Solana-based NFT marketplace Magic Eden closed its Series B funding round with $130M in financing. Electric Capital and Greylock co-led the funding. Magic Eden’s valuation rose to $1.6B, making it the third NFT marketplace to cement its unicorn status, a feat the company achieved in only nine months since its launch. More: - Competitors OpenSea and LooksRare were last valued at $13B and $7B, respectively.
- Just three months ago, in March, the company received a $27M capital infusion from its Paradigm-led Series A round.
- The California-based company has grown rapidly to become the largest Solana-based NFT marketplace and even surpassed OpenSea’s 24-hour trading volume for a day in May.
- May was its strongest month in terms of revenue, with the company reporting $7.5M in revenue.
- Its secondary marketplace accounted for 92% of all Solana-based NFT trade volume, averaging 20 million unique sessions per month.
- The company intends to use the proceeds to expand multi-chain opportunities, scale its primary and secondary marketplaces, and expand its gaming NFT offerings.
- Lightspeed Venture Partners, Paradigm, and Sequoia Capital participated in the fundraising.
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German sales intelligence software provider Echobot announced it is merging with the Finnish sales lead generation platform Leadfeeder. Great Hill Partners, a private equity company, will provide $190M (€180M) in equity financing to support the merger. The merged entity will use the fresh funds to facilitate product development, scale its business, and increase go-to-market capabilities. More: - Investor Great Hill also committed an additional $52.7M (€50M) to support future acquisitions.
- After the merger, the two firms will continue to operate as independent organizations for a while before integrating functions and synergizing operations.
- Echobot and Leadfeeder revenues grew by 70% and 50%, respectively, last year.
- Combined, the two firms have over 8,500 customers across Europe and the U.S.
- The merger is expected to provide both startups impetus to become the leading sales intelligence and go-to-market platform across their core regions.
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Indian sales automation startup LeadSquared became the latest entrant into the unicorn club after raising $153M in Series C capital from WestBridge Capital. The startup is the sixth SaaS unicorn company to come from India. The recent funding brings the company’s total funds raised to date to over $188M, including a $32M Series B in Dec. 2020 and $3M Series A in May 2019. More: - Incoming funds will help fuel growth across APAC and EMEA regions, expand product offerings, and support strategic acquisitions.
- The company also intends to double its workforce over the next 18 months.
- The company has over 2,000 customers across edtech, financial services, healthcare, marketplace, and other domains.
- Notable clients include Byju’s, Amity University, Olx, Dunzo, and Practo, amongst others.
- LeadSquared reported ~$25M (Rs 200cr) of revenue in FY22.
- India still contributes to over 90% of LeadSquared’s revenues.
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Openly, an insurance company that provides insurance for premium households through independent agents, closed its Series C financing round with $75M in funding. Investors participating in the funding round included Advance Venture Partners, Clocktower Ventures, Obvious Ventures, Gradient Ventures, PJC Ventures, Techstars, and Mtech Capital. More: - Since its launch two and half years ago, the company has scaled rapidly and currently has over 17,000 independent agents serving homeowners across 19 states.
- The Boston, Massachusetts-based company reported 500% YoY growth in its in-force premiums.
- Openly will venture into more states, expand its product offerings, and accelerate product development with the funds secured from the recent funding.
- Prior to the current financing, the firm had secured $62.7M in funding, including an Advance Venture Partners-led $40M Series B funding in Dec. 2020 and an Obvious Ventures-led $15M Series A funding in June 2020.
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German drone delivery firm Wingcopter secured $42M in Series A extension funding, bringing the total for the round to $63M. The earlier Series A round closed with $22M in financing led by Futury Capital and Xplorer Capital in January last year. The company has developed Wingcopter 198 using its patented tilt-rotor technology, allowing it to carry heavy payloads over long distances. More: - REWE Group, Salvia, XAI technologies, and ITOCHU joined previous backers in the funding.
- Wingcopter intends to use the proceeds to expand business reach, scale production, accelerate R&D, and hire new team members.
- The fresh funding will also help the firm expand into grocery delivery.
- It currently assists the medical industry with medical supply deliveries to rural parts of sub-Saharan Africa.
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LogRocket, a frontend monitoring and product analytics platform that helps firms iron out issues in user experience design, nabbed $25M in Series C financing, bringing its total funds raised to date to $55M. The Boston, Massachusetts-based company also announced the launch of its Conditional Recording solution to allow enterprises to capture data that is relevant to their businesses. Delta-v Capital and Battery Ventures led the current funding round. More: - LogRocket’s platform is used by over 2,500 customers across the retail, e-commerce, hospitality, and financial service sectors.
- Clients have leveraged the platform to monitor 3.5 billion app sessions and 300 billion interactions over a year.
- The company will use the proceeds to grow its headcount and support R&D.
- Battery Ventures led its $11M Series A and $15M Series B funding rounds in 2019.
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- Ghana-based digital banking fintech Fido raised $30M in equity and debt Series A financing, which brings its total funds raised to $38M. The funding was led by Fortissimo Capital with participation from Yard Ventures.
- Canadian survey sampling consumer research company Potloc raised $27M (CA$35M) from its Investissement Québec-led Series A financing round. First Ascent Ventures, Brightspark Ventures, Desjardins Capital, and Cap Horn participated in the funding round, while CIBC Innovation Banking provided the debt tranche.
- Keyway received $25M in a Series A funding round led by Camber Creek. The company leverages data intelligence to identify commercial real estate investment opportunities for small and medium businesses. Other funding round participants include Canvas Ventures, Crosscut, Montage Ventures, Thomvest, and Parker89.
- RevelSecurity raised $23M in Series A funding led by SYN Ventures joined by Hanaco Ventures, SilverTech Ventures, and World Trade Ventures. The Israeli cybersecurity firm detects and responds to anomalous activity and breaches.
- MTIP led a $21M (€20M) Series A funding into LynxCare, a Belgium-based AI-driven clinical data platform. The funding saw participation from Elaia, Heran Partners, BTOV, and PMV.
- Sequoia Capital led a $21M Series A investment into secure JavaScript and TypeScript runtime platform Deno. Four Rivers Ventures, Rauch Capital, Long Journey Ventures, the Mozilla Corporation, and Shasta Ventures participated in 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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