Accel-KKR closed a $1.765B Accel-KKR Capital Partners CV IV fund. The fund is a continuation vehicle for its 2013 $875M vintage technology buyout fund. More: - $325M from the fund has been earmarked for follow-on investments into seven existing portfolio companies, namely Abrigo, Vitu, Kerridge Commercial Systems, Energy Services Group, IntegriChain, ClickDimensions, and TrueCommerce.
- The companies are mostly software startups with combined revenue of over $790M.
- Companies cover fintech, enterprise software, retail energy, data services, online marketing, and supply chain domains.
- Accel-KKR closed CV III $1.386B in 2019 toward its third buyout fund.
- The firm has over $12B in capital commitments.
- The technology-focused investment firm has completed nine exits from its Fund IV portfolio companies.
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The parent company of Cross River Bank, CRB Group Inc., secured $620M in financing. Eldridge and Andreessen Horowitz co-led the funding, which valued the firm at over $3B, per TechCrunch. Cross River provides lending and payment solutions infrastructure to fintech and technology companies. More: - Proceeds from the funding will help accelerate embedded payment technology development, develop crypto solutions, fuel international expansion, support strategic partnerships, and continue further investments into people and communities.
- It expects to increase its employee count to over 1,000 from its current 800 employees.
- Prominent technology partners include Best Egg, Checkout.com, Coinbase, Stripe, Upstart, and others.
- T. Rowe Price Investment Management, Inc., Whale Rock, and Hanaco Ventures joined several existing investors in the funding.
- It last raised a $28M Series A investment led by Battery Ventures, Andreessen Horowitz, and Ribbit Capital in 2016.
- Cross River Bank has raised $82M from all its previous funding rounds.
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San Francisco-based gumi Cryptos Capital (gCC) secured $110M in commitments for its second blockchain-focused fund. The Fund II expects to invest between $500,000 to $5M in early-stage startups in the blockchain domain working on infrastructure, developer tools, gaming, DeFi, Metaverse, DAO, and Web3 applications. More: - Fund II builds on the foundation built by the first fund worth $21M that backed seed-stage investments.
- Gumi aims to invest in 50 global startups and fund the most promising ones with follow-up investments.
- gCC invested in 36 companies through Fund I, most notable of which are OpenSea, Celsius Network, Qredo, Astar, 1inch, and VEGA protocol.
- The first fund’s asset value has grown to $516M, up 24.6 times from its initial investment.
- Fund I partners Hironao Kunimitsu, Rui Zhang, and Miko Matsumura will lead the Fund II investments.
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London-based Builder.ai raised $100M Series C financing led by Insight Partners. The startup provides an AI-assisted low-code app development platform, which the company claims to help build apps six times quicker at 70% less cost than a human-based team. More: - Builder.ai has raised $195M in funding to date.
- It last raised $29.5M in Series A funding in 2019 led by Lakestar and Jungle Ventures.
- The recent funding round saw participation from IFC, WndrCo., and others.
- The company reported a 300% increase in revenue and a doubling of employees to 450 from 265 in the last year.
- Incoming funds will help improve AI and automation capabilities, accelerate the development of its no-code platform, scale product development, and expand globally.
- Notable clients include BBC, Pepsi, and NBCUniversal.
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Visual merchandising solution provider Stylitics raised $80M in Series C financing. PSG led the funding round. The New York-based firm helps online retailers provide personalized styling and outfit suggestions to customers. More: - The company has a proprietary AI-driven platform that reportedly helps reduce the turnaround time from 12-15 weeks to a few minutes.
- The firm has raised $100M in total funding to date.
- It reportedly has partnered with over 100 plus retailers and has over 3,600 brands in its product category.
- Across six global regions, Stylitics generated an estimated $4B in additional revenue for brands and merchants.
- Incoming funds from the current funding will be used to accelerate product development and develop program management solutions for product, marketing, and merchandising teams.
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Yami, a D2C Asian food essentials and products marketplace, closed a $50M Series B investment. Altos Ventures and Balsam Bay Partners co-led the financing. The Los Angeles-based firm has raised $60M to date. More: - Yami has over 4,000 brands across food, health, beauty, and home products, with over 260,000 SKUs on its platform.
- Its customer base spans 2 million customers.
- Incoming funds will be used to accelerate expansion across the U.S., set up a warehouse in New Jersey, and develop a hyper-personalization-equipped AI-driven platform.
- It also has plans to expand into Canada early next year.
- J.P.Morgan and GGC Capital also participated in the funding.
- The latter was the lead investor in the Series A funding.
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- London-based VC firm Atomico is raising $1.35B toward two new technology sector-focused funds. $750M of the financing is earmarked for a growth fund, while the remaining $600M is for a venture fund. Per sources close to Bloomberg, the funds have already held their first close.
- California-based molecular diagnostics company BillionToOne, Inc. raised $125M in financing co-led by Adam Street Partners and Hummingbird Ventures.
- Collectibles management platform Collectors Holdings, Inc. raised $100M in new funding from existing investors. The Santa Ana-based company was valued at $4.3B at the recent funding round.
- Enterprise money transfer platform Modern Treasury raised $50M in Series C financing led by SVB Capital and Salesforce Ventures. The San Francisco-based company was valued at over $2B.
- California-headquartered BoostUp.ai received $28.5M in Series B funding. NGP Capital joined other participants Canaan, Emergent, and BGV in the recent funding into the revenue intelligence startup.
- U.S. Venture Partners led existing investors Team8 Capital and Hyperwise Ventures into a $27M Series A funding into external attack surface management startup Cyberpion.
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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. | |
Pipe is the world's first trading platform for recurring revenue. | |
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