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The Briefing: Porch Acquires More Companies, Grab Financial Group Lands $300M, 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.

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Porch acquires four companies

Home services marketplace Porch announced Thursday that it acquired four companies, including Homeowners of America Insurance Company for $100 million. The company also acquired V12 for $22 million and PalmTech and iRoofing for undisclosed amounts.

Grab Financial Group lands $300M

Grab Financial Group, the fintech spinoff of Singapore-based ride-hailing giant Grab, raised $300 million in fresh financing at a reported valuation of $3 billion.

Hanwha Asset Management led the funding for the 2-year-old spinoff, which offers payments, credit and insurance.  The funding will go toward hiring, expansion and rollout of new product offerings.

Senndr raises $160M for freight forwarding

Berlin-based digital freight forwarding platform Senndr raised $160 million in a new funding round that sets a valuation of more than $1 billion for the 6-year-old company.

Backers in the Series D funding round include Accel, Lakestar, HV Capital, Project A and Scania. With this latest financing, Senndr has raised at least $260 million to date in known funding, per Crunchbase data.

Funding rounds

  • Shippeo brings in $32M for supply chain logistics: Shippeo, based in France, raised $32 million in a new round of funding co-led by Battery Ventures and existing investors NGP Capital, ETF Partners, Partech and Bpifrance Digital Venture.
  • Xentral raises $20M to develop enterprise tools: Xentral, a German company that provides an enterprise resource system for online-oriented small and medium-sized businesses, secured $20 million in Series A funding led by Sequoia Capital with participation from Visionaries Club.
  • Mosaic raises $18.5M to develop financial data platform: Mosaic, the San Diego-based company building a strategic finance platform, raised an $18.5 million Series A round of funding led by General Catalyst.
  • Tradeswell gets $15.5M for e-commerce tech: Tradeswell, a startup that makes an operating system for digital marketplace brands, said it has raised $15.5 million in a Series A funding round led by SignalFire, the same investor that led its recent seed round. Construct Capital, Allen & Company LLC and The Emerson Group were also investors in the Series A. Venture investors have poured $21.1 billion into e-commerce companies globally since 2016, according to Crunchbase data, and 2021 is poised to be another strong year for online shopping and startups that supply technology to e-commerce retailers.
  • Twisto bags 16M euros for BNPL: Twisto, headquartered in Prague, secured 16 million euros ($19.4 million) in financing led by Zip Co. and Elevator Ventures. Twisto focuses on the “buy now, pay later” space and will use the funds to expand across Europe.
  • Prometheum secures $15M for blockchain securities ecosystem: New York-based Prometheum, said it has closed on an oversubscribed funding round of more than $15 million led by undisclosed investors.
  • RecVue raises $13M for order management: Monetization platform RecVue, provider of order lifecycle management tools designed to modernize the complex order-to-cash processes for enterprises, raised $13 million in a Series A round led by Cota Capital.
  • Own Up lands $12M for home financing: Own Up, a mortgage marketplace for home financing headquartered in Boston, announced $12 million in funding led by Brand Foundry Ventures.
  • ShotTracker scores $11M for sports data platform: DDSports, also known as ShotTracker, a Merriam, Kansas-based sports technology company, raised an $11 million round of funding led by Evertz Technologies and Verizon Ventures1. ShotTracker captures performance data via sensors to provide statistics and analytics and will use the funds to accelerate its deployment across NCAA Division I Power 6 Basketball conferences.
  • Vue Storefront bags $1.5M for front-end e-commerce: Vue Storefront, an API-focused and front-end for e-commerce, closed on a $1.5 million seed round led by Movens Capital and SMOK Ventures.
  • Royale Finance banks $1.45M to merge DeFi with iGaming: Belize-based iGaming company Royale Finance raised $1.45 million to bring decentralized finance to iGaming. Contributors to the funding round include Alphabit Fund, AU21 Capital, Fomocraft Ventures, Kyros Ventures and Vendetta Capital.
  • Frankie Health secures $1.25M to target mental health: B2B mental health platform Frankie Health, headquartered in Ireland, closed on a $1.25 million investment round led by E15 VC.

