May in Funding Rounds
With many companies battening down the hatches, a recruiter’s job is more stressful than ever. Here at Talent Ticker, we’re all about removing some of that stress. We’ve collected the biggest funding rounds in the technology and financial services sectors from last month together to help make finding your next deal (and keeping track of what month it is) that little bit easier.
New York-based AI software firm ASAPP has raised $185m in Series B funding, reportedly valuing the company at over $800m. With just over 300 employees, ASAPP also has two offices in the San Francisco Bay Area, a further office in New York State, and offices in Raleigh, North Carolina, London, and Buenos Aires.
This latest round comes as ASAPP sees increased demand for its call centre analysis software as COVID-19 disruption pushes up call centre volumes. Despite the increased demand for its services, ASAPP hasn’t stated any specific plans for the funding, but you can expect that with increased customer demand, comes an increased demand for staff. And that’s where you could be winning deals.
Carpinteria, California-based construction management software firm Procore Technologies has raised $150m in new funding, following the decision to postpone its initial public offering due to COVID-19 disruption. The firm has a global presence, with three additional offices in California, two in New York City, and further offices in Austin, Portland, London, Mexico City, Sydney, Toronto, and Vancouver.
Following an impressive year of growth from 2018 to 2019, which saw its headcount increase by 600 and revenue to surge by over 55%, Procore has raised this latest round at a $5bn valuation. Though its IPO plans are currently postponed, Procore is reportedly still planning on going public this year, if the markets stabilise. Building a relationship now could see you reaping the rewards of its IPO, as well as this latest funding.
Investment app Robinhood has raised $280m in Series C funding, increasing its valuation to $8.3bn. Sequoia Capital led the round, joined by returning investors like NEA and Ribbit Capital. The funding follows a year of growth for Robinhood, which saw its customer base increase by three million.
Robinhood has stated that some of the funding will go towards improving its app’s infrastructure, following a number of issues over the last few months. It can be expected that a lot of the remaining funding will go towards the general strengthening of its business and expansion of its product, both in terms of development and market. Robinhood could be a global tech recruiter’s best friend through the pandemic.
Over-55s-focused credit broker free2 has raised £105m through debt funding, with NatWest Markets providing up to £200m in an additional securitisation facility designed to assist free2 in funding new customer loans. The firm has its headquarters in London.
Ahead of its official launch in June, free2 has stated that some of the funding will be used to ensure its lending product and services are ready for the public. The broker’s long-term plan is to provide a diverse suite of products to the over-55s markets – reaching out now could see you helping to build free2’s teams as it expands its scope.
DispatchTrack, a San Jose, California-based logistics software firm, has raised $144m in its first-ever round of financing. With additional offices in Charlotte, North Carolina and Hyderabad, DispatchTrack also has staff in more regional locations.
DispatchTrack has earmarked its funding both for product research and development, and business and geographic expansion. With only 50 staff and three official bases, the $144m round gives the firm a lot of wiggle room for growth – and you could be making the placements as it does.
Paris-based digital experience analytics platform Contentsquare has raised $190m in a Series D funding round led by BlackRock’s Private Equity Partners team. The round brings the firm’s total funding to $310m.
Contentsquare has plans to use the new capital to invest in product innovation, including investing in their AI-powered predictive analytics capabilities. The firm has also stated it aims to expand its presence in the Americas, Europe, Asia and the Middle East from their current bases in Paris, London, Munich, New York, San Francisco, Tel Aviv and Tokyo.
Brex, a fintech providing credit products to start-ups, has raised $150m in a Series C extension. The round was raised from a group of existing investors, including DST Global and Lone Pine Capital. Based in San Francisco, the firm also has offices in New York, Salt Lake City and Vancouver.
Brex has stated that this latest funding will be used to help situate the company to better help its customer base, which is struggling due to COVID-19 disruption. It plans to invest across its engineering, product and design teams to improve customer experience, as well as making small acquisitions to support its hiring and product goals.
States Title, a San Francisco-based start-up building technology to automate the title and escrow process for lenders, agents and homebuyers, has raised $123m in Series C funding. The round, which totaled more than all of States Title’s previous rounds combined, was led by Greenspring Associates.
The end-to-end title and closing platform plans to use the new capital to primarily invest in product research and development, including aggressively expanding its data science and engineering teams. The firm also has plans to build a new operations and service delivery model.
San Francisco-based Samsara has raised $400m in its Series G funding round. Samsara, which has additional offices in Atlanta, London and San Jose, builds industrial Internet of Things solutions for a range of sectors, including logistics, construction and manufacturing.
The firm hasn’t stated any specific plans for the raise beyond stabilising the company during the pandemic, and has since instigated a six-month hiring freeze. With major financial backing from companies like AllianceBernstein, Franklin Templeton and Warburg Pincus to see them through the crisis, reaching out now could put you at the forefront when Samsara starts hiring again.
Cloud-based NoSQL database firm Couchbase has raised $105m in a Series G funding round led by GPI Capital. The firm is headquartered in Santa Clara, with further offices in Bangalore, London, Manchester, Paris and San Francisco.
Couchbase has earmarked the funding for general development of its product and go-to-market capabilities, with a specific focus on building further differentiation into its products and services. The company also aims to expand its customer-facing operations to accelerate its growth trajectory.
Los Angeles-based Aspiration has raised $135m in Series C funding, bringing its total capital raised to $200m. The fintech, which was launched by former Bill Clinton speechwriter Andrei Cherny, offers customers investment opportunities focused on sustainability and conscious consumerism.
With 1.5 million customers and more than $4bn in transactions passed through their accounts, Aspiration hasn’t stated any specific plans for its latest raise, beyond continuing its current growth trajectory.
B2B payments and credit provider Fundbox has received another equity investment from MUFG Innovation Partners, the venture capital arm of Japan-based MUFG UFJ Financial Group. MUFG tripled its investment in the firm, bringing the Series C round total to $200m.
Based in San Francisco with further offices in Dallas and Tel Aviv, Fundbox has earmarked the funding for continued investment in its customer experience and technology capabilities, which include machine learning, automation and data science-based decisions.
Marqeta, an Oakland, California-based payment card issuer, has received $150m from an unnamed US institutional investor. Previously backed by the likes of Goldman Sachs and Visa, this latest investment doubles the firm’s valuation to a whopping $4.3bn.
Marqeta plans to use the funding for general product development and international expansion. Though it hasn’t revealed anything more specific, Jason Gardner, Marqeta’s CEO, has stated that the firm is actively hiring across its bases in Oakland, London and Manchester, as well as remotely in the US and UK.
Washington, DC-based insurtech Pie Insurance has raised $127m in a Gallatin Point Capital-led financing round. With an additional office in Denver, Pie Insurance offers workers’ compensation insurance directly and indirectly through insurance agency partnerships to SMBs.
Pie Insurance has announced plans to use the funding to support the development of its services and insurance offering. The firm has also stated it is looking into a strategic initiative to form and acquire licensed insurance companies.
In the last of our funding rounds this month, Vesta has received an $125m investment from Goldfinch Partners. Based in Lake Oswego, Oregon, Vesta is a machine learning-powered fintech focused on e-commerce fraud protection solutions.
Vesta hasn’t stated any specific plans for its latest funding beyond supporting the growth of its platform, but the firm has recently launched operations in Singapore, which will act as its Asia headquarters. You can expect more expansion to follow.
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