This week we learned (sadly, what we already knew), professional writers are just as replaceable — or at least pretty close to replaceable — as anyone else. This, from the launch of ChatGPT. We also saw some companies lose a coveted spot on The Crunchbase Unicorn Board as the FTX fallout continued to wreak havoc on the startup world. 

But some bright spots prevailed, particularly funding to India-based fitness and wellness e-commerce site HealthKart and cybersecurity startup Drata which each snagged a decent funding round in a dark funding climate. 

Illustration: Dom Guzman

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Amazon, Snap shares rocket on earnings

Shares of Amazon surged after earnings for the fourth quarter beat estimates, propelled by growing revenue and gains from the company’s stake in electric vehicle-maker Rivian. Net sales increased 9 percent in Q4 2021 compared to year-earlier levels. Fourth-quarter net income hit $14.3 billion, and the company revealed it is raising the price of its popular Prime memberships.

Meanwhile, Snap also reported better-than-expected earnings, sending shares skyrocketing. The company also reported its first quarterly net profit, per a CNBC report.

— Joanna Glasner

Arcellx prices IPO

Gaithersburg, Maryland-based Arcellx, a biotech developing therapies for blood cancers, raised $124 million in its IPO after pricing shares at $15 each, the low end of the proposed range of $15 to $17. The company plans to list on the Nasdaq under the symbol ACLX.

— Joanna Glasner

Funding rounds

Binalyze raises $10M: Estonia-based cybersecurity startup Binalyze reportedly raised $10 million in a seed round led by OpenOcean. The company focuses on an area it calls enterprise forensics, helping ensure that when breaches occur, organizations have tactical tools in place for a fast response.

— Joanna Glasner

Illustration: Dom Guzman

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NGP launches $400M fund backed by Nokia

NGP Capital announced the launch of a new $400 million Fund IV, with Finland’s Nokia as sole backer.

The fund will focus on growth-stage investments in edge cloud, cybersecurity, digital industry and digital transformation growth-stage companies. It will place a particular emphasis on companies developing emerging 5G use cases for industrial and business transformation.

Launched in 2005, NGP Capital has over $1.6 billion under management and has invested in more than 100 companies.

— Joanna Glasner

Marvel Fusion raises $40M

Munich-based Marvel Fusion, a developer of fusion energy technology, announced it raised 35 million euros ($40 million) in a Series A funding round led by Earlybird. The company says it is collaborating with Siemens Energy, TRUMPF and Thales to boost fusion energy with an eye toward building a global zero-emissions energy supply.

— Joanna Glasner

Funding rounds

Flip pockets $30M: Stuttgart, Germany-based Flip, an app for connecting employees, raised $30 million in a Series A funding round backed by Cavalry Ventures.

— Joanna Glasner

ClearEstate clears $13M Series A from OMERS: Montreal-based ClearEstate, a solution that supports executors in estate planning, has raised a Series A funding of $13.25 million led by OMERS Ventures1. The company has offices in Ontario, California and Texas. ClearEstate previously raised a $2 million seed round in June 2021 from Triangle Capital Corp., NAventures and Diagram Ventures. 

— Gené Teare

Funds

Connected Capital closes on $176M 2nd fund: Amsterdam-based private-equity firm Connected Capital has closed a second fund at $176 million to invest in B2B SaaS companies in Europe. According to Crunchbase data the firm has made nine investments since 2017 with its most recent in Netherlands-based  safer payments company SurePay, its first investment from fund 2. The firm has $229 million under management. 

— Gené Teare

Illustration: Dom Guzman

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C2FO bags $140M to help companies access capital

Kansas City, Missouri-based C2FO closed a $140 million funding round led by Third Point Ventures, which also includes participation from Vista Credit Partners and Mubadala Capital. C2FO helps companies receive payments faster by connecting those in need of working capital with those who have excess working capital.

In a release, the company said it enabled $54.7 billion in accelerated payments to businesses globally last year.

The company, founded in 2008, has raised a total of nearly $538 million to date, according to Crunchbase data.

— Chris Metinko

Padoa raises $91M for workplace safety

Paris-based Padoa, a provider of tools to monitor employ health and safety, raised 80 million euros ($91 million) in a funding round led by Five Arrows Growth Capital.

Founded in 2016, Padoa currently has around 140 employees, per its website. Its focus is on occupational risk prevention. Previously, Padoa raised around $28 million in known funding, with startup studio Kamet as its main backer.

