San Francisco ~ Coalition, Zilch, Finalis, Cauldron, Adaptive, Ranger, Tebra, Strive, VulanForms, Flexe, Swimlane, Shop Circle, DEUNA, Modular, Traba, HomeLister, APFusion...
Hello from San Francisco!
This might be the shortest Sourcery ever. Enjoy!
But before that.. a couple of questions:
Have you sourced a deal from Sourcery? Closed a financing round? Reached out to someone new? Want to sponsor an edition? Found prospective customers? Discovered your life’s passion? Bought tickets to Coachella 2023? Learned how to make pesto? Something else?
Let me know. I’d love to know more about you and the best ways to continue to be helpful to this community.
Respond directly to this email, or email email@example.com
P.S. the links had issues last week and we don’t entirely know why. Thank you to CORY for pointing it out. Please let me know if there are any more issues.
. . .
Last Week (7/4-7/8):
Relevant deals include the 60+ deals across stages below.
I've categorized the deals below into four categories, Fintech, Care, Enterprise & Consumer, and Sustainability, and ordered from later-stage rounds to early-stage rounds. Highlighted deals include Coalition, Zilch, Finalis, Cauldron, Adaptive, Ranger, Tebra, Strive, VulanForms, Flexe, Swimlane, Shop Circle, DEUNA, Modular, Traba, HomeLister, APFusion, Promoted.ai, Current Foods, Fyto; GoCardless, BlockFi/FTX, Amazon/Grubhub, One Medical
Final numbers on Most Active VCs Have Scaled Back at the bottom.
Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC
- Coalition, a San Francisco-based digital and executive risk insurance company, raised an additional $250 million in Series F funding. Allianz X, Valor Equity Partners, Kinetic Partners, and others invested in the round.
- Zilch, a London and Miami-based buy-now-pay-later platform, raised an additional $50 million in Series C extension funding. Ventura Capital, Goldman Sachs Asset Management, Gauss Ventures, DMG Ventures, M&F Fund, and Limited Ventures invested in the round.
- Tesorio, an SF-based accounts receivable management startup, raised $17m in Series B funding. BAMCAP Ventures led, and was joined by Carao Ventures, Susan and Anne Wojcicki and insiders Madrona Venture Group, First Round Capital, Floodgate, FundersClub, Hillsven, Mango Capital and Xplorer Capital. http://axios.link/vMYv
- Lucinity, an Iceland-based banking compliance startup, raised a $17m Series B round. Keen Venture Partners led, and was joined by Experian, Crowberry Capital, Karma Ventures and byFounders. http://axios.link/SUtA
- Finalis, a New York-based broker-dealer platform for dealmakers, raised $10.7m in seed funding from ANIMO Ventures, Chaac Ventures, Ulu Ventures, Tribe Capital and The Fund. www.finalis.com
- Cauldron, a London-based web3 gaming startup, raised $6.6m, per TechCrunch. Cherry Ventures led, and was joined by Cassius, Seedcamp and Playfair. http://axios.link/HMXY
- Adaptive, a construction back-office software startup, raised $6.5m in seed funding led by Andreessen Horowitz. http://axios.link/Dppr
- Finli, a San Marino, Calif.-based payment management platform for small businesses, raised $6 million in seed funding. Urban Innovation Fund led the round and was joined by investors including Motley Fool Ventures, M13, Alumni Ventures, and others.
- Ranger, a provider of tools for insurance brokers, raised $5.25m in seed funding. Lerer Hippeau Ventures led, and was joined by Alex Rodriguez, Firstminute Capital, Slow Ventures, Global Founders Capital, Raven1 Ventures and Montauk Ventures. http://axios.link/ypZf
- Xelix, a London-based accounts payable solution, raised $5m. Fintop Capital led and was joined by Passion Capital and Localglobe. www.xelix.com
- WagerWire, a Los Angeles-based marketplace where bettors can buy and sell previously placed sports bets, raised $3 million in seed funding. Miami Marlins and Leeds United FC co-owner Roger Ehrenberg led the round as a part of his venture funds IA Sports Ventures and Eberg Capital and was joined by investors including Cardinal Sports Capital, 305 Ventures, Full Moon Sports Solutions, Sports Meta, and others.
