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August 20, 2020
Thursday! Hello.:)
It was a busy one as we were knee-deep in SPAC research today. Check out tomorrow's podcast if you want to better understand these things, too.
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Top News
Uber and Lyft caught a break today. Under legal pressure to reclassify their California drivers as employees, the companies threatened to halt their rides instead. But now an appeals court has allowed them to continue operating while the court weighs their appeal. The New York Times has more here.
Airbnb today announced a global ban on all parties and events at its listings for health reasons. The home-sharing platform said it would also introduce a property occupancy cap of 16 people, explaining in a blog post: “Some have chosen to take bar and club behavior to homes, sometimes rented through our platform. We think such conduct is incredibly irresponsible — we do not want that type of business, and anyone engaged in or allowing that behavior does not belong on our platform.”
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This Growing Conversational Commerce Startup Just Landed $15 Million Led by B Capital
Yalochat, a five-year-old, Mexico City-based conversational commerce platform that enables customers like Coca-Cola and Walmart to upsell, collect payments and provide better service to their own customers over WhatsApp, Facebook Messenger and WeChat in China, has closed on $15 million in Series B funding led by B Capital Group.
Sierra Ventures, which led a $10 million Series A financing for the company in early 2019, also participated.
The round isn’t so surprising if Yalochat’s numbers are to be believed. It says that since the beginning of the COVID-19 pandemic, its platform has seen a tenfold increase in volume, and a 650% increase of message volume as more large enterprises — especially outside of the U.S. — use messaging apps to manage some of their sales operations and much of their customer service.
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Massive Fundings
BlockFi, a 3.5-year-old, Jersey City, N.J.-based company that lends money to cryptocurrency holders who don’t want to offload their holdings, has raised $50 million in Series C funding. Morgan Creek Digital led the round, joined by Valar Ventures, CMT Digital, Castle Island Ventures, and half a dozen other investors. Forbes has more here.
Waterdrop, an 11-year-old, Beijing, China-based crowdfunding platform centered around mutual aid that pays out when its members fall into medical dire straits, has raised $230 million from Swiss Re, Tencent and earlier backers IDG Capital and Wisdom Choice Global fund. TechCrunch has more here.
Big-But-Not-Crazy-Big Fundings
Brightline, a 1.5-year-old, Palo Alto, Ca.-based pediatric telehealth company, has raised $20 million in Series A funding. Threshold Ventures led the round, joined by Oak HC/FT, Boston Children’s Hospital, SemperVirens VC, Rock Health, City Light Capital, Blue Shield of CA, and Blue Cross Blue Shield of MA. More here.
Checkerspot, a four-year-old, Berkeley, Ca.-based performance materials startup, has raised $36 million in Series B funding. Viking Global Investors led the round, joined by Cavallo Ventures, Builders VC and Breakout Ventures. More here.
Cobalt, a seven-year-old, San Francisco-based cybersecurity platform that connects so-called ethical hackers with companies looking to test their software, has raised $29 million in Series B funding led by Highland Europe. The company has now raised $37 million altogether. Tech.eu has more here.
Exo, a five-year-old, Redwood City, Ca.-based maker of a handheld medical imaging device (a piezoelectric micromachined ultrasound transducer, more technically), has raised $40 million in extended Series B funding including led by Fiscus Ventures, Reimagined Ventures and Action Potential Ventures. TechCrunch has more here.
GI Windows Medical, an eight-year-old, West Bridgewater, Ma.-based medical device startup focused on anastomoses -- it makes self-assembling magnets designed to enable intestinal bypass to treat chronic diseases like Type 2 diabetes and obesity -- has raised $16.4 million in Series A-1 funding. Backers include Johnson & Johnson Innovation, Sonder Capital, GT Healthcare, and JC Investco. Mass Device has more here.
ICON, a 4.5-year-old, Austin, Tex.-based home-printing startup that relies on a giant 3D printer and has already built homes in Mexico, has raised $35 million in Series A funding led by Moderne Ventures. Other investors in the round include BIG-Bjarke Ingels Group, CAZ Investments, Citi, Crosstimbers Ventures, and half a dozen other investors. CleanTechnica has more here.
Klara, a six-year-old, New York-based patient engagement tool, has raised $15 million in funding co-led by Gradient Ventures and Frist Cressey Ventures. Earlier backers FirstMark Capital, Lerer Hippeau, Project A, and Stage 2 Capital also joined the round. FierceHealthcare has more here.
Lead School, an eight-year-old, Mumbai, India-based edtech startup that helps schools and teachers digitize the learning experience, has raised $28 million in Series C funding round led by WestBridge Capital, with participation from earlier backer Elevar Equity. The company has now raised roughly $36 million altogether. Inc 42 has more here.