— Joanna Glasner

Zero Acre Farms lands $37M

San Mateo, California-based Zero Acre Farms, a developer of edible oils and fats made from fermentation, announced it has raised $37 million in a funding round led by Lowercarbon Capital and Fifty Years. The company pitches its product as a healthier and more environmentally friendly alternative to vegetable oils.

— Joanna Glasner

M&A

Gupshup acquires Knowlarity: Gupshup, developer of a conversational messaging platform for automating business conversations, announced it has acquired Knowlarity Communications,  a provider of cloud telephony and contact center automation technology. The price wasn’t disclosed, but Bloomberg reports that Gupshup paid around $100 million for Knowlarity, which had previously raised $42.5 million in known venture funding.

— Joanna Glasner

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Chargebee picks up $250M

Chargebee, a provider of subscription and recurring billing tools for SaaS and e-commerce businesses, raised $250 million in a funding round led by Tiger Global and Sequoia.

The financing reportedly sets a valuation around $3.5 billion for the 11-year-old company.

— Joanna Glasner

Wayflyer lands $150M for revenue-based financing

Dublin-based Wayflyer, a provider of revenue-based financing to e-commerce brands, raised $150 million in a Series B equity funding round.

DST Global and QED Investors led the financing, which sets a valuation of $1.6 billion for the company that launched its service in April 2020.

Wayflyer says it currently works with over 1,000 businesses worldwide and  plans to invest billions of dollars in its customers in the years ahead.

— Joanna Glasner

GWI lands $180M Series B

London-based GWI closed a $180 million Series B led by Permira’s growth fund, valuing the company at more than $850 million.

Founded in 2009, the company’s software provides global market research and audience insights to brands, agencies and media organizations. Since raising a $40 million Series A in 2018, GWI has tripled recurring revenue and now has nearly 400 employees globally, the company said in a release.

— Chris Metinko

Funding rounds

Island raises $100M for enterprise browser: Dallas-based Island, a startup that has developed a browser for enterprise users, emerged from stealth with around $100 million in new funding. Backers include Insight Partners, Sequoia Capital, Cyberstarts and Stripes.

— Joanna Glasner

Illustration: Dom Guzman

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Descartes Underwriting raises $120M

Descartes Underwriting, a French insurtech startup, raised $120 million in a Series B funding round led by Highland Europe. The capital comes 18 months after the company’s $18.5 million Series A funding.

The 3-year-old company offers data-driven tools that help insurers assess and make financial decisions around climate risk. Descartes plans to use the new financing to scale its technology, expand into new lines of business, and target larger deals from global customers.

—  Joanna Glasner

TCV launches $460M startup fund

Venture and growth investor TCV announced it is publicly launching a new fund called Velocity, a $460 million vehicle geared toward expansion-stage deals. The fund already has made some portfolio investments, including BenchSci, a provider of machine-learning applications for medicine development, and Passport, an international shipping carrier built for e-commerce DTC brands and marketplaces.

—  Joanna Glasner

Funding rounds

Pennylane picks up $56M: Paris-based Pennylane, developer of a financial management platform marketed to small and medium-sized businesses, raised  50 million euros ($56 million) in a Series B funding round backed by Sequoia Capital, Partech and Global Founders Capital.

—  Joanna Glasner

Illustration: Dom Guzman

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Zapp bags $200M for speedy grocery delivery

Zapp, a U.K.-based provider of fast grocery delivery services, raised $200 million in a Series B funding round led by Lightspeed Venture Partners and BroadLight Capital.

The financing brings total funding for the 2-year-old company to around $300 million, per Crunchbase data. Zapp plans to use the latest financing to beef up its presence in London and expand in other cities.

— Joanna Glasner

Skeleton Technologies lands $43M

Skeleton Technologies, an Estonian startup focused on supercapacitor and energy storage technology, announced that it raised 37.6 million euros ($43 million) in Series D3 funding led by Taavet Hinrikus.

— Joanna Glasner

Public offerings

More SPACs abandon IPOs: Special-purpose acquisition companies were all the rage in 2021, as a whopping 613 blank check IPOs raised over $144 billion, Renaissance Capital reports. But the space is slowing down this  year, with at least 14 SPACs withdrawing their IPO paperwork, more than in all of 2021.

— Joanna Glasner

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Fireblocks raises $550M for digital asset security

New York-based Fireblocks, a blockchain security provider for digital assets, raised $550 million in a funding round led by D1 Capital Partners and Spark Capital.

The financing sets a valuation of $8 billion for the 4-year-old company. The latest round brings total funding to date to $1 billion.

Fireblocks said it expanded rapidly last year, growing from 150 customers to more than 800, and surpassing $2 trillion in assets transferred.