More news

  • PowerPlant Ventures acquires ZICO from Coca-Cola: PowerPlant Ventures announced its fund has acquired ZICO coconut water from The Coca-Cola Company. PowerPlant Ventures, a growth equity investor, was co-founded and co-led by Mark Rampolla, who founded ZICO in 2004 and sold it to Coca-Cola in 2013. Terms were not disclosed.
  • P&G Ventures names challenge winner: P&G Ventures has named SAVRPak as the winner of its 2021 CES Innovation Challenge. The startup is developing a patch placed inside of a food storage container that removes moisture from the air and eliminates condensation to preserve food’s crispness and freshness.

Illuminate Ventures published a report Thursday entitled “Today’s MBA Student is Tomorrow’s Entrepreneur: A View of Gender’s Impact on Career Choices,” that highlighted MBA student and candidate interest in becoming entrepreneurs. It found:

  • Over 85 percent of respondents indicated that it was something they were considering as a current or future career path.
  • The top reason for not becoming an entrepreneur was the lack of financial security after graduation–a reason for both men and women–while woman respondents’ overall concern was availability of funding for a new venture.
  • For VCs, financial security was not viewed as a major barrier by either male or female investors.
  • They viewed having a unique idea as the greatest barrier to entry.

While MBAs were interested in careers in venture capital–63 percent of men and 53 percent of women–they strongly believed it is very hard to break into the space. Roughly 75 percent of female students perceived a “high barrier to entry,” as well as nearly 80 percent of male students.

Illustration: Dom Guzman

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

Source: https://news.crunchbase.com/news/briefing-1-14-21/

Start Ups

Turning Talents Into Tender: West Tenth Bags $1.5M For Women’s Digital Marketplace

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The global pandemic changed the way women thought about their careers, with many choosing to leave their jobs in order to stay home and care for family members.

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West Tenth, a digital marketplace that is helping women turn nontraditional talents into flexible businesses run from home, closed $1.5 million in seed funding led by Better Ventures. Joining the firm was Stand Together Ventures Lab, Kapital Partners, The Community Fund, Backstage Capital, Wedbush Ventures and Gaingels. The funding gives West Tenth $1.75 million in total funding, according to Lyn Johnson, co-founder and CEO.

Johnson and Sara Sparhawk founded the Los Angeles-based company in 2019 after recognizing that many women turn to home-based businesses if traditional employment does not work out.

“We are supportive of women leaving the workforce, but terrible at supporting them on the way back in,” Johnson said. “As a result, women are turning to micro-entrepreneurship. However, it is hard to see all of those microbusinesses. Many are not on Google or Yelp and have to get word of mouth or be on some sort of social media.”

Prior to the pandemic, 28 million women in the United States did not participate in the workforce, Johnson told Crunchbase News. It is estimated that approximately 2.4 million women exited the workforce over the past year, compared with 1.8 million men, according to an NBC News report.

West Tenth app example

West Tenth’s app enables women to monetize their domestic talents, such as baking, photography or home organization, and then connects them with people in their communities who would like to purchase their products or services.

It is free to have a storefront on the app and people can purchase from the platform, with West Tenth collecting a portion of the purchases, Johnson said.

By Sparhawk’s count, there are more than 9 million home-based businesses, so the company will be using the new funds to build out its product team to get the marketplace into more hands, providing education and a community. The company is also spearheading a program called “The Foundry by West Tenth” that will have guest speakers and networking events focused on topics relevant to women, Sparhawk said in an interview.

The company’s marketplace started with 20 businesses and has grown to 600. It primarily operates in Southern California and Salt Lake City, and West Tenth is planning to expand into Boise and Phoenix later this year, but is also accepting new home-based businesses every day from women across the U.S.

Meanwhile, Lyndsey Boucherle, principle at Better Ventures, said in a written statement that the firm likes to back founders that are democratizing access to opportunity and prosperity.

“West Tenth provides a platform and community for women entrepreneurs to build their own businesses, at a time when women have left the workforce in record numbers,” Boucherle added. “We are excited to support their mission to enable these women to turn their skills and talents into successful home-based businesses.”

