Sourcery (9/13-9/17)

SpotOn, Melio, Ribbon, Xendit, Omaze, Peach Finance, LayerZero, Sequin, Ascend, Commure, Spring Health, Tia, Numan, Flywheel, Discord, Papaya Global, Canva, Persona, Whatnot, Pacaso, Outer, The Org...

Last Week (9/13-9/17):

Relevant deals include the 60+ deals across stages below. 

I've categorized the deals below into four categories, Fintech, Care, Future of Work, and Sustainability, and ordered from later-stage rounds to early-stage rounds. Highlighted deals include SpotOn, Melio, Ribbon, Xendit, Omaze, Paperless Parts, Peach Finance, TomoCredit, LayerZero, Sequin, Ascend, Commure, Spring Health, Tia, Numan, Flywheel, Courier Health, Discord, Papaya Global, Canva, Sendcloud, Persona, JumpCloud, Whatnot, CommerceTools, Copado, Pacaso, Sendoso, 1047 Games, Stord, Versatile, Rewind, StrongDM, Outer, Canvas, Locus Robots, CreatorIQ, The Org, Roboflow, Vector.ai, Strike Graph, Replay, Viable, Arcadia, EnerVenue, Wild Earth, Patch, Immi; Mailchimp, Blackboard; Stripe, Thoughtworks, On Holding, ForgeRock, Cue Health, Toast; Forge Global, Pagaya

Final numbers on Software Deal Multiples at the bottom.


Deals 

Sources: TS, Pro Rata, FinSMEs, Pitchbook, StrictlyVC

Fintech:

- SpotOn, a San Francisco-based software and payments company for restaurants and retail businesses, raised $300 million in Series E funding, valuing it at $3.2 billion. Andreessen Horowitz led the round and was joined by investors including DST Global, 01 Advisors, Dragoneer Investment Group, Franklin Templeton, and Mubadala Investment Company, Wellington Management, and Coatue Management. 

- Melio, a New York-based B2B payments platform for small businesses, raised $250 million at a $4 billion valuation. Thrive Capital and General Catalyst co-led, and were joined by Tiger Capital, Accel, Bessemer, Coatue, Corner Ventures and Latitude. www.meliopayments.com

- Avalanche, a blockchain focused on speed and low transaction costs, raised $230 million. Polychain and Three Arrows Capital led the round and was joined by investors including R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, and Lvna Capital.

-Ribbon, a New York-based homeownership platform, raised $150 million in Series C funding. Greenspring Associates led, and was joined by First American Financial, Waterfall Asset Management, TriplePoint Capital, 75 & Sunny Ventures and insiders Greylock, Bain Capital Ventures, NFX, Nyca and Thomvest. www.ribbonhome.com

-Xendit, a payments infrastructure startup focused on Southeast Asia, raised $150 million in Series C funding. Tiger Global led, and was joined by insiders Accel, Amasia and Justin Kan. http://axios.link/fRjT

- Immutable, a blockchain scalability protocol for non-fungible tokens on Ethereum, raised $60 million in Series B funding. BITKRAFT Ventures and King River Capital led the round and was joined by investors including Prosus Ventures, Galaxy Interactive, Fabric Ventures, Alameda Research, AirTree Ventures, Reinventure, Apex Capital, and VaynerFund

- Omaze, an organizer of fundraising sweepstakes for nonprofits, raised $85 million in Series C funding. Moore Strategic Ventures led, and was joined by FirstMark Capital, Wndrco, Telstra Ventures, Causeway Media Partners, Mockingbird Ventures, BDMI, Pegasus Ventures, Bono, Kerry Washington, Tom Brady and Alexis Ohanian. http://axios.link/wSvG

- Abra, a Mountain View, Calif.-based wealth management platform for cryptocurrency investors, raised $55 million in Series C funding. IGNIA and Blockchain Capital led the round and was joined by investors including Kingsway Capital, Tiga Investments, and the Stellar Development Foundation. 

- SelfFinancial, an Austin, Texas-based startup that helps consumers establish and build credit history, raised $50 million in Series E funding. Altos Ventures led, and was joined by insiders Meritech Capital and Conductive Ventures. http://axios.link/qlZi

- Sayari Labs, a Washington, D.C.-based provider of financial intelligence and supply chain risk software, raised $40 million in Series C funding. Centana Growth Partners led, and was joined by insiders Arsenal Growth, MissionOG, Lavrock Ventures, TFX Capital and SAP NS2. www.sayari.com

- Landed, a San Francisco-based fintech company aimed at essential professionals, raised 31 million in Series B funding. Learn Capital and Navitas Capital led the round.

