Circle Internet Financial entered a $400M financing agreement with BlackRock, Fidelity Management, Marshall Wace, and Fin Capital. The firm provides a digital payments platform for businesses with an option to transfer via digital currency or blockchain infrastructure. It is also the issuer of USD Coin (USDC). More: - The agreement also establishes a strategic partnership with Blackrock to explore market applications for USDC.
- Currently, over $50B worth of USDC is in circulation.
- Circle was valued at $9B in February this year, when it announced entering a SPAC merger with Concord Acquisition Corp, up from its $4.5B valuation in July 2021.
- The SPAC merger has since been delayed, with a new deal termination date set for Dec. 8, 2022.
- It last raised $440M in May 2021.
- Proceeds from the funding round — due to close in the second quarter of this year — will be used to scale the company globally and bolster its strategic growth.
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Insurance brokerage platform Newfront secured a $200M investment. Goldman Sachs Asset Management’s Growth Equity business and B Capital led the financing. The company intends to use the incoming funds to expand its reach and develop its technology platform. More: - The funding round saw participation from existing investors Founders Fund and Meritech Capital.
- The San Francisco-based company’s valuation at the recent funding was $2.2B, almost double its last valuation of $1.35B in July.
- The valuation was a result of Newfront Insurance’s merger with ABD Insurance and Financial Services to form Newfront.
- Life sciences, technology, and financial services are the core businesses driving growth for Newfront, especially in areas like New York, Boston, and Texas.
- Insurtech industry peer Policygenius raised $125M a few weeks ago.
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Silver Lake led a $150M Series C investment into metaverse avatar company Genies. The company provides an avatar customization platform, leveraging Dapper Labs’ Flow blockchain network. Genies was valued at over $1B at the recent funding. More: - Bond, NEA, and Tamarack Global participated in the funding.
- The company recently rolled out its avatar marketplace named The Warehouse.
- Genies has also formed exclusive partnerships with Universal Music Group and Warner Music Group to become their “official avatar and digital goods NFT provider.”
- It reportedly is dominating the celebrity avatar space with a 99% market share.
- Prior to this round, Genies had raised $100M in funding, including a $65M funding in May 2021.
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San Francisco-based Observe.AI raised $125M in a SoftBank Vision Fund 2 led Series C funding. The firm provides an AI-powered Intelligence Workforce platform for contact center operations. Proceeds from the funding will accelerate product development, drive global expansion, and provide pre-IPO readiness. More: - The startup’s platform helps process customer interaction, generate insights for future engagements, analyze performance, and automate workflows.
- Observe.AI reported its ARR increased by 150% in the last fiscal year.
- The global contact center market is estimated to be worth $400B.
- Zoom Video Communications Inc., Menlo Ventures, Nexus Ventures, Scale Ventures, Emergent Ventures, NGP Capital, Steadview Ventures, and Next47 Ventures participated in the funding.
- The company has raised $213M in total funding to date.
- It last raised $54M in Series B in Sept. 2020, led by Menlo Ventures.
- Per Pitchbook, it was valued at $304M in July 2020.
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 A message from AXONIUS These days, businesses are evolving at breakneck speed. Digital-first is the new norm, and IT and security teams will play a more strategic role than ever — one that moves beyond support to effectively scale and secure the business. Foundational to this effort? Continuous, comprehensive asset visibility, starting with an accurate inventory of devices, applications, and users. A cybersecurity asset management platform that automatically and continuously discovers assets and provides a single source of truth can help. Making the business case for one of these solutions can be tricky, though. Download "Building the Business Case for a Cybersecurity Asset Management Solution" to learn key points to highlight when making a solid business case, including: - The myriad business functions that can benefit from comprehensive asset management
- Cost and time savings that cybersecurity asset management can bring
- Key use cases that the Axonius Cybersecurity Asset Management Platform helps
Download now
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Identity threat protection platform Silverfort secured $65M in Series C financing. Greenfield Partners led the funding. In total, the startup has raised $100M funding to date. Incoming funds will be used to scale the business and expand its workforce. More: - Silverfort has over 200 clients, most notably Singtel, Samsonite, and UPS.
- It recorded 2.5x YoY growth, with the U.S. recording 3.5x growth in the same period.
- The identity and access management market is forecasted to reach a $34.52 valuation in 2028.
- In 2021, the market was worth $13.41B.
- The funding saw participation from GM Ventures, Acrew Capital, Vintage Investment Partners, StageOne Ventures, Singtel Innov8, Citi Ventures, Aspect Ventures, and Maor Investments.
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New York-based mental healthcare company Real closed a $37M Series B funding led by Owl Ventures. The company offers self-guided therapy solutions via its app to alleviate anxiety, depression, stress, and other mental well-being issues. Proceeds from the current funding will aid further health research to provide additional innovative care models, scale operations, and expand business reach. More: - Including the current funding, the firm has secured $53M to date.
- It last raised $10M in Series A investment led by Lightspeed Ventures in April 2021.
- Lightspeed Venture Partners, Female Founders Fund, Forerunner Ventures, and BBG Ventures participated in the funding.
- Previous notable backers include Gwenyth Paltrow, Megan Rapinoe, and Eric Kendricks.
- The company offers a monthly subscription plan starting at $13.
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- Portfolio Advisors LLC is looking to raise $750M toward its PA GP Solutions Fund LP, targeting sponsor-led secondary transactions.
- Snaps’ Yellow Accelerator announced a list of startups shortlisted under its fifth investment round. Startups in the program include stock rewards platform Bits of Stock, voice-first dating app Blink Date, revenue management software Bump, and others. Snap invests up to $150,000 in each startup.
- Toronto-based digital marketing company Viral Nation received $198M (CAD 250M) of financing led by Eldridge. Maverix Private Equity backed the funding.
- Quiq, an AI-driven conversational platform, secured a $25M Series C led by Baird Capital with participation from Venrock, Foundry Group, and Next Frontier Capital.
- New York-based EvolutionIQ received $21M in Series A financing. Brewer Lane Ventures led the funding with participation from FirstRound Capital, FirstMark Capital, Foundation Capital, Altai Ventures, and others. The company provides a claims guidance program for frontline operators.
- Products analytics company Kubit raised $18M in Series A led by Insight Partners. Shasta Ventures and TSVC backed the investment into the San Francisco-based company.
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 |  | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot. | | | | 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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Learn how to build a business case for a cybersecurity asset management solution in this ebook. | |
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