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March 25, 2021
Thursday! Hello.:)
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Top News
Lawmakers questioned the leaders of Facebook, Google and Twitter today about the connection between online disinformation and the Jan. 6 riot at the Capitol, with Twitter CEO Jack Dorsey saying "yes" when a lawmaker who asked the executives to answer with a “yes” or a “no” whether the platforms bore some responsibility for the misinformation that had contributed to the riot. (He was separately busted for tweeting to his followers during the hearing.)
Neither Mark Zuckerberg of Facebook nor Sundar Pichai of Google would answer the question directly, notes the New York Times. But Zuckerberg, in his opening statement, squarely placed the blame on the actions of former President Donald Trump. "I believe that the former president should be responsible for his words and that the people who broke the law should be responsible for their actions,” he wrote.
Asked today by one lawmaker, "How is it possible for you not to at least admit that Facebook played a leading role in the recruitment, planning and execution of the attack on the capitol?”, Zuckerberg answered: “I think the responsibility lies with the people who took the actions to break the law and do the insurrection. Secondarily, also with the people who spread that content, including the president but others as well, with repeated rhetoric over time, saying that the election was rigged and encouraging people to organize, I think that those people bear the primary responsibility as well.” TechCrunch has more here and here.
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How BBG Ventures, Which Backs Women-Led Startups, Plans to Invest its New $50 Million Fund
BBG Ventures, an eight-year-old, New York-based seed- and early-stage venture firm that only backs founding teams which feature at least one woman, just locked down $50 million in capital for its third fund, a major leap over its first two funds, both sized at $10 million.
One determining factor in the bigger fund is that BBGV, formerly backed exclusively by AOL (now Verizon Media), now has a broader pool of institutional and individual investors, including the State of Michigan Retirement Systems, the George Kaiser Family Foundation and Verizon Ventures, along with Poshmark cofounder Tracy Sun, ClassPass cofounder Payal Kadakia, and venture capitalists Aileen Lee, Theresia Gouw, and Jennifer Fonstad.
The young firm also has a track record to which to point. Though an investment in the coworking space The Wing may have taken an unexpected turn, hurt by a national lockdown and internal turmoil, other bets have been growing, including the e-commerce platform Zola; the feminine hygiene brand Lola; and Spring Health, a mental health benefits platform for employers that recently closed on $76 million in Series B funding led by Tiger Global Management.
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Massive Fundings
ABL Space Systems, a four-year-old, El Segundo, Ca.-based rocket company at work on a small launch vehicle that's capable of placing up to 1,350 kilograms into low Earth orbit, has raised $170 million in Series B funding. The round was led by funds and accounts advised by T. Rowe Price Associates, which was joined by Fidelity Management & Research, an unnamed “global investment management firm,” and earlier backers. The company says it is now valued by its investors at $1.3 billion. SpaceNews has more here.
Eliem Therapeutics, a two-year-old, Seattle-based biotech startup led by former Juno Therapeutics exec Bob Azelby, has raised $80 million to develop clinically validated therapies for pain and depression. Backers in the round include RA Capital Management, Access Biotechnology, and Intermediate Capital Group. GeekWire has more here.
Notarize, a six-year-old, Boston-based remote online notarization platform, just raised $130 million in Series D funding led by Canapi Ventures. Other investors in the round include CapitalG, Citi Ventures, Wells Fargo, True Bridge Partners and a handful of earlier backers. The company has now raised $213 million altogether and is valued at $760 million. TechCrunch has more here.
Digital House, a five-year-old, Buenos Aires-based edtech focused on developing tech talent through immersive remote courses, has raised more than $50 million in new funding from two large tech companies: Latin American e-commerce giant Mercado Libre and San Francisco-based software developer Globant. Riverwood Capital and earlier backer Kaszek also participated in the financing. The startup has now raised $80 million altogether. TechCrunch has more here.
Gorillas, a year-old, Berlin-based startup that invites shoppers to buy groceries and other household items that the outfit promises will be delivered in as little as ten minutes, has raised $290 million in Series B funding at a post-money valuation of more than $1 billion. Coatue Management, DST Global, and Tencent co-led the round, joined by Green Oaks, Fifth Wall, and Dragoneer. Previous backer Atlantic Food Labs also participated. TechCrunch has more here.
Pie Insurance, a four-year-old, Washington, D.C.-based company offering workers’ compensation insurance to small businesses, has raised $118 million in Series C funding. Allianz and Acrew Capital co-led the round, joined by earlier investors Greycroft, SVB Capital, SiriusPoint, Elefund, and Moxley Holdings. TechCrunch has more here.
