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Telehealth giant Amwell to acquire Portland healthtech startup Conversa

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National telehealth provider Amwell said it will acquire Portland, Ore.-based healthtech startup Conversa and SilverCloud Health.

Conversa, founded in 2014, sells platforms tailored to different medical conditions that allow medical teams to communicate with patients remotely. The company raised $8 million at the beginning of this year, after COVID-19 generated increased need for the service.

Conversa also helps medical providers automate text-based conversations and other administrative tasks before, during and after patients check in to medical care.

Amwell said it will use Conversa’s patient profiling and engagement tools to boost client experience and outcomes.

Murray Brozinksy, CEO of Conversa Health, said the deal will help “usher in the hybrid care delivery model of the future.”

Amwell said it paid approximately $320 million in stock and cash to acquire Conversa and SilverCloud, a digital platform that caters to mental healthcare. The transaction is expected to close at the end of the third quarter.

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Source: https://www.geekwire.com/2021/telehealth-giant-amwell-acquire-portland-healthtech-startup-conversa/

Start Ups

The Briefing: CARS24 Raises $450M, Airwallex Closes On $200M At $4B Valuation, And More

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

Subscribe to the Crunchbase Daily

India’s CARS24 raises $450M at $1.84B valuation

CARS24, an India-based e-commerce platform for used vehicles, announced it has raised $450 million in fresh funding at valuation of $1.84 billion.

The financing consists of $340 million in Series F equity and $110 million in debt.  DST Global, Falcon Edge and SoftBank Vision Fund 2 led the Series F equity round for the 6-year-old company.

—  Joanna Glasner

Airwallex closes on $200M valued at $4B

Melbourne-based Airwallex, a global payments company, has raised $200 million led by Lone Pine Capital, fast on the heels of a Series D extension earlier this year. Airwallex customers set up accounts to accept international payments in preferred currencies to reduce fees.

This brings its total funding to $702 million and values the company at $4 billion. New investors G Squared and Vetamer Capital joined the round as well as existing investors  1835i Ventures, DST Global, Salesforce Ventures 1 and Sequoia Capital China.

— Gené Teare

Heartcore closes $250M consumer fund

Heartcore, a Copenhagen-based venture fund that invests in consumer-focused startups in Europe, raised $250 million for its newest fund. The firm invests around the thesis of “making people happy” through tech-enabled consumer businesses. The fundraise consists of a $200 million Fund IV and a $50 million vehicle to make follow-on investments in existing portfolio companies.

—  Joanna Glasner

Fintech

Flobiz raises $31M: India-based mobile billing startup Flobiz has closed on a $31 million Series B led by Sequoia Capital India and Think Investments. Flobiz helps small businesses with payments and inventory management and works online and offline. Its customers included wholesalers, manufacturers, retailers, distributors and merchants. Existing investors Elevation Capital and BEENEXT participated in the round as well as many angel investors

— Gené Teare

Logistics

Altana AI snags $15M for supply chains: Altana AI, developer of an artificial intelligence-powered platform for navigating global supply chains, raised $15 million in a Series A funding led by Google‘s GV.

—  Joanna Glasner

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://news.crunchbase.com/news/briefing-9-20-21/

Continue Reading

Start Ups

The Briefing: CARS24 Raises $450M, Airwallex Closes On $200M At $4B Valuation, And More

Published

on

Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

Subscribe to the Crunchbase Daily

India’s CARS24 raises $450M at $1.84B valuation

CARS24, an India-based e-commerce platform for used vehicles, announced it has raised $450 million in fresh funding at valuation of $1.84 billion.

The financing consists of $340 million in Series F equity and $110 million in debt.  DST Global, Falcon Edge and SoftBank Vision Fund 2 led the Series F equity round for the 6-year-old company.

—  Joanna Glasner

Airwallex closes on $200M valued at $4B

Melbourne-based Airwallex, a global payments company, has raised $200 million led by Lone Pine Capital, fast on the heels of a Series D extension earlier this year. Airwallex customers set up accounts to accept international payments in preferred currencies to reduce fees.