-Paperless Parts, a Boston-based provider of estimating and quoting software for job shops and contract manufacturers, raised $30 million in Series B funding led by OpenView Venture Partners. www.paperlessparts.com

- Sproutt, an insurance company, raised $26 million in Series B funding. MoreTech Ventures led the round and was joined by investors including Harel Group, The Raptor Group, and Falcon Edge Capital.

- Peach Finance, an Oakland-based loan serving SaaS, raised $20 million in Series A funding. Canapi Ventures led, and was joined by insiders SciFi VC, Caffeinated Capital, Nyca Partners and Moore Specialty Credit. www.peachfinance.com

- BriteCore, a New York City-based tech platform for P&C insurers, raised $20 million in Series C funding. Warburg Pincus led the round and was joined by investors including Radian Capital

- TomoCredit, a San Francisco-based credit card-focused fintech, raised $10 million Series A funding. Kapor Capital and KB Investment led the round.

- PassFort, a London-based provider of financial crime regulation and compliance automation SaaS, raised $16.2 million in Series A funding. Level Equity led, and was joined by OpenOcean, Episode 1 and Entrepreneur First. PassFort also secured $4.9 million of venture debt from Shard Credit Partners. www.passfort.com

- Coinfirm, a London-based regtech for digital currencies raised $8 million in Series A funding. SIX Fintech Ventures and FiveT Fintech led the round and was joined by investors including  MiddleGame Ventures, Mission Gate, and CoinShares.

- LayerZero, a New York City-based interoperability protocol for decentralized applications, raised $6.3 million in Series A funding. Binance Labs and MulticoinCapital led the round and was joined by investors including SinoGlobalCapital, Defiance, DelphiDigital, RobotVentures, Spartan, Hypersphere Ventures, ProtocolVentures, and GenBlockCapital.

- Grow Credit, a Santa Monica, Calif.-based financial inclusion platform, raised $6.3 million in seed funding from backers like Mucker Capital and Commerce Ventures. It also secured $100 million in debt financing from Arena Investors. www.growcredit.com

- Sequin, a San Francisco-based debit card geared at women, raised $5.7 million in seed funding. Matrix Partners, Y Combinator, Scribble Ventures, IDEO, Thomvest, Commerce VC, and Carrie Schwab invested.

- Ascend, an insurance payments platform, raised $5.5 million in seed funding. First Round Capital led, and was joined by Susa Ventures, FirstMark Capital and Box Group. http://axios.link/CQs3

- MaxRewards, a Atlanta-based maker of a digital wallet app, raised $3 million in seed funding. Dundee Venture Capital and Calano Ventures led the round and was joined by investors including Techstars, Fintech Ventures Fund, Service Provider Capital, and Nick Izquierdo (Fleetcor president).

- Integrated Finance, a fintech infrastructure platform, raised £2 million in seed funding. Octopus Ventures led the round.

. . .

Care:

- Commure, a health-tech startup, raised about $500 million across two rounds, per Business Insider. The deal values the business at $3.5 billion. Human Capital and Greenoaks Capital led the round.

- Spring Health, a New York City-based mental health company, raised $190 million in Series C funding. Kinnevik led the round and was joined by investors including The Guardian Life Insurance Company of America, Tiger Global, Northzone, RRE Ventures, Rethink Impact, Work-Bench, William K Warren Foundation, SemperVirens, Able Partners, and True Capital Ventures, valuing it at $2 billion

- Tia, a New York-based women's healthcare provider, raised $100 million in Series B funding. Lone Pine Capital led, and was joined by Threshold, Define Ventures, Torch Capital, ACME, Compound, Combine, The Helm, Human Ventures, Seae Ventures and Gingerbread Capital.http://axios.link/qFoQ

- Numan, a London-based men’s health platform, raised $40 million in Series B funding. White Star Capital led the round and was joined by investors including Novator, Vostok New Global, Anthemis Exponential,Colle Capital, and Hanwha Dream Fund. 

