Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.
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
Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.
67.1K Followers