According to Bloomberg, Fidelity Investments slashed its portfolio company valuations at the end of April. Reddit, Stripe, ByteDance, and Instacart were among the companies whose valuations were revised. PitchBook data highlights that venture-backed growth startups that emerged at the start of the pandemic have lost close to half of their value. More: - Valuation revisions at the end of April were as follows:
- Reddit was marked down by over a third compared to March, with revised share prices down to $39.65 per share.
- Nine months ago, Reddit’s share prices were $62.79 per share.
- Reddit’s last valuation topped $10B in August last year.
- Stripe’s valuation was reduced by 13% to $32.05 per share.
- The payments platform was last valued at $95B when it raised $600M in a Series H funding round this past March.
- Beijing-based ByteDance, the parent organization of TikTok, was valued at 13% less than its March 2022 valuation.
- Revised share prices were down to $128.07 per share.
- Instacart’s valuation dropped to $64.85 per share, half of its peak value from last year.
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Guild’s valuation rose to $4.4B at its latest Series F funding round. The company secured $175M in funding led by Wellington Management. The Colorado-based upskilling platform is specifically catered toward frontline workers. Oprah Winfrey participated in the funding round, although her investment size was not disclosed. More: - Other participants include Bon Secours Mercy Health, Citi Impact Fund, PNC Bank, Bessemer Venture Partners, General Catalyst, and Iconiq Capital.
- Notable clients include Chipotle, Lowe’s, Target, Hilton, PepsiCo, and Tyson Foods, amongst others.
- Incoming funds will help the company to reach new sectors, with the company specifically targeting the healthcare industry.
- Guild reported $100M in annual recurring revenue in 2020.
- The company claims to have 5 million customers leveraging its platform to learn new skills.
- Guild was valued at $3.7B last June when it raised $150M in funding from a Series E round.
- Including the recent financing, the company has raised a total of $553.5M to date.
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Cloud-native logging and security analytics software provider Devo Technology closed its Series F funding round with $100M in financing. The recent funding valued the Massachusetts-based firm at $2B. The capital infusion empowers Devo to venture into new verticals and geographies, accelerate the development of its autonomous security operations center (SOC), and back M&A deals. Moving forward, the company will focus on driving growth in the public sector and expanding into the APAC region. More: - Eurazeo led the funding round with participation from Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners, and Kibo Ventures.
- Prior to the current fundraising, the company had secured a total of $381M in funding to date, with the last capital infusion coming in the form of a $250M TCV-led Series E investment last October.
- In a separate announcement, the company confirmed the establishment of a dedicated team, named Devo SciSec, consisting of security researchers and data scientists.
- The team will lead its advanced data science and machine learning-based threat mitigation efforts.
- Devo acquired AI-assisted threat hunting platform Kognos for an undisclosed amount a month ago.
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California-headquartered customer engagement platform MoEngage closed a $77M Series E funding round led by Goldman Sachs Asset Management and B Capital. The company’s AI-powered platform helps brands create individualized communication and engagement experiences for their customers. The company intends to use the incoming funds to grow its presence in existing markets, enter new regions, and expand its product offerings through strategic acquisitions. More: - The company already has a presence in the U.S., Europe, Asia, and the Middle East region, with plans in place to expand into Latin America and Australia soon.
- The company’s expansion strategy is fueled by its underlying research into AI-powered customer engagement technology, which experts predict will grow over $32B in market size over the next five years.
- To support its growth, the company has raised funds thrice in the last three months, including the current fundraising.
- It raised $32.5M in July 2021 through a Series C round, followed by a $30M Series D funding round in December.
- To date, the company has secured $210M in total funding.
- Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India participated in the fundraiser.
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Cyber-asset management, security, and governance platform JupiterOne cemented its unicorn status with a $70M fundraise. The Series C funding, which pushed the company’s valuation to over $1B, was led by Tribe Capital. Incoming funds will help boost sales efforts, accelerate product development, support investments, and forge strategic partnerships and integrations. More: - The Morrisville, N.C.-based company has raised $199M in total funding to date.
- It last raised $30M from its Sapphire Ventures led Series B in May 2021.
- Existing investors Sapphire, Bain Capital Ventures, Cisco Investments, and Splunk Ventures were joined by Intel Capital and Alpha Square Group in the funding.
- The company provides a cloud-native cyber asset attack surface (CAASM) platform to enterprises, helping them map and analyze cloud environments.
Zoom out: - The global security and vulnerability market is forecasted to reach $18.7B in value by 2026.
- It was valued at $13.8B in 2021.
- JupiterOne’s competitor Axonious raised $200M in Series E funding at a $2.6B valuation earlier this year.
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PSG Equity led a $50M Series B financing round into ZeroNorth with backing from existing investors A.P. Moller Holding and Cargill. The Denmark-based company provides a business optimization platform for shipping companies intending to reduce CO2 emissions. The fresh funding will enable the firm in scaling operations, facilitating product development, and supporting potential M&A transactions. More: - The company acquired the U.S.-based bunker fuel efficiency optimization solution ClearLynx earlier this year and Denmark-based vessel performance optimization platform Propulsion Dynamics in July 2021 to expand its service offerings.
- ZeroNorth anticipates its products will help reduce CO2 emissions by 500,000 metric tons in 2022.
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Quick Hits: - In a recent survey, 70% of respondents said their employment records more accurately reflect their ability to repay than their credit score.*
- California data center company Novva Data Center secured $355M in growth equity funding from CIM Group. The fund brings CIM’s total commitment to $450M.
- Massachusetts-based Upstream Bio raised $200M in Series A funding to develop antibody therapy for severe asthma treatment. OrbiMed and Maruho Co co-led the funding round with backing from Access Biotechnology, Decheng Capital, HBM Healthcare Investments, TCG X, Omega Funds, and others.
- Sequoia Capital led a $50M capital investment into Washington-based software supply chain security platform Chainguard. The Series A funding round saw participation from Amplify, Mantis VC, LiveOak Venture Partners, and Banana Capital, amongst others.
- Californian farm automation startup FarmWise secured $45M in Series B funding led by Fall Line Capital and Middleland Capital. GV, Taylor Farms, Calibrate Ventures, Playground Global, SVG Ventures, and others participated in the funding.
- Diagnostics company Epic Sciences Inc held the first close of its Series F financing with $43M in funding. Arsenal Capital Partners is leading the investment with participation from existing investors Blue Ox Healthcare Partners, Deerfield Management, and Labcorp.
- Israel-based cloud data security firm Laminar raised $30M in additional Series A funding, bringing the total for the round to $67M. Tiger Global Management and Salesforce Ventures led the funding.
- Find out which of these types of partnerships 110 executives preferred the most in the survey results.*
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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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