Private equity and venture capital firm Insight Partners led fundraising for New-York-based SaaS software procurement company Tropic, which closed its Series B at $40M. Tropic has doubled earnings in just four months, with 100% quarter-to-quarter growth. More: - The company brought in $25M Series A in Aug. 2021. Following today’s $40M announcement, Topic has raised a total of $65M.
- Tropic will use the money raised to expand and enter new global markets. They will also continue improving their software and developing new products.
- Tropic helps companies of all sizes save money and simplify purchasing relevant software technologies.
- Tropic’s customers include well-known and growing companies such as Notion, Nextdoor, Faire, and FlatIron Health.
- As more businesses turn to Tropic for their software procurement needs, the startup has hired more employees, increasing from its original 15 to 85 full-time staff.
Zoom out: - With a projected 11.5% YoY growth from $599B to $700B in 2022, cloud software is booming.
- Considering most software companies average about 100 contracts at a time, it is no surprise that companies like Tropic are in high demand.
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Six-year-old biotech company Kallyope closed a $236M Series D round. Mubadala Investment Company and The Column Group together spearheaded the fund. The Series D more than doubled the size of Kallyope's $112M Series C in March 2020. More: - Kallyope is a biotech firm researching the "gut-brain axis" to address ailments such as Type 2 diabetes, obesity, and numerous gastrointestinal diseases.
- After a negative stock market turn, Kallyope decided to pivot from taking the company public to initiating Series D fundraising.
- The company has raised ~$480M to date.
- The biotech firm plans on using the new funds to back ongoing clinical trials and drug-development projects based on research into the gastrointestinal tract. It also plans on introducing 20 new medical-research programs.
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- The questions to ask your IDV provider as you evaluate your solution.
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Fintech-focused VC Better Tomorrow tripled its fund for Pre-Seed and Seed startups. Better Tomorrow raised $225M for its second fund, up from $75M in Nov. 2021. More: - The venture capital firm intends to invest in approximately 30 new fintech startups at their Pre-Seed or Seed level. It has already decided on two of the 30 ventures.
- Of the $225M raised, $150M will go to Pre-Seed and Seed startups.
- Investments will range from $500,000 to $3M.
- Based in San Francisco, Better Tomorrow was founded in 2019 by Sheel Mohnot and Jake Gibson. The firm intends to grow fintech companies through investments into vertical SaaS and by developing better technologies and options for consumers.
- Better Tomorrow’s portfolio includes Unit, Salsa, unicorn Ramp, Clearco, and others.
Zoom out:
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With help from Crypto investment firm CoinFund and others, Digital Infrastructure Inc. raised $9M for its vehicle database platform, DIMO. The seed-stage network of soft- and hardware will mine vehicle data to assist drivers and fleets in lowering prices for services such as insurance, vehicle maintenance, etc. More: - The funding round included investments from CoinFund, Varient Fund, Table Management (Bill Ackman), Lattice, Variant Funds, Slow Ventures, Wonder Ventures, Streamr, Stratos Technologies, as well as 10 angel investors.
- Digital Infrastructure Inc. will use the money raised to expand its user base, invest in relevant Seed-level startup applications, and further develop its open-source software kit.
- So far, 17,000 vehicles, 700 fleets, and dozens of related servicers have joined the mobility network.
- DIMO users will be awarded DIMO-Tokens for joining and referrals.
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As investments in meat alternatives grow globally, Next Gen Foods raised a record-setting $100M Series A for its plant-based chicken product, TiNDLE. The $100M Series A fund is the largest ever raised by a faux-meat company. Founded in 2020, Singapore-based Next Gen Foods has totaled $130M in investments thus far. More: - The startup will use the money raised to expand internationally, complete its research facility (currently under construction), and continue rigorous research operations as the company strives to differentiate itself from others in this competitive market.
- TiNDLE is available in restaurants across the United States and is now available to U.S. distributors online.
- The company's soy-based chicken remains novel for its use of "Lipi," a plant-based alternative to chicken fat using sunflower oil.
Zoom out: - Investment firms have provided more than $4.6B to businesses developing meat alternatives and another $2B to companies creating "cell-cultured" meats and meat alternatives.
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In the wake of COVID-19, online tutoring agencies like Paper have experienced unprecedented growth. Today the company closed a $270M Series D after doubling its user-base from the prior round. The funding venture was led by Sapphire and Softbank Vision Fund 2 with additional financial support from IVP, Salesforce Ventures, Framework Venture Partners, Bullpen Capital, Reach Capital, BDC Capital, and Red House Education. More: - Paper has partnered with school districts across the United States to help minimize the tutoring gap between higher- and lower-income students.
- Now serving approximately 2 million students, Paper’s multilingual team of academic tutors helps students develop skills in a 1:1 setting.
- The company offers 24/7 support and aims to locate and then ameliorate individual learning gaps.
- Paper is currently present in 30 U.S. states and helps students from all grade levels.
- So far, Tropic’s team has grown by some 300%.
- The startup intends to use its funds to spur further growth.
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- Mundi, the financial services startup for cross-border trade, announced its $16M Series A today. The company has raised $125M since 2020.
- The Nigerian startup Duplo raised $1.3M in pre-seed funding. Diplo will automate B2B transactions.
- Russian investors may be barred from trading in London if the Russian government fails to evacuate the Ukrainian border.
- Permit.io raised $6M in seed funding for its company-wide permission systems.
- The online coaching service Sharpist closed a $23M Series A.
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 |  | Courtney K. Rawlings is an Inside Analyst living in Los Angeles, California. She has returned to her hometown of LA after spending several years working at Emory University in Atlanta, Georgia, where she is completing a Ph.D. in Art and Architectural History. While working toward her Ph.D., Courtney has developed an interest in the language and history of the tech industry, including, but not limited to, business, politics, cryptocurrency, artificial intelligence, and podcasting. In fact, she hosts her own podcast Low Culture Boil! |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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