Good day. As the third quarter comes to a close, preliminary
data shows that the venture market's furious pace held, according
to Ernst & Young U.S. venture-capital leader Jeffrey
Grabow.
During the quarter, $62 billion in U.S. venture investments were
made, raising the year's total to $205 billion. Deals in startup
sectors including information technology, business and financial
services, and healthcare helped power the quarter, according to Mr.
Grabow.
"All signs point to 2021 being a record year for fund formation
and fund deployment in the venture asset class," Mr. Grabow
said.
And now on to the news...
Top News
Fintech startup. Several former employees of stock-trading
platform Robinhood Markets Inc. are building a new fintech startup
for small businesses, San Francisco-based Parafin Inc., WSJ Pro's
Yuliya Chernova reports.
Parafin, which raised $34 million from investors including
Robinhood backers Ribbit Capital and Thrive Capital, is reaching
small businesses via partners to offer online cash advances, a type
of financing that's repaid as a percentage of a business's daily
sales. Parafin is an early-stage alternative to the likes of Square
Inc.'s Square Capital, Stripe Inc.'s Stripe Capital and other
providers of financing for small businesses.
One of Parafin's first clients is Mindbody Inc., a software
provider to tens of thousands of fitness and other small
businesses. It will use Parafin to power its Mindbody Capital
financing arm, according to a spokesperson. Mindbody's
small-business clients will be offered customizable financing
options within their Mindbody software dashboards. Mindbody chose
Parafin as its capital supplier because of its strong technical
offering, low financing rates for small businesses and ability to
move fast, the spokesperson said.
Many businesses are seeking to layer on financial services to
add new revenue streams. Distributing its credit products via
partners like Mindbody helps lower Parafin's costs and make its
business model efficient, said Nick Shalek, general partner at
Ribbit, who joined Parafin's board.
109.3
Consumer-confidence index level in September, down from a
revised 115.2 in August, according to data from the Conference
Board. (WSJ)
University Endowments Mint Billions in Golden Era of Venture
Capital
Large college endowments have notched their biggest investment
gains in decades, thanks to portfolios boosted by huge
venture-capital returns and soaring stock markets, WSJ reports. The
University of Minnesota's endowment gained 49.2% for the year
ending June 30, while Brown University's endowment notched a return
of more than 50%, said people familiar with their returns, which
aren't yet public. Meanwhile, Duke University over the weekend said
its endowment had gained 55.9%.
Volkswagen, Ford, Other Big Auto Makers Push to Make Solid-State
Batteries the Next Big Thing for EVs
In the race to build a cheaper and longer-range electric car,
auto companies are pouring more money into a technology long
considered a moonshot: solid-state batteries, The Wall Street
Journal reports. Today, most electric vehicles use lithium-ion
batteries, which have become more powerful and affordable over the
years but have limitations, including the risks of catching fire.
The configuration has the potential to deliver faster charging
times and make the packs safer by eliminating the flammable
electrolyte solution used in lithium-ion batteries, auto executives
and analysts say. Still, the technology remains costly and
relatively unproven in real-world applications, a hurdle that is
expected to take years to solve for the mass market.
Industry News
Funds
Energize Ventures closed its second flagship fund with $330
million in commitments to continue investing in technologies and
software across renewable energy, mobility, cybersecurity, battery
storage, critical infrastructure and climate resiliency. Limited
partners in the new fund include Invenergy, CDPQ, SE Ventures, GE
Renewable Energy, Hannon Armstrong, Credit Suisse, Xcel Energy,
American Electric Power and Equinor Ventures. Founded in 2016, the
Chicago-based firm raised $160 million for its debut fund.
New Money
Merama, a Latin America-focused e-commerce startup based in
Mexico City and São Paulo, closed $225 million in Series B funding
at a valuation of about $850 million. Advent International and
SoftBank Group co-led the round, which included participation from
Globo Ventures, Monashees, Valor Capital, Balderton Capital and
MAYA Capital. Advent's Wilson Rosa and SoftBank Latin America's
Paulo Passoni will join Merama's board.