This brings its total funding to $702 million and values the company at $4 billion. New investors G Squared and Vetamer Capital joined the round as well as existing investors  1835i Ventures, DST Global, Salesforce Ventures 1 and Sequoia Capital China.

— Gené Teare

Heartcore closes $250M consumer fund

Heartcore, a Copenhagen-based venture fund that invests in consumer-focused startups in Europe, raised $250 million for its newest fund. The firm invests around the thesis of “making people happy” through tech-enabled consumer businesses. The fundraise consists of a $200 million Fund IV and a $50 million vehicle to make follow-on investments in existing portfolio companies.

—  Joanna Glasner

Fintech

Flobiz raises $31M: India-based mobile billing startup Flobiz has closed on a $31 million Series B led by Sequoia Capital India and Think Investments. Flobiz helps small businesses with payments and inventory management and works online and offline. Its customers included wholesalers, manufacturers, retailers, distributors and merchants. Existing investors Elevation Capital and BEENEXT participated in the round as well as many angel investors

— Gené Teare

Logistics

Altana AI snags $15M for supply chains: Altana AI, developer of an artificial intelligence-powered platform for navigating global supply chains, raised $15 million in a Series A funding led by Google‘s GV.

—  Joanna Glasner

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://news.crunchbase.com/news/briefing-9-20-21/

Continue Reading

Start Ups

As Investors Pivot To Seed And Growth, Who Is Left Leading Series A?

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Series A funding round sizes have grown significantly in recent years.  

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Over the past decade, the average global Series A round increased from less than $6 million to more than $18 million, Crunchbase data shows. The median has grown from $3 million to $10 million over the same time period. 1

However, the trend is clear. 

Series A funding still shows a wide range, but with both the median and average up more than threefold through the decade, raising a Series A funding round has become a high bar for startups to clear.

General partner Mark Suster of Upfront Ventures wrote in a post earlier this month on the changing venture landscape that “A-Rounds used to be $3–7 million with the best companies able to skip this smaller amount and raise $10 million on a $40 million pre-money valuation (20% dilution). These days $10 million is quaint for the best A-Rounds and many are raising $20 million at $60–80 million pre-money valuations (or greater).”

Global Average Series A funding from 2012 to August 2021

Over the last decade, we have seen an expansion in fund managers at seed, alongside the early-stage funds that used to focus at Series A, repositioning to seed.  

“What used to be an ‘A’ round in 2011 is now routinely called a Seed round,” Suster wrote, “and this has been so engrained that founders would rather take less money than to have to put the words ‘A round’ in their legal documents.”

Upfront Ventures’ earliest-stage investment is about 70 percent seed and 30 percent pre-seed, he said. “We’re very unlikely to do what people now call an ‘A Round.’ ” 

Who is investing at Series A?

Given these changes in the venture landscape, who is investing at Series A?

We looked at leading investors at Series A in both 2021 and 2020 to get a sense of how the venture climate has shifted in just over a year. 

What we found: Insight Partners, Andreessen Horowitz and Tiger Global have invested the most dollars at Series A in 2021 to date. 

Insight Partners led 28 of these fundings with an average of $47 million and a median of $20 million, per Crunchbase data. Andreessen has led or co-led 29 Series A rounds this year to date, at an average much lower than Insight Partners at $24 million. And Tiger Global is the third-largest investor with 11 deals averaging $46 million. 

Among the investors listed, those with the lowest averages are Craft Ventures, Canaan Partners, Sequoia Capital India, Accel and Spark Capital, each with an average Series A round below $20 million. 

The majority of the firms on our list of Series A leaders have a median funding size below $20 million, Crunchbase data shows. 

Active venture and private equity investors in Series A in 2021

In 2020, leading investors at Series A were GV—which invested heavily in health care—GGV Capital and Andreessen Horowitz.  Overall, the averages and medians were lower last year among investors who put the most money to work leading Series A fundings when compared to 2021. 

Active venture and private equity investors in Series A in 2020

The barbell

Crunchbase data shows that Series A funding globally is up significantly year over year—though, of course, that’s also the case with every other funding stage this year. Even with four months to go before the end of 2021, Series A funding will exceed the record set in 2018. 

We also looked at the number of deals, and found that funding counts of at least $3 million are down a bit since 2018. 