Feature photo of West Tenth co-founders Lyn Johnson and Sara Sparhawk, as well as app inset photo courtesy of the company.
Blogroll illustration: Li-Anne Dias

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Source: https://news.crunchbase.com/news/turning-talents-into-tender-west-tenth-bags-1-5m-for-womens-digital-marketplace/

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Start Ups

Turning Talents Into Tender: West Tenth Bags $1.5M For Women’s Digital Marketplace

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The global pandemic changed the way women thought about their careers, with many choosing to leave their jobs in order to stay home and care for family members.

Subscribe to the Crunchbase Daily

West Tenth, a digital marketplace that is helping women turn nontraditional talents into flexible businesses run from home, closed $1.5 million in seed funding led by Better Ventures. Joining the firm was Stand Together Ventures Lab, Kapital Partners, The Community Fund, Backstage Capital, Wedbush Ventures and Gaingels. The funding gives West Tenth $1.75 million in total funding, according to Lyn Johnson, co-founder and CEO.

Johnson and Sara Sparhawk founded the Los Angeles-based company in 2019 after recognizing that many women turn to home-based businesses if traditional employment does not work out.

“We are supportive of women leaving the workforce, but terrible at supporting them on the way back in,” Johnson said. “As a result, women are turning to micro-entrepreneurship. However, it is hard to see all of those microbusinesses. Many are not on Google or Yelp and have to get word of mouth or be on some sort of social media.”

Prior to the pandemic, 28 million women in the United States did not participate in the workforce, Johnson told Crunchbase News. It is estimated that approximately 2.4 million women exited the workforce over the past year, compared with 1.8 million men, according to an NBC News report.

West Tenth app example

West Tenth’s app enables women to monetize their domestic talents, such as baking, photography or home organization, and then connects them with people in their communities who would like to purchase their products or services.

It is free to have a storefront on the app and people can purchase from the platform, with West Tenth collecting a portion of the purchases, Johnson said.

By Sparhawk’s count, there are more than 9 million home-based businesses, so the company will be using the new funds to build out its product team to get the marketplace into more hands, providing education and a community. The company is also spearheading a program called “The Foundry by West Tenth” that will have guest speakers and networking events focused on topics relevant to women, Sparhawk said in an interview.

The company’s marketplace started with 20 businesses and has grown to 600. It primarily operates in Southern California and Salt Lake City, and West Tenth is planning to expand into Boise and Phoenix later this year, but is also accepting new home-based businesses every day from women across the U.S.

Meanwhile, Lyndsey Boucherle, principle at Better Ventures, said in a written statement that the firm likes to back founders that are democratizing access to opportunity and prosperity.

“West Tenth provides a platform and community for women entrepreneurs to build their own businesses, at a time when women have left the workforce in record numbers,” Boucherle added. “We are excited to support their mission to enable these women to turn their skills and talents into successful home-based businesses.”

Feature photo of West Tenth co-founders Lyn Johnson and Sara Sparhawk, as well as app inset photo courtesy of the company.
Blogroll illustration: Li-Anne Dias

Checkout PrimeXBT
Source: https://news.crunchbase.com/news/turning-talents-into-tender-west-tenth-bags-1-5m-for-womens-digital-marketplace/

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Start Ups

Turning Talents Into Tender: West Tenth Bags $1.5M For Women’s Digital Marketplace

Avatar

Published

on

The global pandemic changed the way women thought about their careers, with many choosing to leave their jobs in order to stay home and care for family members.

Subscribe to the Crunchbase Daily

West Tenth, a digital marketplace that is helping women turn nontraditional talents into flexible businesses run from home, closed $1.5 million in seed funding led by Better Ventures. Joining the firm was Stand Together Ventures Lab, Kapital Partners, The Community Fund, Backstage Capital, Wedbush Ventures and Gaingels. The funding gives West Tenth $1.75 million in total funding, according to Lyn Johnson, co-founder and CEO.

Johnson and Sara Sparhawk founded the Los Angeles-based company in 2019 after recognizing that many women turn to home-based businesses if traditional employment does not work out.

“We are supportive of women leaving the workforce, but terrible at supporting them on the way back in,” Johnson said. “As a result, women are turning to micro-entrepreneurship. However, it is hard to see all of those microbusinesses. Many are not on Google or Yelp and have to get word of mouth or be on some sort of social media.”

