South Korean company Naver is set to acquire Poshmark for $1.2B. Naver will pay $17.90 per share. More: - The acquisition amount means Naver will pay a 15% premium over yesterday's $POSH closing price.
- Naver is a search engine platform founded in South Korea in 1999. The company has since then evolved to offer multiple services such as news, e-commerce, travel planning, etc.
- As part of the deal, Poshmark will continue to operate as an independent brand within the Naver portfolio.
- Poshmark is a live shopping app that allows users to post photos and put them in their digital collections. It currently has over 80 million monthly users.
- Naver officials stated that the company will benefit from Poshmarks' live shopping experience, while the latter will utilize the infrastructure Naver has.
- Poshmark went public in 2021 at a $3B valuation.
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Automation Anywhere has raised a $200M growth round. The company is based in California. More: - The funding was led by Silicon Valley Bank, SVB Capital, and Hercules Capital.
- Automation Anywhere is a platform that enables businesses to automate their daily tasks through the use of machine learning and AI.
- The company aims to use the funds as operational strategic capital.
- Automation Anywhere also has a presence in India, while it counts Softbank, Goldman Sachs, and Salesforce as backers in its previous round.
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- Location: Ogden, UT has projected 5-year double-digit job and wage growth. Its population is also projected to grow at 3X the national growth rate.
- Strategy: The value-add business plan will invest $1M in property improvements, pushing rents up nearly 18%
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Venture Capital firm Algebra Ventures has raised $100M. The deal is expected to be completed in early 2023. More: - The firm's LP list includes International Financing Corporation, the European Bank for Redevelopment and Development, Egyptian American Enterprise, Dutch entrepreneurial development bank, Dutch Good Growth Fund, etc.
- Its portfolio companies include Halan, Brimore, Trella, elmenus, Khazna, Yodawy, Mozare3, and Shift EV.
- The Egypt-based firm stated that it will invest $15M in startups by the end of 2022.
- The average check size the company expects to write ranges from $500k to $2M, while its focus will mainly be on the Egyptian startup scene, with some investments going to the Middle East and African market.
- Algebra will invest in verticals such as fintech, ed tech, health tech, logistics, and ag tech.
- The firm was founded in 2016 and is managed by its four co-founders.
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Electric vehicle manufacturer Euler Motors has raised a $60M Series C funding round. The company is based in India. More: - The Series C round was led by GIC Singapore with participation from Blume Ventures, Athera Venture Partners, QRG Holdings, ADB Ventures, and Moglix.
- The company aims to use the funds for product development, staff hiring, and expansion in 12 new markets.
- Euler Motors, founded in 2018, claims it has 9,000 customers on its waiting list for the HiLoad EV.
- The latter is a three-wheel vehicle that offers 50% charging in just 15 minutes.
- Euler currently produces around 100 HiLoad EVs per day, selling one for $4,900 (before subsidies). Euler's CEO stated that the central government needs to do more in order to help EV companies achieve price parity with ICE vehicles.
- The company had $3.68M in revenue in 2021 and expects to surpass this figure in 2022.
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Today's funding 💵 Cybersecurity - Realdefense (California), provides software and provides services that aim to help clients detect, avoid, and recover quickly from cyberattacks: $30M growth led by Sunflower bank.
Health tech - Sympatient (Germany), provides mental health therapy for patients at home: $7.4M A led by Verve Ventures.
Fintech SaaS - Humaans (U.K.), enables companies to manage HR data easily: $15M Seed led by Y Combinator.
- DPONet (Brazil), a platform that helps companies comply with the General Data Protection Law: $6M growth led by Leavening.
Edtech - LearnLux (Massachusetts), a platform that teaches financial literacy and independence: $10M A led by Crosslink Capital.
Manufacturing - GS Bavaria (Germany), supplies nano-sized carbide powders that improve plastic manufacturing: $1M+ Seed led by High-Tech Gründerfonds with participation from angel investors.
Real Estate tech - Spleet (Nigeria), a rent-now-pay-later platform for rental properties: $2.6M Seed led by MaC Venture Capital with participation from Noemis Ventures, Plug and Play Ventures, Assembly Funds, Ajim Capital, Francis Fund, existing investors from its pre-seed, MetaProp VC, and HoaQ Fund.
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Quick Hits: - The 3 Things to Never Build In Your App: Authentication, Notifications, and Payments.*
- Sporting events streaming platform DAZN has acquired football platform Eleven Sports for an undisclosed amount. The deal is still pending approval from anti-trust regulatory authorities.
- Delaware-based Incyte is set to acquire Villaris Therapeutics for an undisclosed amount. Villaris is known for its novel antibody therapeutics created to treat vitiligo and other inflammatory conditions.
- Capnamic has led a $1M+ growth round for 35up, a German startup that provides cross-selling software for retailers.
- According to a report, women of color who start health tech startups struggle to receive VC funding more than any other demographic, with 41% of them bootstrapping their companies.
*This is sponsored content.
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- October 25 - Meet Our Fund 4, an Inside.com Summit (Register Here)
- November 02 - AMA with Bill Glenn (Executive Chairman at Crenshaw Associates) (Register Here)
- December 07 - Live AMA with Deividi Silva ( Head of Developer Relations at Gun.io) (Register Here)
*This is a sponsored listing.
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 |  | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. |   | | 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 and 1972 Fords. | |
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