Series A venture funding from 2012 to August 2021

Who leads?

The most active firms at Series A today are multistage venture firms with deep pockets, along with some newer entrants from growth equity firms. 

But when reviewing year-over-year deals for leading firms, not every firm saw an increase in average or median size in 2021. This confirms that at Series A, there are still a wide range of deal sizes to be done — and opportunities. 

Illustration: Li-Anne Dias

Correction: An earlier version of this story misstated the average Series A for Insight Partners in 2021.

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://news.crunchbase.com/news/investors-pivot-seed-growth-leading-series-a/

Continue Reading

Start Ups

As Investors Pivot To Seed And Growth, Who Is Left Leading Series A?

Published

on

Series A funding round sizes have grown significantly in recent years.  

Subscribe to the Crunchbase Daily

Over the past decade, the average global Series A round increased from less than $6 million to more than $18 million, Crunchbase data shows. The median has grown from $3 million to $10 million over the same time period. 1

However, the trend is clear. 

Series A funding still shows a wide range, but with both the median and average up more than threefold through the decade, raising a Series A funding round has become a high bar for startups to clear.

General partner Mark Suster of Upfront Ventures wrote in a post earlier this month on the changing venture landscape that “A-Rounds used to be $3–7 million with the best companies able to skip this smaller amount and raise $10 million on a $40 million pre-money valuation (20% dilution). These days $10 million is quaint for the best A-Rounds and many are raising $20 million at $60–80 million pre-money valuations (or greater).”

Global Average Series A funding from 2012 to August 2021

Over the last decade, we have seen an expansion in fund managers at seed, alongside the early-stage funds that used to focus at Series A, repositioning to seed.  

“What used to be an ‘A’ round in 2011 is now routinely called a Seed round,” Suster wrote, “and this has been so engrained that founders would rather take less money than to have to put the words ‘A round’ in their legal documents.”

Upfront Ventures’ earliest-stage investment is about 70 percent seed and 30 percent pre-seed, he said. “We’re very unlikely to do what people now call an ‘A Round.’ ” 

Who is investing at Series A?

Given these changes in the venture landscape, who is investing at Series A?

We looked at leading investors at Series A in both 2021 and 2020 to get a sense of how the venture climate has shifted in just over a year. 

What we found: Insight Partners, Andreessen Horowitz and Tiger Global have invested the most dollars at Series A in 2021 to date. 

Insight Partners led 28 of these fundings with an average of $47 million and a median of $20 million, per Crunchbase data. Andreessen has led or co-led 29 Series A rounds this year to date, at an average much lower than Insight Partners at $24 million. And Tiger Global is the third-largest investor with 11 deals averaging $46 million. 

Among the investors listed, those with the lowest averages are Craft Ventures, Canaan Partners, Sequoia Capital India, Accel and Spark Capital, each with an average Series A round below $20 million. 

The majority of the firms on our list of Series A leaders have a median funding size below $20 million, Crunchbase data shows. 

Active venture and private equity investors in Series A in 2021

In 2020, leading investors at Series A were GV—which invested heavily in health care—GGV Capital and Andreessen Horowitz.  Overall, the averages and medians were lower last year among investors who put the most money to work leading Series A fundings when compared to 2021. 

Active venture and private equity investors in Series A in 2020

The barbell

Crunchbase data shows that Series A funding globally is up significantly year over year—though, of course, that’s also the case with every other funding stage this year. Even with four months to go before the end of 2021, Series A funding will exceed the record set in 2018. 

We also looked at the number of deals, and found that funding counts of at least $3 million are down a bit since 2018. 

Series A venture funding from 2012 to August 2021

Who leads?

The most active firms at Series A today are multistage venture firms with deep pockets, along with some newer entrants from growth equity firms. 

But when reviewing year-over-year deals for leading firms, not every firm saw an increase in average or median size in 2021. This confirms that at Series A, there are still a wide range of deal sizes to be done — and opportunities. 

Illustration: Li-Anne Dias

Correction: An earlier version of this story misstated the average Series A for Insight Partners in 2021.

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://news.crunchbase.com/news/investors-pivot-seed-growth-leading-series-a/

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