- TakeProfit, a San Francisco-based community-driven trading platform, raised $3 million in seed funding. Admitad founder Alexander Bachmann led the round and was joined by Lime Financial and other angels.
- Tenderize, a staking derivatives protocol, raised $3m in seed funding. Eden Block led, and was joined by Figment, Daedalus and TRGC. http://axios.link/I8jA
. . .
- YuLife, a London-based life insurance startup focused on wellness, raised $120m in Series C funding at an $800m valuation. Japan’s Dai-ichi Life Insurance Co. led, and was joined by insiders Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo. http://axios.link/UwfE
- Tebra, a Newport Beach, Calif.-based operating system for independent health care practices, raised $72 million in funding. Golub Capital led the round and was joined by investors including OpenView Venture Partners, Greenspring Associates, Stripes Group, Montreux Growth Partners, Toba Capital, and Vivo Capital.
- Strive, a Bothell, Wash.-based fitness startup focused on muscle performance, raised $6m in Series A funding. Future Communities Capital led, and was joined by SeaChange Fund, SeedtoB Capital, Jas Ventures, Gaingels, Founders First and Macnica Investment Partners. www.strive.tech
. . .
Enterprise & Consumer:
- VulcanForms, a Burlington, Mass.-based digital manufacturing company, raised $355 million in funding. Eclipse Ventures, Stata Venture Partners, Fontinalis Partners, D1 Capital Partners, Standard Investments, Atlas Innovate, Boston Seed Capital, Industry Ventures, and the Simkins Family invested in the round.
- Flexe, a Seattle-based programmatic logistics firm for retailers and brands, raised $119m in Series D funding at a post-money valuation north of $1b. BlackRock was joined by insiders Activate Capital, Madrona Ventures, Prologis Ventures, Redpoint Ventures, T. Rowe Price and Tiger Global. www.flexe.com
- Swimlane, a Boulder, Colorado-based low-code security automation startup, raised $70m. Activate Capital led, and was joined by insiders Energy Impact Partners and 3Lines VC. www.swimlane.com
- Shop Circle, a London-based provider of e-commerce software for brands, raised $65m. NFX and QED Investors co-led, and were joined by 645 Ventures, FirstMinute Capital and Tripoint Capital. http://axios.link/HVI3
- Oxford Quantum Circuits, a Reading, U.K.-based quantum computing company, raised £38 million ($46.45 million) in Series A funding. Lansdowne Partners and The University of Tokyo Edge Capital Partners led the round and were joined by investors including British Patient Capital, Oxford Science Enterprises, and Oxford Investment Consultants.
- Sharebite, a New York-based corporate food delivery platform, raised $39m in Series B funding. Prosus led, and was joined by Fiserv and Contour Venture Partners. http://axios.link/TpKA
- DEUNA, a Mexico City-based commerce operating system, raised $30 million in Series A funding. Activant Capital led the round and was joined by investors including Valor Capital, Abstract Ventures, Acrew Capital, Upload Ventures, and other angels.
- Modular, a Los Altos, Calif.-based A.I. developer platform, raised $30 million in funding. GV, Greylock, Factory, SV Angel, and other angels invested in the round.
- Traba, a Miami, Fla.-based jobs board for warehouse and event venue shifts, raised $20m in Series A funding. Khosla Ventures led, and was joined by Founders Fund, General Catalyst, SciFi VC and Atomic. http://axios.link/3FS2
- Logiwa, a Chicago-based cloud fulfillment platform, raised $16.4 million in Series B funding. NewRoad Capital Partners led the round and was joined by investors including Valor Siren Ventures, Runway Venture Partners, Spider Capital, and Launch Capital.
- HomeLister, a Santa Monica, Calif.-based online home selling platform, raised $10m in Series A funding co-led by M13 and Homebrew. www.homelister.com
- APFusion, a Champagne, Ill.-based B2B marketplace for the auto salvage market, raised $6.5m in seed funding. Left Lane Capital and Bedrock Capital co-led, and were joined by insider M25. www.apfusion.com
- Promoted.ai, a San Francisco-based marketplace optimization platform, raised an additional $6 million in seed funding. Y Combinator led the round and was joined by investors including Interlace Ventures, Vela Partners, and Y Combinator group partner and managing director Michael Seibel.
