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.
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Instacart bags $39B valuation after $265M funding round
As we wait for Instacart to go public, the San Francisco-based company announced it brought in another $265 million in fresh funding from existing investors, including Andreessen Horowitz, Sequoia Capital, D1 Capital Partners, Fidelity Management & Research Company and T. Rowe Price Associates.
The funding increases Instacart’s valuation to $39 billion, according to the company. It also gives Instacart total known funding since its 2012 inception of $2.67 billion over 17 rounds, per Crunchbase data. The company’s previous round was $200 million last October. Existing investors Valiant Peregrine Fund and D1 Capital led the investment
Reuters reported in November that Instacart chose Goldman Sachs to lead a 2021 IPO at a $30 billion valuation.
The new funding will go toward increasing Instacart’s corporate headcount by 50 percent this year, as well as in product development for its business units.
— Christine Hall
Vizio files to go public
Smart TV-maker Vizio filed for an IPO on Monday, revealing that it has sold more than 81 million TVs and nearly 12 million soundbars since being founded in 2002. This is the second time Vizio has filed to go public — it also filed in 2015 before China technology company LeEco announced plans to acquire Vizio in 2016. Those plans ultimately fell through, and now Vizio is once again looking to go public.
The company reported total revenue of about $2 billion in 2020, up about 11 percent year over year. Vizio plans to list on the New York Stock Exchange under the ticker VZIO.
— Sophia Kunthara
M&A
Agilent to buy Resolution Bioscience for up to $695M: Agilent Technologies announced an agreement to acquire Resolution Bioscience, a developer of next-generation sequencing-based precision oncology solutions. Under the terms of the agreement, Agilent will pay $550 million in cash at closing and up to an additional $145 million in performance-based milestone payments.
— Joanna Glasner
Funding rounds
Czech grocery startup Rohlik raises $230M: Rohlik, a grocery delivery service based in the Czech Republic, raised $230 million in fresh funding as it eyes expansion across Europe. Partech led the financing, with Index Ventures also participating.
— Joanna Glasner
Public markets
Oscar Health increases IPO range: Health insurance company Oscar Health could now raise as much as $1.17 billion in its initial public offering after increasing its price range to $36 to $38 per share, according to a regulatory filing made Tuesday. Oscar intends to offer 31 million shares and had initially priced them at between $32 and $34 per share a few weeks ago. The New York-based company filed its S-1 registration document with the U.S. Securities and Exchange Commission on Feb. 5. The company reported more than $488 million in revenue in 2019, up by around 5 percent from about $463 million in 2018. Its losses also shrunk in that period, from nearly $406 million in 2018 to around $261 million in 2019. The company has approximately 529,000 members across 18 states. Oscar’s health insurance model includes free virtual care appointments and a program for Medicare-eligible adults. The company, which was co-founded by Josh Kushner, founder of Thrive Capital, raised more than $1.6 billion in funding from investors including Founders Fund, Thrive Capital, CapitalG and Fidelity. It is estimated that Oscar’s fully diluted valuation will be approximately $8 billion, Reuters reported.
— Christine Hall
Illustration: Dom Guzman
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Source: https://news.crunchbase.com/news/briefing-3-2-21/