PPRO, a nearly 15-year-old, London-based startup that has built a platform to make it easier for marketplaces, payment providers and other e-commerce players to enable localized payments, had added $90 million in funding to a $180 million round that that it closed just two months ago. The new funds are coming primarily from JPMorgan Chase and Eldridge. TechCrunch has more here.
Big-But-Not-Crazy-Big Fundings
Bevy, a four-year-old, Palo Alto, Ca.-based enterprise event platform originally built by the team behind Startup Grind, has raised $40 million in Series C funding from Accel, LinkedIn, Upfront Ventures and notable individual investors, including Qualtrics cofounder Ryan Smith, PayPal's Peggy Alford, former Beats by Dre executive Omar Johnson and retired Olympic sprinter Michael Johnson. Axios has more here.
Ease, a nine-year-old, San Francisco-based benefits software developer, has raised $41 million in Series C funding. Spectrum Equity led the round, joined by earlier investors Centana Growth Partners, Propel Venture Partners, Freestyle Capital, Compound Ventures and Upside Partnership. Crunchbase News has more here.
Holberton, a six-year-old, San Francisco-based edtech software-as-a-service company, has raised $20 million in Series B funding led by Redpoint eventures, with participation from new investor Pearson Ventures and earlier backers Daphni, Imaginable Futures, Reach Capital and Trinity Ventures. TechCrunch has more here.
iFoodDS, an eight-year-old, Seattle-based maker of fresh food safety and traceability software, has raised $15 million in Series A funding led by Insight Partners. GeekWire has more here.
Leyden Labs, a new, Amsterdam-based biotech started by the team behind the technology used in Johnson & Johnson’s Covid-19 vaccine and focused on intranasal medicines, has raised €40 million in Series A funding. GV led the round, joined by F-Prime Capital, Casdin Capital and veteran VC Brook Byers. MedCity News has more here.
Linktree, a five-year-old, Sydney, Australia-based platform that links up social followers with a business or brand's entire online ecosystem, using one link to direct people toward their e-commerce or other content, has raised $45 million in Series B funding co-led by Index Ventures and Coatue. The funding follows a $10.7 million Series A round announced in October. More here.
Morphisec, a seven-year-old, Israel- and Boston-based maker of endpoint and server security software, has raised $31 million. JVP led the round, joined by Orange and Deutsche Telekom Capital Partners. VentureBeat has more here.
On Deck, a five-year-old, San Francisco-based developer of fellowship programs for tech entrepreneurs, has raised $20 million in Series A funding led by Founders Fund at a $250 million post-money valuation, reports Axios. Other investors in the round include Learn Capital, NFX, Slack Fund, and numerous individual investors. More here.
Polly, a two-year-old, San Francisco-based startup that launched as a mortgage loan trading exchange and last year rolled out a product pricing and eligibility engine for loan originators, has raised $15 million in Series A funding. 8VC led the round, joined by Menlo Ventures, Conversion Capital, Meritech Capital, Fifth Wall and Base10 Partners. HousingWire has more here.
Snapsheet, a ten-year-old, Chicago-based maker of claims management software, has raised $30 million in Series E2 funding. Ping An and Pivot Investment Partners co-led the round, joined by earlier backers Nationwide, Liberty Mutual, Intact Ventures, Tola Capital and Commerce Ventures. More here.
What3words, an eight-year-old, London-based micro geocoding startup (it has divided the world into three-meter squares to help pinpoint locations), has raised £12 million from Ingka Group, owner of most IKEA stores. Reuters has more here.
Smaller Fundings
Allcyte, a three-year-old, Vienna, Austria-based cancer therapies delivery startup, has raised $6 million in seed funding from 42cap, Air Street Capital, PUSH Ventures, Amino Collective and VP Venture Partners. Fortune has more here.
Baton, a two-year-old, San Francisco-based tech platform that aims to eliminate detention and dwell for long-haul truck drivers by inviting the to drop off and pick up loads at its growing network of drop zones, has raised $10.5 million in Series A funding at a post-money valuation of $50 million. Prologis, Ryder, Lineage Logistics and numerous notable individual investors participated in the round, which brought the company's total funding to date to $13.8 million. TechCrunch has more here.
Buildforce, a year-old, Houston, Tex.-based construction staffing app, has raised $1.5 million in pre-seed funding led by Mercury Fund. InnovationMap has more here.
CoScreen, a six-year-old, Menlo Park, Ca.-based remote collaboration platform for engineers based around screen sharing, revealed today that it has raised $4.6 million in seed funding over the last year or so led by Unusual Ventures. TechCrunch has more here.
Meniga, an 11-year-old, London- and Reykjavik, Iceland-based digital banking platform, has raised €10 million in funding co-led by Velocity Capital and Frumtak Ventures, with participation from Industrifonden, Future Fund (UK), UniCredit, Swedbank, Groupe BPCE and Íslandsbanki. TechCrunch has more here.