Prior to the pandemic, 28 million women in the United States did not participate in the workforce, Johnson told Crunchbase News. It is estimated that approximately 2.4 million women exited the workforce over the past year, compared with 1.8 million men, according to an NBC News report.

West Tenth app example

West Tenth’s app enables women to monetize their domestic talents, such as baking, photography or home organization, and then connects them with people in their communities who would like to purchase their products or services.

It is free to have a storefront on the app and people can purchase from the platform, with West Tenth collecting a portion of the purchases, Johnson said.

By Sparhawk’s count, there are more than 9 million home-based businesses, so the company will be using the new funds to build out its product team to get the marketplace into more hands, providing education and a community. The company is also spearheading a program called “The Foundry by West Tenth” that will have guest speakers and networking events focused on topics relevant to women, Sparhawk said in an interview.

The company’s marketplace started with 20 businesses and has grown to 600. It primarily operates in Southern California and Salt Lake City, and West Tenth is planning to expand into Boise and Phoenix later this year, but is also accepting new home-based businesses every day from women across the U.S.

Meanwhile, Lyndsey Boucherle, principle at Better Ventures, said in a written statement that the firm likes to back founders that are democratizing access to opportunity and prosperity.

“West Tenth provides a platform and community for women entrepreneurs to build their own businesses, at a time when women have left the workforce in record numbers,” Boucherle added. “We are excited to support their mission to enable these women to turn their skills and talents into successful home-based businesses.”

Feature photo of West Tenth co-founders Lyn Johnson and Sara Sparhawk, as well as app inset photo courtesy of the company.
Blogroll illustration: Li-Anne Dias

Checkout PrimeXBT
Source: https://news.crunchbase.com/news/turning-talents-into-tender-west-tenth-bags-1-5m-for-womens-digital-marketplace/

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After $31M Raise, Nuvolo Eyes IPO As Early As 2023

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Nuvolo expects to significantly scale the company after closing a $31 million Series C, looking to hit $100 million in annual recurring revenue by late 2022 and possibly the public market the following year.

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“We plan to use the proceeds to drive this business to $100 million in ARR, a couple billion in valuation, and eventually liquidity in the public market,” said founder and CEO Tom Stanford.

Insight Partners led the Series C raise for the Paramus, New Jersey-based workplace services company. Other investors in the round include New Enterprise Associates, Kaiser Permanente Ventures and Revelation Partners.

“Nuvolo is exactly the kind of company we partner with,” said Henry Frankievich, principal at Insight Partners. “They have a great product with a huge market. Nuvolo is in that very exciting growth stage.”

The platform

Nuvolo’s integrated workplace management systems (IWMS) platform is built on top of ServiceNow and allows customers to manage their operations through one unified platform. Companies often use a variety of systems to manage things like real estate, operational technology, facilities and other assets. Nuvolo lets companies use just one cloud-native platform and consolidate down to one system of record, Stanford said.

In addition, Nuvolo also layers on operational technology security capabilities, letting customers such as health care providers know if medical equipment or other physical assets may be at risk of failing and proactively safeguard them.

While the company faces large competitors in the IWMS market such as IBM Maximo and Tango, Stanford said Nuvolo’s added security layer and cloud-native platform helps differentiate it in the market.

Growth ahead

Nuvolo plans to leverage its partnership with Insight to significantly grow the company in the years ahead, Stanford said. The 300-person company plans on 65 percent to 70 percent growth the next two to three years, hitting $100 million ARR by late next year, Stanford said.

While Nuvolo has customers in several categories, Stanford said life sciences and health care are the company’s largest verticals. Nuvolo currently works with more than 1,550 customers, and has a footprint in 65 percent of U.S. hospitals.

With Nuvolo’s platform expanding beyond the normal IWMS scope and into modern field service management and cybersecurity, Frankievich said, there is significant potential to expand in these large, fast-growing markets.

Stanford has no doubt that could set the company up for an IPO by 2023.

“We love ourselves as an independent company,” he said.

Illustration: Li-Anne Dias.

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Source: https://news.crunchbase.com/news/after-31m-raise-nuvolo-eyes-ipo-as-early-as-2023/

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