Investment Round-Up August 1-14, 2021: Crypto, IBS, SPAC

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Crypto, IBS, SPACInvestment Round-Up August 1-14: Acquisition

Menlo Park, California, United States-based Robinhood (NASDAQ:HOOD) is a stock brokerage platform that helping customers buy and sell stocks, options, ETFs, and cryptocurrencies with zero commission. On Aug 10, 2021, the company acquired SAY for $5.6B. SAY is a technology platform that empowers shareholders to access their full ownership rights. Previously, Robinhood acquired Binc and MarketSnacks.

Toronto, Ontario, Canada-based Varicent Software provides incentive and sales performance management solutions for finance, sales, human resources, and IT departments. On Aug 10, 2021, the company acquired Concert Finance for an undisclosed amount. Concert helps your company commission smarter through better administration, reporting, and plan design. Previously, Varicent Software acquired Symon AI, a technology platform built on sophisticated Natural Language and Machine Learning algorithms.

Burlington, North Carolina, United States-based Labcorp (NYSE: LH) is a health technology platform providing physicians with laboratory tests. On Aug 12, 2021, the company acquired Ovia Health for an undisclosed amount. Ovia Health specializes in offering a comprehensive maternity and family benefits solution. Previously, Labcorp acquired Myriad – Vectra Testing Business, Myriad Genetics – Vectra Testing Business, Chiltern International, Pathology Associates Medical Laboratories (PAML), ClearPath Diagnostics and four others.

New York, United States-based UPSTACK transforms architecture and sourcing experience for businesses seeking cloud and internet infrastructure solutions. On Aug 10, 2021, the company acquired CloudAdvise for an undisclosed amount. CloudAdvise provides network connectivity, data center, cloud computing, UCaaS, SW-WAN, cybersecurity, engineering, and MSP services. Previously, UPSTACK acquired LanYap Networks, Performance Bridge Media, PacTech, Cloudwirx, and two others.

Investment Round-Up August 1-14: Funding

Los Angeles, California, United States-based HopSkipDrive is a vehicle for hire company focused on shuttling kids to school. On Aug 11, 2021, the company raised a Series C fund of $25M from FirstMark Capital, 1776 Ventures, Energy Impact Partners, and Keyframe Capital Partners. Previously, HopSkipDrive raised a Series B fund of $22M from 15 investors. With this funding, Cassie Bowe will join HopSkipDrive’s board of directors. HopSkipDrive will “use the funding to continue reshaping school transportation and for ambitious expansion projects, including vehicle electrification initiatives and 30 new market launches.”

London, England, United Kingdom-based OneWeb is building a space-based global communications network that delivers high-speed, low latency internet access. On Aug 12, 2021, the company raised a Corporate Round fund of $300M from Hanwha Systems. Previously, OneWeb raised a Corporate Round fund of $500M from Bharti Enterprises after a Series A round and several other funding rounds. This investment brings OneWeb’s total equity investment since November 2020 to $2.7B with no debt issuance. The investment is expected to complete in the first half of 2022, subject to regulatory approvals.

San Francisco, California, United States-based Bitwave is a digital asset management platform that supplies back-office software solutions to enterprises that accept cryptocurrencies. On Aug 12, 2021, the company raised a Seed fund of $7.3M from Nima Capital, Rowan Trollope, XBTO, Blockchain Capital. Arca, and Nascent. According to the CEO of Bitwave, Patrick White, “the fund helps Bitwave take digital assets to enterprises.” In the first half of August 2021, Bitwave is a noticeable funding investment.

San Francisco, California, United States-based Mahana Therapeutics develops digital treatments for people living with gastrointestinal conditions. On Aug 11, 2021, the company raised a Series B fund of $61M from lead investors Gurnet Point Capital, Jazz Venture Partners including Main Street Advisors, KKCG investment group, and Lux Capital investment firm. Previously, Mahana Therapeutics raised a Series A fund of €8M led by Jazz Venture Partners, Lux Capital, and Outsized Ventures. Mahana Therapeutics raised a Seed fund of $12M from Lux Capital and JAZZ Venture Partners. The company plans to use the funds to develop digital therapeutics.

New York, United States-based FireHydrant is an incident management tool that helps companies recover from IT disasters more quickly. On Aug 10, 2021, the company raised a Series B fund of $23M led by Harmony Partners, including Menlo Ventures, Salesforce Ventures, and Work-Bench. Previously the company raised a Series A fund of $8M led by Menlo Ventures, including Work-Bench. In the Seed round, the company raised $1.5M from Work-Bench. The founder of the Company, Robert Ross, wants to onboard people to position incident management as a business problem rather than an engineering problem.

Investment Round-Up August 1-14: IPO/SPAC 

Beverly Hills, California-based Abri SPAC I, Inc (NASDAQ: ASPAU) acquires businesses and assets via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization. On Aug 12, 2021, Abri SPAC I, Inc announced closing its initial public offering of 5,000,000 units sold at $10.00 per unit, resulting in total gross proceeds of $50,000,000 before deducting underwriting discounts, commissions, and other offering expenses. Founded by Jeffrey Tirman, the FinTech and InsureTech company was incorporated in 2021.

New York, United States-based 10X Capital Venture Acquisition Corp. II (NASDAQ: VCXAU) brings institutional equity and debt capital to high-growth tech companies. On Aug 13, 2021, it announced the closure of its initial public offering of 20,000,000 units. The offering was priced at $10.00 per unit, resulting in gross proceeds of $200,000,000. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share for $11.50 per share. The company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments if any.

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