Motosumo, a six-year-old, Denmark-based connected spin class startup, has raised $6 million in Series A funding led by Magenta Partners, which was joined by earlier backers. TechCrunch has more here.
Rupifi, a 15-month-old, Bangalore, India-based buy-now-pay-later platform for small and medium-size businesses, has raised $4.1 million in seed funding led by Quona Capital. More here.
Ryu Games, a nearly four-year-old, San Francisco-based startup that helps developers add cash tournaments to their mobile games, has raised $2.3 million in seed funding from Side Door Ventures, MGV Capital, Velo Partners and Citta Ventures, among others. TechCrunch has more here.
UI-licious, a five-year-old, Singapore-based startup that simplifies automated user interface testing for web applications, has raised $1.5 million in seed funding led by Monk's Hill Ventures. TechCrunch has more here.
Umbrage, a two-year-old, Houston, Tex.-based startup that creates custom software for companies in a number industries, including oil and gas, has raised $2 million in funding led by Rice Investment Group. InnovationMap has more here.
ViAct, a six-year-old, Hong Kong-based startup that makes construction site monitoring software, has raised $2 million in seed funding co-led by SOSV and Vectr Ventures. TechCrunch has more here.
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New Funds
MaC Venture Capital, a newly merged, majority Black-led investment firm, today took the wraps off a $110 million in augural fund to invest in overlooked tech startups, with backing from Foot Locker, Goldman Sachs, Bank of America and Howard University. The firm's four partners are Adrian Fenty, the former Washington mayor; the first Black talent agency partner in the history of Hollywood, Charles King; longtime operating executive (and former agent) Michael Palank; and Marlon Nichols, an Intel Capital partner who later co-founded Cross Culture Capital. TechCrunch has more here.
Matt Salzberg, who co-founded and served as CEO of meal kit startup Blue Apron until 2017, is back in the startup business with a new venture studio called Material. Along with Salzberg, Material is led by partners Andy Salamon (formerly a general partner at Atomic Labs who backed Hims and Terminal) and Danielle David Parks (co-founder of Jane Strategy). The studio has been operating for the past year and just closed its first $25 million fund. TechCrunch has more here.
Ribbit Capital, the nine-year-old, Palo Alto, Ca., fintech-focused venture firm founded by Meyer “Micky” Malka, is raising $750 million in capital commitments for its seventh fund, shows a new SEC filing. Meyer never announced the firm's sixth fund, but in January of last year, it registered plans to raise upwards of $420 million for its sixth fund, so this is a fast return to the market. More here.
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Going Public
Investors and riders are raising concerns about the way Deliveroo treats its couriers in the run up to the company’s IPO next week, highlighting a key issue for the startup as gig economy workers lobby to secure more protections from the platforms that rely on them, reports Bloomberg. Legal & General Investment Management, Aberdeen Standard Investments and Aviva Investors, three of the U.K.’s biggest asset managers, are among the fund managers who said this week they won’t be participating in the IPO. More here.
China’s top ride-hailing firm, Didi Chuxing, is leaning toward picking New York over Hong Kong for its IPO, eyeing a valuation of at least $100 billion via the float, Reuters reports. Didi has also discussed the option of listing via a special-purpose acquisition company, says the outlet. More here.
Endeavor, the parent company of WME, dropped its bid to go public in September 2019. But a fresh IPO bid, which is now being led by Morgan Stanley, will likely be filed early next month, according to the New York Post. It adds that Ari Emanuel is "quietly hammering out a pricey plan to buy the half of Ultimate Fighting Championship that his entertainment empire doesn’t already own" to strengthen the offering. More here.
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Data
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Essential Reads
Robinhood is building a platform to “democratize” IPOs -- including its own -- that would allow users of its trading app to snap up shares alongside Wall Street funds, according to Reuters. (Seemingly, SoFi is also trying to get in on the action.)
China’s Xiaomi, the smartphone maker, plans to make electric vehicles using Great Wall Motor Co.’s factory, says Reuters. The move would make it the latest tech firm to join the smart mobility race.
The world’s biggest seller of fast fashion, H&M, has effectively ceased to exist in China, after deciding to stop sourcing from China’s Xinjiang region over human rights concerns. Not only was it erased from Chinese e-commerce and social media platforms, but it's already being seen as another indicator of "how quickly and massively a backlash can hit a company in one of its most important markets," notes the WSJ.
Amazon denies workers pee in bottles. Here are the pee bottles.
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Detours
Rapper Ja Rule sold a Fyre Festival painting as an NFT for $122,000. Among the item notes for the auction lot, Rule wrote: “F—k this painting.”
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Retail Therapy
A Beverly Hills home with four kitchens (and a 92-foot-long infinity pool).
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