- Flywheel, a Minneapolis-based biomedical research data management platform, raised $22 million in Series C funding. 8VC led, and was joined by iSelect, Argonautic Ventures, Beringea, DrX/Novartis, HPE Pathfinder, Spike Ventures, Key Investments, Seraph and Great North Labs. It also bought St. Louis-based clinical trial software company Radiologics. http://axios.link/NMKR

- Babyscripts, a Washington D.C.-based virtual care platform for managing obstetrics, raised $12 million in Series B funding. MemorialCare Innovation Fund led the round and was joined by investors including Philips and the CU Healthcare Innovation Fund.

- Eleos Health, a Boston and Israel-based digital health startup focused on behavioral health, raised $6 million in seed funding.  aMoon Fund led the round and was joined by investors including lool ventures.

- Courier Health, a New York-based patient engagement platform, raised $4 million in seed funding led by Work-Bench. www.courierhealth.com

. . . 

Future of Work:

- Discord, a San Francisco-based chat platform popular among gamers, raised $500 million at a $15 billion valuation. Dragoneer led, and was joined by Baillie Gifford, Coatue, Fidelity and Franklin Templeton. The company recently ended talks to be bought by Microsoft. http://axios.link/vU71

- BitSight, a Boston-based cybersecurity risk platform, raised $250 million from Moody’s (NYSE: MCO), and also will buy VisibleRisk, a cyber risk ratings joint venture created by Moody’s and Team8. BitSight previously raised $165 million from firms like GGV Capital, Flybridge Capital, Warburg Pincus and Menlo Ventures. http://axios.link/6co2

- Papaya Global, an Israel-based workforce management software maker, raised $250 million in Series D funding, valuing it at about $3.7 billion. Insight Partners led the round, and was joined by new investor Tiger Global, as well as existing investors Greenoaks Capital, IVP, Scale Venture Partners, Bessemer Venture Partners, Alkeon Capital, Workday Ventures, Access Industries, and Group 11.

- SmartNews, a San Francisco-based information and news discovery company, raised $230 million in Series F funding, valuing it at $2 billion. Investors include Princeville Capital and Woodline Partners.

- Canva, an Australian design software company, raised $200 million at a $40 billion valuation led by T. Rowe Price.This makes Canva the world's fifth most valuable private startup, behind Klarna and ahead of Instacart. It also stands apart by being profitable, led by a woman CEO and based in Sydney.Franklin Templeton, Sequoia Capital Global Equities, Bessemer Venture Partners, Greenoaks Capital, Dragoneer Investments, Blackbird, Felicis and AirTree Ventures.

- Nextiva, a Scottsdale, Ariz.-based communications company, raised $200 million from Goldman Sachs Asset Management. It values the company at $2.7 billion.

- Sendcloud, a Netherlands-based e-commerce shipping platform, raised $177 million in Series C funding. Softbank Vision Fund 2 led the round and was joined by investors including L Catterton and HPE Growth.

- Persona, a San Francisco-based identity infrastructure company, raised $150 million in Series C funding. Founders Fund led the round and was joined by investors including Meritech Capital Partners, BOND, Index Ventures and Coatue Management, valuing it at $1.5 billion.

- JumpCloud, a Louisville, Colo.-based identity management software maker, raised $159 million in Series F funding. Sapphire Ventures led the round and was joined by investors including Owl Rock, Whale Rock Capital, Sands Capital, and Endeavor Catalyst.General Atlantic, BlackRock, and H.I.G. Growth Partners also participated, valuing it at $2.6 billion.

- Matillion, a data analysis company, raised $150 million at a $1.5 billion valuation. General Atlantic led the round and was joined by investors including Battery Ventures, Sapphire Ventures, Scale Venture Partners, and Lightspeed Venture Partners.

- Rebellion Defense, a developer of AI solutions for the national defense of the U.S. and its allies, raised $150 million in Series B funding at a $1 billion pre-money valuation co-led by Insight Partners and Venrock.

- Whatnot, a Marina del Rey, Calif.-based live streaming marketplace, confirmed it raised $150 million in Series C funding valuing it at $1.5 billion valuation. Investors included Andreessen Horowitz, YC Continuity, and CapitalG, as well as Golden State Warriors player Andre Iguodala, YouTube influencer Logan Paul, Doordash Product and Business Helper Gokul Rajaram, and Instacart president Nilam Ganenthiran.