Perishable Shipping Solutions, a four-year-old, Youngstown, Oh.-based e-commerce market for perishable cold and frozen food fulfillment logistics, has raised $8.7 million in Series A funding. SJF Ventures led the round, joined by Grotech Ventures and Supply Chain Ventures. More here.
Podimetrics, a nearly nine-year-old, Somerville, Ma.-based virtual care management company, has raised $8.6 million in extended Series B funding from Polaris Partners, Rock Health, Norwich Ventures, and Scientific Health Development. The infusion brings its B round to $24.6 million altogether. MobiHealth News has more here.
SupportLogic, a four-year-old, San Jose, Ca.-based support platform for customer service teams, has raised $12 million in seed and Series A funding. Sorenson Ventures led the round, joined by Sierra Ventures. More here.
Apheris, a year-old, Berlin-based startup that enables enterprises to collaborate and analyze data without compromising anyone's privacy, has raised €2.5 million ($3 million). LocalGlobe led the round, joined by Dig Ventures, which is the family office of MuleSoft cofounder Ross Mason, and former Google CFO Patrick Pichette. EU Startups has more here.
BeaTrust, a months-old, Tokyo, Japan-based enterprise collaboration platform, has raised $2.8 million in seed funding from CyberAgent Capital, DNX Ventures, Itochu, Strive, One Capital, Delight Ventures, and Mizuho Capital. TechCrunch has more here.
iFarm, a three-year-old, Helsinki, Finland-based startup whose automated system uses AI and drones to grow fruits and vegetables in enclosed spaces, has raised $4 million in seed funding led by Gagarin Capital, with participation from Matrix Capital, Impulse VC, IMI.VC, and some individual investors. TechCrunch has more here.
Riff, a six-month-old, London-based chat tool for remote work, raised $1.5 million in seed funding led by Balderton Capital. TechCrunch has more here.
See-Mode Technologies, a three-year-old, Singapore-based startup that uses AI to help clinicians better predict the risk of stroke and vascular diseases, has raised $7 million in Series A funding led by Mass Mutual Ventures Southeast Asia. Inc42 has more here.
VRAI, a four-year-old, Dublin-based startup that creates VR simulation training for hazardous work environments, has raised €1.2 million in seed funding from earlier investors and the Irish state economic development agency Enterprise Ireland. Tech.eu has more here.
Welcome, an 11-month-old, New York-based job offer info and closing platform, has raised $1.4 million from Ludlow Ventures, Weekend Fund, Global Founders Capital, Shrug Capital, and Basement. TechCrunch has more here.
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New Funds
Lever VC, a 2.5-year-old, New York-based seed-stage venture fund focused on funding plant- and cell-based protein startups, as well as alternative dairy companies, has garnered $23 million for its first fund, it says. The firm has apparently already invested $5 million in 10 companies and it tells The Spoon that it plans to fund between 20 and 25 investments altogether, writing checks of between $200,000 to $1 million.
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IPOs
Billionaire Jack Ma’s Ant Group plans to file for dual listings in Hong Kong and Shanghai in the next few weeks, targeting a valuation of about $225 billion in an effort to pull off the world’s largest IPO, reports Bloomberg, More here.
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Exits
Apple secretly acquired an Israeli photography startup -- Camerai -- 1.5 years ago, reports Calcalist. The AR and computer vision company is said to have sold for tens of millions of dollars and been folded into Apple's computer vision team. Camerai was reportedly just five years old at the time and had raised a nominal amount from investors. More here.
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People
Francisco Gimenez has been promoted by partner at the venture firm 8VC. Gimenez joined the firm as its resident data scientist in 2016, before being promoted to principal five months later.
Uber's former chief security officer, Joseph Sullivan, was charged today in federal court on allegations that he arranged to pay hackers $100,000 to cover up a high-tech heist that stole the personal information of about 57 million of the ride-hailing service’s users and drivers during 2016. Two hackers pleaded guilty in the scheme last year and are awaiting sentencing. The criminal complaint alleges that the hackers shared the data with a third person who may still have it. CNBC has more here.
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Essential Reads
Salesforce is now giving all employees the option to work from home until at least August of next year.
Two former employees in self-driving car startup Zoox have sued the company, alleging that a rival bid would have been better for common stockholders than a $1.3 billion offer from Amazon announced in June. CNBC has more here.
A new report disputing the validity of Triller’s recently announced download figures has prompted a lawsuit from the TikTok rival.
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Retail Therapy
A first look inside the multimillion-dollar residences inside the world's tallest residential tower in New York.
Burberry face masks. (What's next, a ventilator made by Ferrari?)
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