— Joanna Glasner

SKIMS raises $240M, doubles valuation

SKIMS, the underwear and shapewear brand founded by Kim Kardashian, raised $240 million, Bloomberg reported Thursday. The new funding, led by Lone Pine Capital, doubles SKIMS’ valuation to $3.2 billion. SKIMS, which also sells clothing and lounge wear, is one of several underwear companies to raise money from investors recently. Brands like Savage X Fenty and Parade also brought in VC dollars in the past year.

–Sophia Kunthara

Enable Injections closes $215M Series C

Cincinnati-based Enable Injections raised a $215 million Series C financing led by Magnetar Capital. Founded in 2011, the developer of a drug delivery platform has now raised nearly $350 million, according to Crunchbase data.

— Chris Metinko

Domestika lands $110M

Domestika, a provider of online classes and communities for creators, raised $110 million in a Series D funding round led by Zeev Ventures at a valuation of $1.3 billion.

— Joanna Glasner

Funding rounds

CoinTracker picks up $100M: CoinTracker, a provider of portfolio and tax management tools for cryptocurrency investors, raised $100 million in a funding round led by Accel and joined by a long list of venture, strategic and individual investors.

— Joanna Glasner

Illustration: Dom Guzman

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FTX raises $400M for crypto exchange

Cryptocurrency exchange FTX raised $400 million in a funding round from investors including SoftBank  and Singapore’s Temasek Holdings.

The financing sets an $8 billion valuation for the company, which allows users to trade a variety of digital assets like Bitcoin, Ethereum, Solana and Dogecoin.

— Joanna Glasner

o9 Solutions closes $295M round at $2.7B valuation

Dallas-based o9 Solutions received a $295 million equity investment from General Atlantic, Generation Investment Management and existing investor KKR. The round values the company—a cloud-based business management platform that helps clients with planning and operations—at $2.7 billion. The company reached a $1 billion valuation in April 2020 after an investment led by KKR.

— Chris Metinko

CaptivateIQ scores $100M

CaptivateIQ, a provider of commission management tools for sales teams, raised $100 million in a Series C round led by Accel, Sequoia Capital and ICONIQ Growth. The round reportedly sets a valuation of $1.25 billion for the San Francisco-based company.

— Joanna Glasner

M&A

Cazoo acquires brumbrum: U.K.-based online car-buying marketplace Cazoo announced it is acquiring Milan-based brumbum, a provider of vehicles for sale, finance or subscription for delivery across Italy. Cazoo is paying 80 million euros ($90 million) in a mix of cash and shares to purchase the company.

— Joanna Glasner

Illustration: Dom Guzman

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Creditas raises $260M at $4.8B valuation

São Paulo-based Creditas a consumer lending startup operating across Latin America, announced that it raised $260 million in a Series F funding at a valuation around $4.8 billion.

A long list of new and existing investors backed the round, with Fidelity Management and Research Co. taking a new stake as a key shareholder, per Creditas.

Creditas said it will use the funding to accelerate growth in three areas: Home, auto and employee benefits.

— Joanna Glasner

Plenty raises $400M for vertical farming

South San Francisco, California-based indoor vertical farming startup Plenty secured a $400 million Series E led by new investors One Madison Group and JS Capital. The round also included participation from strategic partner Walmart and existing investor SoftBank Vision Fund 1. The company’s indoor farming platform allows multiple crops to grow with vertical towers.  Founded in 2014, the company has now raised $940 million to date, according to Crunchbase data.

— Chris Metinko

Dremio lands $160M for data lake technology

Santa Clara, California-headquartered Dremio, a  provider of data lake technology enabling faster analytics and access to data, reportedly raised $160 million in a Series E funding round led by Adams Street Partners.

— Joanna Glasner

Sequoia Capital India announces latest version of accelerator program

Sequoia Capital India has launched its sixth version of its accelerator program Surge in Southeast Asia and India, showcasing 20 early-stage startups with funding totalling $60 million. The Surge platform gives startups support along with $1 million to $2 million in capital. Since launching three years ago, the platform has evaluated 10,000 companies and now includes 246 founders from 112 startups across more than 15 sectors.

— Chris Metinko

Funding rounds

Sylvera snags $32.6M for carbon ratings: London-based Sylvera, a carbon offset ratings provider, announced it has raised $32.6 million in Series A funding co-led by Index Ventures and Insight Partners. The round brings Sylvera’s total funding to $39.5 million since its inception in 2020.

— Joanna Glasner

Illustration: Dom Guzman

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