- Commercetools, a maker of e-commerce APIs, raised $140 million in Series C funding valuing it at $1.9 billion. Accel led the round and was joined by investors including Insight Partners and REWE Group.

- Copado, a Chicago-based maker of a DevOps platform, raised $140 million in Series C funding. Insight Partners led the round and was joined by investors including SoftBank Vision Fund 2, Declaration Partners, and DG Ventures, as well as existing investors Salesforce Ventures, ISAI Cap Venture, Lead Edge Capital, and Perpetual Investors. 

- Pacaso, an SF-based real estate platform for second homes, raised $125 million in Series C funding at a $1.5 billion valuation. SoftBank Vision Fund 2 led, and was joined by insiders Greycroft, Global Founders Capital, Crosscut, and 75 & Sunny Ventures. www.pacaso.com

-GrubMarket, an S.F.-based fresh food supply marketplace, raised $120 million in Series E funding from Liberty Street Funds, Walleye Capital, Japan Post Capital, Joseph Stone Capital, Pegasus Tech Ventures, Tech Pioneers Fund and insiders Celtic House Asia Partners, INP Capital, Reimagined Ventures and Moringa Capital Management. http://axios.link/BtZp

- Sendoso, a San Francisco-based corporate gifting company, raised $100 million in Series C funding. SoftBank Vision Fund 2 led the round and was joined by investors including Oak HC/FT, Struck Capital, Stage 2 Capital, Craft Ventures, Signia Venture Partners, and Felicis Ventures

- 1047 Games, a Zephyr Cove, Nev.-based game studio, raised $100 million. Lightspeed Venture Partners led the round and was joined by investors including Insight Partners, Anthos Capital, Galaxy Interactive, VGames, Human Capital, Lakestar, DraperDragon, and Draper University.

- Stord, an Atlanta-based logistics startup, raised $90 million in Series D funding valuing it at $1.3 billion, making it a unicorn. Kleiner Perkins led the round and was joined by investors including Lux Capital, D1 Capital, Palm Tree Crew, BOND, Dynamo Ventures, Founders Fund, Lineage Logistics, and Susa Ventures.

- Versatile, a San Francisco-based construction tech company, raised $80 million in Series B funding. Insight Partners led the round and was joined by investors including Tiger Global.

- Zonos, a St. George, Ut.-based cross-border commerce business, raised $69 million in funding. Silversmith Capital Partners led the round.

- Tradesy, a Los Angeles-based peer-to-peer marketplace for pre-owned luxury fashion, raised $67 million in funding. John Doerr’s Foris Ventures led the round.

- Rewind, a Canadian cloud backup and recovery company, raised US$65 million in Series B funding. Insight Partners led, and was joined by Bessemer Venture Partners, FundFire, Inovia Capital, Ridge Ventures, ScaleUp Ventures and Union Ventures. http://axios.link/XS3M

- Mynd, an Oakland, Calif.-based single-family rental properties company, raised $57.3 million in funding from QED Investors.

- Constructor, a San Francisco-based e-Commerce search and product discovery solutions, raised $55 million in Series A funding. Silversmith Capital Partners led the round.

- strongDM, a Burlingame, Calif.-based infrastructure database company, raised $54 million in Series B funding. Tiger Global led the round and was joined by investors including GV, Sequoia Capital, True Ventures, HearstLab, Bloomberg Beta, and Godfrey Sullivan.

- Outer, a Santa Monica, Calif.-based DTC outdoor furniture retailer, raised $50 million in Series B funding. Capital Today led, and was joined by Tribe Capital, C Ventures, Upfront Ventures and insiders Sequoia Capital China, Mucker Capital, Mantis VC and Reimagined Ventures. http://axios.link/lhdv

- Canvas, a San Francisco-based diversity-focused recruitment platform, raised $50 million in Series C funding. Owl Ventures led the round and was joined by investors including Sequoia, Lachy Groom, Zoom Apps Fund, HighSage Ventures, BAM Elevate, and Fifth Down Capital.

- Measurabl, a San Diego-based technology platform for real estate, raised $50 million in Series C funding. Energy Impact Partners led the round.

