Surf Air Mobility, an electric aviation company located in Los Angeles, announced it would go public through a SPAC merger with Tuscan Holdings Corp II. The combined entity’s valuation is said to be $1.42B. Surf Air is set to receive $467M in gross cash proceeds as part of the deal. More: - Surf Air announced plans to acquire Southern Airways Corp. in conjunction with the SPAC announcement. Financial terms of the deal were not disclosed.
- Southern Airways’ 40 Cessna Grand Caravan turboprop aircraft will be added to Surf Air’s fleet.
- The company has also signed a deal with AeroTEC and magniX, two aviation goods and services firms, to develop hybrid and completely electric powertrains for new and existing Grand Caravans.
- Founded in 2011, Surf Air has secured over $113.7M in venture and debt financing to date, per Crunchbase.
- Notable investors include Base Ventures and Velos Partners.
- The projected revenue from the combined entity is estimated to be $100M this year.
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Indonesian payments infrastructure startup Xendit raised $300M in new funding. The Series D funding round was led by Coatue and Insight Partners. The company already operates in Indonesia and the Philippines and will use the proceeds from the current funding to expand its regional presence to Thailand, Malaysia, and Vietnam; and develop new products and services. More: - Xendit has secured $538M in total funding to date, with the most recent $150M investment coming from Tiger Global-led in the form of a Series C funding round nine months earlier.
- Prior to that, it raised $64.4M from an Accel-led Series B round.
- The company has over 3,000 customers, including prominent brands such as Samsung Indonesia, Grab, Wise, Tiket, and ShopBack, amongst others.
- Xendit total payments value on its platform crossed $15B with over 200M annualized transactions.
- The funding round saw participation from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo Ventures, and others.
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German solar company Zolar secured ~$105M (€100M) in Series C financing led by Energy Impact Partners (EIP) and GIC. The Berlin-based company will use the incoming funds to launch new digital energy products, develop an energy management app, increase the strength of its partner network, and open a skills training center. More: - The funding round saw participation from existing investors Inven Capital, Heartcore Capital, Statkraft Ventures, and Pirate Impact Capital.
- Prior to this round, the company had raised ~$62M (€59M) since its establishment in 2016.
- To increase solar energy installation capacity, Zolar says it will significantly expand its Craftship Partner Network, which currently numbers 500 local craft businesses, to 3,000 by 2025.
- "Our goal is to supply 10 million households in Europe with either a solar system or renewable energy by 2030," Alex Melzer, CEO and founder, said in a statement.
- To reduce the upfront investment barrier for purchasing a solar system, the company started offering an option to rent the equipment for $57 (€54) per month, with an option to purchase the system after a 20-year lease period.
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Near Intelligence Holdings Inc., a SaaS data intelligence company, is set to be listed on Nasdaq through a merger with SPAC KludeIn I Acquisition Corp, bearing the “NIR” ticker name. The transaction gives Near a post-transaction market capitalization of $1B. Along with the merger, the company also announced a $100M equity financing infusion from CF Principal Investments. The transaction is expected to generate $268M in gross proceeds. More: - Near was in talks with KludeIn since last December to be listed at a valuation between $1B-$1.2B.
- The company has raised $134M in total funding to date from investors Sequoia India, JP Morgan, Cisco, and Telstra.
- It last raised $100M in a Series D funding round in July 2019.
- Major global brands such as McDonald’s, Wendy’s, Ford, and CBRE Group, along with over half of the Fortune 500 companies, leverage Near’s platform.
- The company projected revenues for this year total $63M, with the company forecasting a 72% gross profit margin, with 2023’s projections topping $91M.
- Near reported $33M and $46M revenue in 2020 and 2021, respectively.
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San Francisco-based Noyo raised $45M in Series B funding. The round was led by Norwest Venture Partners. Proceeds from the funding will be diverted to increase product offerings, forge strategic partnerships, and expand business reach. Noyo is a modern data infrastructure platform that allows company personnel to manage employee benefits in a seamless manner. More: - Ameritas, Anthem, Beam, Guardian Life, Humana, Rippling, Unum, and Zenefits are among the largest insurers and benefits software platforms that have previously partnered with Noyo.
- It last raised $12.5M in Series A financing led by Costanoa Ventures and Spark Capital.
- The current fundraiser brings its total funds secured to date to $57.5M, per Crunchbase.
- New investors Workday Ventures, Gusto, and Cap Table Coalition joined existing investors Costanoa Ventures, Spark Capital, Homebrew, Operator Collective, Fika Ventures, Precursor Ventures, Garuda Ventures, and others in the funding.
- Ed Yip, a partner at Norwest Venture Partners, will join Noyo's Board of Directors as part of the transaction.
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Tiger Global led a $26M Series B funding round into Bravado, a networking platform for sales professionals. The company's platform assists sales professionals in finding employment, receiving training, and receiving peer support. Bravado also announced it had acquired Compgauge, a data platform to view a company's reviews and access salary data and recruitment process insights. More: - The San Francisco-based company offers three products, namely, Jobs, an employment marketplace; War Room, a pseudonymous environment discussion platform; and Seller Portfolio, a way to showcase experience.
- The firm raised $4M in revenue within seven months of launching its first paid product, Employment Marketplace.
- Bravado's War Room has over 200,000 members, up from 10,000 in Jan. 2021.
- Proceeds from the funding will be used to further develop the jobs marketplace, onboard top-tier employers to its platform, and create certification programs and other career development tools for sales professionals.
- The funding round saw participation from existing backers Redpoint Ventures, XYZ Ventures, Freestyle Capital, and Precursor.
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- San Mateo, Calif.-based home rental and property management network Belong received $80M in funding, consisting of $50M in equity and $30M in debt financing. Fifth Wall led the financing with participation from Andreessen Horowitz, Battery Ventures, and GGV Capital.
- AI-powered HR recruitment platform Fetcher secured $27M in Series B funding led by Tola Capital with participation from G20 Ventures, KFund, and Accomplice. The New York-based company’s funding round consists of $20M in equity and $7M in debt financing.
- German supply chain intelligence and risk analytics firm, Everstream Analytics, closed a $24M Series A funding round led by Morgan Stanley Investment Management. Columbia Capital, StepStone Group, and DHL participated in the funding.
- ChargeLab nabbed $15M in funding through its King River Capital-led Series A funding round. The Toronto-based company provides hardware-agnostic software to optimize EV charging for fleets and commercial operators. ABB E-mobility, Construct Capital, Root Ventures, Highline Beta, Third Sphere, and others participated in the funding.
- Andreessen Horowitz, with additional backing from NFX, Coinbase Ventures, Play Ventures, and Franklin Templeton, led a $15M seed funding into blockchain games company Azra Games.
- New York-based sustainability intelligence SaaS platform HowGood received $12.5M in fresh funding. Titan Grove led the funding.
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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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