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Sweden payment unicorn Klarna reaches $31B valuation with new funding

Sweden’s Klarna hit a valuation of $31 billion after raising a fresh round of $1 billion. The payment firm’s valuation has nearly tripled in three months, with the firm now ranking as Europe’s most valuable startup.

The company did not disclose investors in the latest round. Previously, Klarna raised at least $2.1 billion in known funding from a long list of private-equity, venture capital and individual investors.

The fundraising comes amid speculation about a potential future public offering for the fast-growing company. Previously, Klarna’s CEO, Sebastian Siemiatkowski, has said he does intend to pursue a public offering via SPAC but has considered a direct listing of shares.

— Joanna Glasner

Coupang sets IPO price range

South Korea-based e-commerce marketplace Coupang set the price range for its upcoming initial public offering, according to a filing made Monday with the U.S. Securities and Exchange Commission.

The company aims to sell 120 million shares at between $27 and $30, raising approximately $3.6 billion. This values the company at $49 billion at the midpoint of that range, excluding stock options and restricted stock, according to The Information.

Coupang reported revenue of nearly $12 billion in 2020, up from $6.2 billion in 2019. It also improved its balance sheet as it grew, lowering its net loss to $474.9 million in 2020 from $698.8 million in 2019.

The company intends to list its shares on the New York Stock Exchange under the symbol CPNG.

Coupang joins other e-commerce brands that have gone public or are waiting to do so. Social commerce platform Poshmark began trading in January, and shares closed Monday at $63.21. Food-delivery app DoorDash began trading in December, and shares are closed at $168.89. Discount e-commerce retailer Wish also went public in December, and is trading at $19.58 per share. Still to come is Instacart, which Reuters reported chose Goldman Sachs to lead a 2021 IPO at a $30 billion valuation.

— Christine Hall

Funding rounds

Drone maker Skydio raises $170M: Drone-maker Skydio raised $170 million in a Series D funding round led by Andreessen Horowitz. The round brings total funding to date for the Redwood City, California-based company to $340 million, per Crunchbase data.

— Joanna Glasner

Axonius banks $100M for cybersecurity:  New York-based cybersecurity startup Axonius raised $100 million in fresh funding at a reported valuation of $1.2 billion. The company was founded in 2017 with the goal of giving organizations a comprehensive asset inventory, uncovering security solution coverage gaps, and automatically validating and enforcing security policies.

— Joanna Glasner

Rollick rolls in with $8.5M: Austin-based Rollick, which connects manufacturers, dealers and finance and insurance providers with in-market consumers, raised $8.5 million in funding led by a group of strategic investors including Sandbox Insurtech Ventures and TechNexus Venture Collaborative. The current round brings the total capital invested in the company to $22 million, according to Crunchbase data. Rollick operates the GoRollick powersports, recreational vehicle and boat buying program marketplace. All three industries saw significant growth in sales in 2020, including more than 420,000 RV units sold, according to the RV Industry Association.

— Christine Hall

Public markets

ChargePoint completes merger: Electric vehicle charging network ChargePoint completed its reverse merger with Switchback Energy Acquisition Corp and began trading Monday on the New York Stock Exchange under the symbol CHPT. Shares kicked off at $32.30 and rose as high as $33.26 before closing at $30.11. The Campbell, California-based company said it raised approximately $480 million in net proceeds following the Feb. 26 close of the deal with Switchback.

— Christine Hall

Illustration: Dom Guzman

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Source: https://news.crunchbase.com/news/briefing-3-1-21/