- Locus Robotics, a Wilmington, Mass.-based developer of autonomous mobile robots for e-commerce fulfillment warehouses, raised $50 million from Tiger Global. http://axios.link/Yv99

- Sleeper, an SF-based fantasy sports startup, raised $40 million at a $400 million valuation. Andreessen Horowitz led, and was joined by fellow insiders General Catalyst and Birchmere Ventures. http://axios.link/zGxi

- CreatorIQ, a Los Angeles-based creator platform, raised $40 million. Investors included TVC Capital, Kayne Partners Fund, the growth private equity group of Kayne Anderson Capital Advisors, Affinity Group, Unilever Ventures, and Silver Lake Waterman.

- Sayari Labs, Washington D.C.-based financial tech and supply chain risk company, raised $40 million in Series C funding. Centana Growth Partners led the round and was joined by investors including Arsenal Growth, MissionOG, Lavrock Ventures,  TFX Capital, and SAP NS2.

- Open Mineral, a Swiss digital trade platform for base metal commodities, raised $33 million. Mubadala Investment Co. led, and was joined by Statkraft, Lingfeng Capital and insiders Xploration Capital and Emerald Technology Ventures. www.openmineral.com

- Elodie Games, a gaming startup, raised $32.5 million in Series A funding. Galaxy Interactive and a16z led the round.

- Rezilion, a St. Charles, Mo. and Israel-based security operations startup, raised $30 million in Series A funding. Guggenheim Investments led the round and was joined by investors including JVP and Kindred Capital.

- Paperless Parts, a Boston-based provider of quoting software for job shops and contract manufacturers, raised $30 million in Series B funding. OpenView led the round.

- The Org, a publicly available database of company org charts, raised $20 million in Series B funding. Tiger Global led, and was joined by Thursday Ventures and insiders Sequoia Capital, Founders Fund, and Balderton Capital http://axios.link/lEtB

- GenXComm, an Austin-based networking solutions company, $20 million in Series B funding. Motive Companies led the round and was joined by investors including Raine Next-Gen Communications, BMW iVentures, Intel Capital, Azure Capital, and Bandgap Ventures.

- Roboflow, a Des Moines, Ia.-based startup, raised $20 million in Series A funding. Craft Ventures led the round.

- Kolide, a Boston-based endpoint security platform, raised $17 million in Series B funding. OpenView Partners led the round and was joined by investors including Matrix Partners.

- Vector.ai, platform for freight forwarders, raised $15 million in Series A funding. Bessemer Venture Partners led the round and was joined by investors including Dynamo Ventures and Episode 1.

- MILLIONS.co, a Boston-based social commerce platform for professional and semi-professional athletes, raised $10 million in funding. Volition Capital led the round.

- BridgeLinx, a Pakistan-based digital freight marketplace and logistics solution provider, raised $10 million. Harry Stebbings’ 20 VC, Josh Buckley’s Buckley Ventures and Indus Valley Capital led the round.

- Strike Graph, a Seattle-based compliance automation startup, raised $8 million in Series A funding. Information Venture Partners led, and was joined by insiders Madrona Venture Group, Amplify.LA, Revolution's Rise of the Rest Seed Fund and Green D. www.strikegraph.com

- Vector.ai, a London-based productivity platform for freight forwarders, raised $15 million in Series A funding. Bessemer Venture Partners led, and was joined by insiders Dynamo Ventures and Episode 1. http://axios.link/uyQg

-Clockwork Logistics Systems, an El Grove, Calif.-based provider of proof-of-delivery digitization, raised $5.5 million in seed funding. Newtown Partners led, and was joined by Newark Venture Partners, PSA UnboXed, Vineta Ventures and Estes Final Mile. http://axios.link/oe0G

- Replay, a San Francisco-based-based debugger for web developers, raised $5.7 million in seed funding. Andreessen Horowitz led the round and was joined by investors including IA Ventures and Version One Ventures.

- OnLoop, a New York City-based performance review and feedback company, raised $5.5 million. MMV and Square Peg Capital led the round and were joined by investors including Hustle Fund.

- Viable, a San Francisco-based analytics startup using artificial intelligence to automate text analysis of customer feedback, raised $3.9 million in pre-seed and seed funding. Craft Ventures and Javelin Venture Partners led the funding rounds respectively.

- Private AI, a Canadian developer of machine learning and natural language processing tools, raised $3.2 million in seed funding. M12 and Forum Ventures led the round.

. . .

