRock Capital and others, Lufax is preparing a confidential listing that could occur as early as this year, after weighing a public listing in Hong Kong, according to a Reuters report. The wealth management platform operator was reportedly valued at $38 billion before a fundraise in 2018.