Startup Mercury is building venture debt lending capabilities in a direct challenge to Silicon Valley Bank. It plans to loan out $200M this year and aims to increase that sum to $1B next year. Recipients must be early-stage startups that have raised at least $2B. More: - The company will offer between 25% and 50% of a startup’s equity round in debt.
- It believes that it can outcompete bigger rivals like SVB because of its knowledge of startups’ shifting needs.
- Whether this knowledge and the company’s comparative ease of use is enough to overcome the brand power of an operation like SVB remains to be seen.
- As it stands, Mercury can offer similar interest rates to its competitors.
- Mercury began as a fintech company offering banking services to startups, including checking and savings accounts, debit cards, ACH payments, check payments and domestic and international wire transfers.
- It is not a bank itself, but rather, as is the case for many fintechs, offers its products through an Arkansas-based bank called Evolve Bank & Trust.
- Prior to today’s announcement, Mercury raised $152M in venture capital from big-name firms including a16z, CRV, Coatue, and others.
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Aptos raised $200M in a first round of funding led by a16z in an effort to continue where Meta’s Diem project left off. The company was valued at well above unicorn status, and its round saw further participation from Tiger Global, Katie Haun, Multicoin Capital, 3 Arrows Capital, FTX Ventures, Coinbase Ventures, and others. More: - The company’s exact valuation was not disclosed, but an investor memo indicates that the equity round valued it at $1B. Given the company’s tokens, the total is undoubtedly much higher.
- An additional investor of note is Silvergate Capital, which purchased Diem’s IP for $182M earlier this year.
- Aptos’ team noted that the company would not make use of any of Diem’s tech.
- The company intends to build out its own Layer 1 network. As such, it will not sit on top of existing blockchains, like Ethereum or Solana. Instead, it will develop its own decentralized network.
- To this end, it has also launched a platform for developers to experiment Aptos’ blockchain ahead of a public release, which is scheduled for Q3’22.
- It claims that companies Anchorage, Binance, Coinbase, Livepeer, Moonclave, Paxos, Paymagic, Rarible, and Streaming Fast have already begun testing its platform.
- The final goal of Aptos, which was co-founded by former Meta employee and CEO Mo Shaikh, is to create a blockchain that can be accessed by billions of users.
- As it currently stands, developers working on Solidity and Ethereum are beginning to run up against the limitation caused by smart contracts that have to be audited.
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Intel has announced plans to construct a massive new $18.7B (€17B) semiconductor fab mega-site in Germany. Additionally, the firm will spend $13.2B (€12) to expand its fab site in Ireland. The moves are part of a larger European expansion that will see it spread its footprint to Italy, Poland, and Spain. More: - The initial wave of investment will total $36.3B (€33B) in its initial wave of European R&D and manufacturing. The company has earmarked $87.9B (€80B) to be invested in the EU over the next decade.
- The German mega-site will be located in Magdeburg and has a planned production start of 2027.
- It should provide 3,000 permanent jobs, in addition to 7,000 workplaces for construction.
- The initiative is part of Intel’s IDM 2.0 strategy, which was announced a year ago.
- So far, Intel has announced a $20B investment into its existing Arizona sites and a $20B investment for a new Ohio site that Intel claims will be the largest silicon manufacturing location on the planet.
The wide lens: - In the wake of a global chip shortage, existing players are looking to rise to the challenge of increased demand.
- To this end, Foxconn is reportedly in talks with Saudi Arabia to open a $9B multipurpose facility that could make microchips, electric-vehicle components, and other electronics.
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Talent.com, a Montreal-based online recruitment portal, raised $120M Series B from Canadian VC Inovia Capital. Participating were other Canadian investors Caisse de dépôt et placement du Québec and Investissement Québec, as well as other firms Climb Ventures, BDC Capital, Fondaction, and HarbourVest Partners. The company also raised $30M in debt financing from BMO Financial Group. More: - Talent’s primary target market is hourly and gig workers, but it also provides its services for skilled labor.
- Beyond offering a centralized platform for job ads, it outfits employers with additional services, including the ability to integrate their existing applicant tracking systems and CRMs.
- For applicants, many of whom are not qualified for the jobs they aspire to fill, Talent also provides suggestions for educational opportunities to boost their skills.
- According to its latest metrics, Talent lists around 30 million jobs from 1 million companies across 78 countries and 29 languages. Its platform sees more than 28 million monthly active visitors.
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 Today’s Funding 💸 AI/ML - Selector Labs (Santa Clara, Calif.), AIops platform for network, cloud, and app delivery workflows: $28M A led by Two Bear Capital, SineWave Ventures, Atlantic Bridge.
Biotech/Health - PrognomiQ (San Mateo, Calif.), multi-omics human tests for cancer and other complex diseases: $46M led by Bruker Corporation, participation from Catalio Capital Management, aMoon, Fidelity, et al.
- OpenLoop (Des Moines, Iowa.), platform connecting clinicians to innovative digital health companies: $8M A led by SpringTide Ventures, participation from ManchesterStory, Next Level Ventures, Panoramic Ventures, ISA Ventures.
- Arima Genomics (San Diego, Calif.), 3D genomics solutions: $7M B from Genetron Health, Tech Coast Angels, Ladder Ventures, Hiaqua Investments, et al.
ClimateTech - Copper Labs (Boulder, Colo.), platform to bridge between the low-resolution smart meters and the consumer’s internet connection: ...
Want to read about all of today’s funding in one place? The funding roundup is only available to free users on Mondays and Fridays. Upgrade to Inside VC Premium for either $10/month, or $100 billed annually, to receive the full list in every issue! For a limited time, we are offering a 14-day free trial. Click here to sign up! | | | |
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- Indian food delivery firm Zomato and instant delivery service Blinkit will reportedly merge in an all-stock deal that values Blinkit between $700M and $750M.
- SentinelOne, an endpoint security vendor, will purchase Attivo Networks, an identity platform, for $616.5M.
- Pappas Capital, a venture firm dedicated to life sciences investments, is looking to raise $250M for its sixth fund.
- Savage X Fenty, the lingerie company founded by Rihanna, is supposedly in talks with bankers about an IPO. The listing could value the company at $3B and see it raise up to $310M.
- FC Barcelona will receive $75M annually over a four-year period from Spotify to rename its stadium after the streaming giant. The switch to “Spotify Camp Nou” is the first name change in the building’s history.
*This is a sponsored post.
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 |  | Inside VC's writer/curator Stephen currently lives in Berlin and is pursuing a Master's degree in philosophy. He otherwise spends his time trying his hand at recipes from India and Southeast Asia, escaping it all at the kickboxing gym, and offending aural sensibilities with his band. |  | | 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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