Sustainability:

- Arcadia, a Washington D.C.-based clean energy data and renewables company, raised $100 million in Series D funding. Tiger Global Management and the Drawdown Fund led the round and was joined by investors including Wellington Management, Reimagined Ventures, Camber Creek, MCJ Collective, Energy Impact Partners, G2 Venture Partners, Inclusive Capital, and BoxGroup.

- EnerVenue, a Fremont, Calif.-based renewable energy storage company, raised $100 million. Schlumberger New Energy led the round and was joined by investors including Saudi Aramco Energy Ventures.

- Wild Earth, a Berkeley, Calif.-based, plant-based dog food company, raised $23 million. Investors include At One Ventures, Veginvest, Big Idea Ventures, Bitburger Ventures, and Gaingels.

- Patch, a San Francisco-based API-first carbon offsetting startup, raised $20.8 million in Series A funding. Coatue Management led the round and was joined by investors including Andreessen Horowitz, VersionOne, and Pale Blue Dot.

- Immi, a San Francisco-based maker of plant-based instant ramen, raised $3.8 million in seed funding. Siddhi Capital led the round and was joined by investors including Palm Tree Crew, Constellation Capital, Animal Capital, Pear Ventures, and Collaborative Fund.

- Entoprotech, an Israel-based climate change, sustainability and biotech startup, raised $2 million. Granot led the round.


Acquisitions & PE: 

- Intuit (Nasdaq: INTU) agreed to buy email marketing company Mailchimp for $12 billion in cash and stock. It's the largest-ever acquisition of a privately held bootstrapped company, as Mailchimp didn't take any outside funding since its 2001 founding. It's also a huge windfall for the founders of Mailchimp, which opted for profit-sharing instead of stock-based compensation for employees.

- Arctos Sports Partners will acquire a 17% stake in the Sacramento Kings, the NBA team, valuing it at a $1.8 billion valuation, per Sportico.

- Francisco Partners agreed to invest in RugsUSA, a New York City-based e-commerce provider of area rugs and home décor, taking a majority stake from Comvest Partners. Financial terms weren't disclosed.

- Anthology, backed by Veritas Capital and Leeds, acquired Blackboard, an education technology company backed by Providence Equity. The deal is estimated to be worth $3 billion, per Bloomberg.

- Glassdoor, a subsidiary of Recruit Holdings (Tokyo: 6098), acquired Fishbowl, an SF-based social network for company employees that had raised around $8 million from backers like GGV Capital, Arena Ventures, Lerer Hippeau and Binary Capital. http://axios.link/hrGr

. . .

IPOs:

- Stripe, a San Francisco and Dublin-based digital payments company, is in early talks to go public as soon as 2022, per Bloomberg. Allianz SE, Fidelity Investments, and Sequoia Capital back the firm. The company is currently valued at $95 billion.

- Thoughtworks, a Chicago-based software development and digital transformation consultancy, raised $774 million in its IPO. It priced at $21 (above $18–$20 range), for a $6.4 billion market cap, will list on the Nasdaq (TWKS) and reports $37 million of net income on $498 million in revenue for the first half of 2021. Backers include Apax Partners and Siemens. http://axios.link/Rfw4

- OnHolding, a Swiss sneaker and athletic apparel brand, raised $746 million in its IPO. The company priced at $24 (above $18–$20 range), for a market cap north of $6 billion, plans to list on the NYSE (ONON) and reports $4 million of net income on $315 million in revenue for the first half of 2021. Backers include Stripes Group and Hillhouse Capital. http://axios.link/6zvW

- ForgeRock, a San Francisco-based provider of identity management tools for the enterprise, raised $275 million in its IPO. It priced at $25 (above range), for a $1.98 billion market cap, and reports a $20 million net loss on $85 million in revenue for the first half of 2021. The company has raised $273 million from firms like Riverwood Capital, Meritech Capital Partners, KKR, Foundation Capital, Accel and Accenture Ventures. http://axios.link/menr

- CueHealth, a San Diego-based developer of portable health testing solutions, set IPO terms to 12.5 million shares at $15-$17. It would have a $2.4 billion fully diluted value if it were to price in the middle, plans to list on the Nasdaq (HLTH) and reports $33 million of net income on $202 million in revenue for the first half of 2021. Cue raised nearly $400 million from firms like ACME Capital (13.2% pre-IPO stake), Cove Investors (11%), Decheng Capital (7.3%), Madrone (6.3%), Perceptive Advisors, MSD Capital, Koch Strategic Platforms, J&J and CAVU Ventures. http://axios.link/3ROZ