Coalition Inc., a San Francisco-based provider of cybersecurity,
insurance and risk-management services, secured $205 million in
Series E financing at a valuation of more than $3.5 billion.
Durable Capital, T. Rowe Price Associates and Whale Rock Capital
led the round, which included participation from existing
investors. Coalition's backers include Index Ventures, General
Atlantic, Ribbit Capital, Vy Capital and Valor Equity Partners.
Conexiom, a Vancouver-based sales order and invoice automation
startup, landed a $130 million growth investment from Warburg
Pincus, Luminate Capital and Iconiq Growth.
Semios, a Vancouver-based provider of real-time crop data and
pest management tools, fetched a 100 million Canadian dollar ($78.9
million) investment led by Morningside Group. Earlier this year,
Semios acquired Altrac, Centricity and Agworld.
Cover Genius, which provides insurance for customers of online
companies, raised 100 million Australian dollars ($72.4 million) in
Series C funding. Sompo Holdings Asia led the round, which included
participation from G Squared and others.
Sisu, a San Francisco-based decision intelligence startup,
landed $62 million in Series C funding. Green Bay Ventures led the
round, which included contributions from Andreessen Horowitz, New
Enterprise Associates and Geodesic Capital.
Buckle Corp., a Jersey City, N.J.-based auto insurance provider
for rideshare and delivery drivers, raised $60 million in Series B
financing. Led by Volery Capital Partners, the round included
participation from Eldridge, Assurant Ventures and Hudson
Structured Capital Management.
EquityBee, a Palo Alto, Calif.- and Tel Aviv-based company that
helps startup employees exercise or finance stock options before
they expire, grabbed $55 million in Series B funding. Lead investor
Group 11 was joined by Battery Ventures, Latitude, LocalGlobe and
others in the round.
Highnote, a San Francisco-based all-in-one platform for creating
payment cards and embedded fintech experiences, emerged from
stealth mode with $54 million in combined seed and Series A
funding. Investors in the rounds included Oak HC/FT, Costanoa
Ventures, WestCap Group, SVB Capital and XYZ.
Syndio, a Seattle-based developer of software that enables HR
teams to monitor pay and eliminate disparities, collected $50
million in Series C funding. Emerson Collective and Bessemer
Venture Partners led the round, which saw participation from
Voyager Capital.
Hedvig, a Stockholm-based insurance startup, completed a $45
million Series B round. Anthemis led the investment, which included
additional support from Cherry Ventures, Obvious Ventures,
CommerzVentures, Nineyards Equity and others. Matthew Jones,
managing director at Anthemis, is joining the board.
Omaha National Group Inc., an Omaha, Neb.-based provider of
workers' compensation insurance and payroll services, picked up $45
million in Series B financing led by Accomplice.
Acceldata, a Palo Alto, Calif.-based enterprise data
observability cloud provider, snagged a $35 million Series B round.
Insight Partners led the funding, which included contributions from
March Capital, Lightspeed Venture Partners, Sorenson Ventures and
Emergent Ventures.
Builders Patch Inc., a New York-based construction financing
startup, raised $2.3 million in seed funding. The Urban Innovation
Fund led the round.
Correction
Unite USA Inc., which does business as Unite Us, is a builder of
coordinated care networks of health and social service providers.
The company was incorrectly referred to as Unite US Inc. in
newsletters on Sept. 23, Aug. 17 and March 18, 2021, and June 17,
2020.
Tech News
Command Alkon will give HeidelbergCement the opportunity to
create new revenue and profit streams, the German cement company's
chairman says. PHOTO: RALPH ORLOWSKI/REUTERS
Thoma Bravo sells a minority stake in Command Alkon to
HeidelbergCement
FDA authorizes AI software designed to help spot prostate
cancer
Ferrari hires former Apple designer Jony Ive ahead of electric
push
Big tech companies amass property holdings during Covid-19
pandemic
(END) Dow Jones Newswires
September 29, 2021 10:31 ET (14:31 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Ribbit LEAP (NYSE:LEAP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ribbit LEAP (NYSE:LEAP)
Historical Stock Chart
From Jul 2023 to Jul 2024