- Adapty, a New York-based monetization tool for mobile apps, raised $2 million in funding. Surface.vc led the round and was joined by irrvrntVC.
- SymTerra, a London-based communications platform for the construction project supply chain, raised $1.7 million in seed funding. Samaipata led the round and was joined by investors including Nemetschek, Pi Labs, and Accel.
. . .
- Current Foods, a San Francisco-based plant-based seafood company, raised $18 million in seed funding. Electric Feel Ventures, Astanor Ventures, Tenacity, and GreatPoint Ventures and Union Grove managing partner Ray Lane invested in the round.
- Fyto, a Bay Area, Calif-based aquatic plant science automation company, raised $15 million in Series A funding. GV led the round and was joined by investors including AgFunder, Refactor Capital, First Star Ventures, and Bolt.
Acquisitions & PE:
- Thrive Capital acquired Edge Technology Group, a Greenwich, Conn.-based IT services provider. Financial terms were not disclosed.
- GoCardless, a London-based account-to-account payments firm valued at $2.1b, acquired Latvian open banking startup Nordigen. GoCardless backers include Permira and Accel. http://axios.link/QlBj
- BlockFi, the troubled crypto lender that raised around $1.2b in VC funding, agreed to an option to be acquired by FTX for up to $240 million. The acquisition figure would include performance incentives, with BlockFi declining to say how much would be an upfront payment. http://axios.link/TgPK
- Amazon (Nasdaq: AMZN) signed an option to acquire a 2% equity stake in Grubhub, as part of a strategic partnership. Current Grubhub owner Just East Takeaway (Ams: TKWY) has been exploring a sale of the business, which it acquired just last year for $7.3b. http://axios.link/eqCo
- One Medical (Nasdaq: ONEM), an SF-based primary care platform with a $2b market cap, is reviewing options after receiving takeover interest, per Bloomberg. http://axios.link/xQbb
. . .
. . .
- Drive Capital, a Columbus, Ohio-based venture capital firm, raised $1 billion across two funds: $400 million was raised for their venture fund and $600 million was raised for their expansion stage fund.
- Headline, a Berlin and San Francisco-based venture capital firm, raised $954 million across three funds: The North American-focused fund raised $408 million, the pan-European-focused fund raised €320 million ($325.85 million), and the Latin American-focused fund raised R$915 million ($168.5 million).
- Endeavor, a New York-based venture capital firm, raised $292 million for a fourth fund.
- Bloomberg Beta, a New York-based Bloomberg backed venture capital firm, raised $150 million across two funds. $75 million was raised for a fourth fund and $75 million was raised for their opportunity fund.
- Anti Fund, the VC effort formed last year by YouTuber-turned-boxer Jake Paul and entrepreneur Goeffrey Woo, tells Kia that it now has over $23m in AUM and is launching a content-focused hub. http://axios.link/oACF
All of last year’s top investors have pumped the brakes in the second quarter, versus last year. (Please note that this data is as of June 28, so there may be a few straggler deals.)
CB Insights has pegged a 23% global decline in venture funding this quarter, compared to last. To be sure, funding levels have been historic over the last two years—but a drop by nearly one-quarter drop is nothing to sneeze at.
Final Numbers: U.S. VC deals
Source: PitchBook-NVCA Venture Monitor. 2022 data through June 30.
Venture capital dollars slowed in the second quarter, per PitchBook, but deal count and VC fundraising remained strong.
The material presented on Molly O’Shea’s website are my opinions only and are provided for informational purposes and should not be construed as investment advice. It is not a recommendation of, or an offer to sell or solicitation of an offer to buy, any particular security, strategy, or investment product. Any analysis or discussion of investments, sectors or the market generally are based on current information, including from public sources, that I consider reliable, but I do not represent that any research or the information provided is accurate or complete, and it should not be relied on as such. My views and opinions expressed in any website content are current at the time of publication and are subject to change. Past performance is not indicative of future results.