- DefinitiveHealthcare, a Framingham, Mass.-based health care commercial intelligence software provider, raised $420 million in its IPO. It priced at $27 (above upwardly revised range), listed on the Nasdaq (DH) and reports a $26 million net loss on $77 million in revenue for the first half of 2021. Backers include Advent International and Spectrum Equity. http://axios.link/n0vb

- Freshworks, a San Mateo, Calif.-based business software company, plans to raise up to $912 million in an offering of 28.5 million shares priced between $28 and $32 per share. The company posted $250 million in revenue in 2020 and a net loss of $57.3 million. Accel, CapitalG, Tiger Global, and Sequoia Capital back the firm.

- Toast, a Boston-based restaurant point of sale and management system, plans to raise up to raise up to $717.4 million in an offering of 21.7 million shares priced between $30 and $33 per share. The company posted $823.1 million in revenue in 2020 and reported a net loss of $248.2 million. Bessemer Venture Partners, T. Rowe Price, TCV, and Tiger Global back the firm.

- EngageSmart, a Braintree, Mass.-based customer engagement software company, plans to raise up to $363.8 million in an offering of 14.6 million shares priced between $23 to $25 per share. The company posted $146.6 million in revenue in 2020 and reported a net loss and comprehensive loss of $6.7 million. Summit Partners backs the firm, and General Atlantic holds a majority stake.

- Sterling Check Corp., a New York City-based background check company, plans to raise up to $314.3 million in an offering of 14.3 million shares priced between $20 and $22 per share. The company generated $454 million in revenue in 2020 and reported a net loss of $52.3 million. Goldman Sachs backs the firm.

- Enact Holdings, a mortgage insurance and lending company, plans to raise up to $266.2 million in an offering of 13.3 million shares priced between $19 and $20 per share. The company posted $1.1 billion in revenue in 2020 and net income of $370 million. Enact Holdings is a subsidiary of life insurance company Genworth Financial

- Thorne HealthTech, a New York City-based personalized wellness company, plans to raise up to $135 million in an offering of 9 million shares priced between $13 and $15 per share. The company posted net sales of $138.5 million in 2020 and a net loss of $4 million. Mitsui Group and Kirin Holdings back the firm.

- a.k.a. Brands Holding Corp., a San Francisco-based fashion brand company, plans to raise up to $263.9 million in an offering of 13.9 million shares priced between $17 and $19 per share. The company reported $215.9 million in net sales in 2020 and net income of $14.8 million. Summit Partners backs the firm.

- Thomas James Homes, an Aliso Viejo, Calif.-based home replacement company, filed for an initial public offering. The company reported $190.7 million in revenue in 2020 and a net loss of $15.1 million. Oaktree Capital backs the firm.

. . . 

SPACs:

- Forge Global, a San Francisco-based private securities marketplace, plans to go public via a merger with Motive Capital Corp., a SPAC. A deal values the combined entity at around $2 billion. Peter Thiel, Temasek, Wells Fargo, and BNP Paribas back the firm.

- Pagaya, an Israeli asset management tech platform for institutional investors, agreed to go public at an implied $8.5 billion valuation via EJF Acquisition Corp. (Nasdaq: EJFA). The company in June raised $102 million in Series D funding from GIC, Aflac, Paolim Capital Markets, Viola, Oak HC/FT, Harvey Golub, Call Insurance, GF Investments, and Siam Commercial Bank. http://axios.link/vwC4


Funds:

- Spark Capital, the venture capital investor, is seeking to raise $2 billion across two funds, per The Wall Street Journal.

- QED Investors, a fintech VC firm, raised $550 million for its seventh early-stage fund and $500 million for a growth fund. http://axios.link/HL29

-SoftBank committed $3 billion to its second Latin America-focused fund.

- Jump Capital, a Chicago-based venture capital firm specializing in Series A/B investments, raised $350 million for its seventh fund.

- Inspired Capital, a VC firm co-founded by Alexa von Tobel and Penny Pritzker, raised $281 million for its second fund. http://axios.link/LNzo


Final Numbers: Software deal multiples

Source: 451 Research as of 6/30/21, via Duff & Phelps Global Software Sector Update