August 7, 2019

Wednesday! No column today — we were pulled in one too many directions — but more tomorrow. 🙂

Top News

Chip maker Broadcom is nearing a deal to buy the enterprise business of security software giant Symantec after its attempted purchase of the entire company fell apart. A deal could be announced as early as tomorrow. The WSJ has more here

WeWork has turned to a complex and increasingly popular corporate structure for its IPO, one that would give tax benefits to co-founder Adam Neumann and the company’s early investors, according to documents seen by the Financial Times. A tax attorney tells the outlet that the structure, called an “Up-C,” is a way for “owners and pre-IPO investors to create tax savings in a public company that aren’t fully shared with the public shareholders.” More here.

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Massive Fundings  

C2FO, an 11-year-old, Leawood, Ks.-based online business-to-business marketplace for working capital, just raised $200 million in funding led by the SoftBank Vision Fund, with participation from Temasek and Union Square Ventures. The company aims to creates a seamless match between accounts receivable and accounts payable and dynamically price the value for early payment in real time. It says it has more than 300,000 business using its technology at this point, too. More here

Jollychic, a seven-year-old, Hangzhou, China-based, Middle-East-focused e-commerce company that plans to branch out into digital payments, on-demand food delivery, transportation booking, and other services, has raised $65 million in Series C funding from G42 Group. South China Morning Post has more here

Webflow, a seven-year-old, San Francisco-based no-code website building company, has raised a whopping $72 million in Series A funding led by Accel. Other investors in the round include Silversmith Capital (a seed investor in the company), Rainfall CapitalDraper Associates, and FundersClub. Forbes has more here

Big-But-Not-Crazy-Big Fundings  

Cleave Therapeutics, a nine-year-old, San Francisco-based biopharmaceutical company focused on protein homeostasis and stress pathways in cancer and neurodegeneration, has raised $12 million in funding. Investors include 5AM VenturesCelgene CorporationOrbimedU.S. Venture PartnersArcus VenturesAstellas Venture Management, and Osage University PartnersMore here

Cloudleaf, a five-year-old, Milpitas, Ca.-based company that sells a mesh of IoT sensors, endpoints, gateways, and cloud technologies to generate a unique digital fingerprint with location and contextual metadata for physical assets, has raised $26 million in Series B funding. Intel Capital and WRVI Capital led the round, with participation from BluePointe VenturesBold Capital PartnersMahindra Partners and Tandem Capital. The company has now raised $39 million altogether. Tech Startups has more here

Ezoic, a nine-year-old, Carlsbad, Ca.-based maker of ad revenue optimization software for digital publishers, has raised $33 million from Sageview Capital. The company has now raised nearly $40 million altogether. VentureBeat has more here

RoosterBio, a seven-year-old, Frederick, Md.-based company that has developed technology to simplify the biomanufacturing of specific kinds of stem cells used in regenerative medicine, has raised more than $15 million in funding. Dynamk Capital led the round. Technical.ly Baltimore has more here

SignalWire, a two-year-old, Palo Alto, Ca.-based advanced programmable communications company, has raised $11.5 million in Series A funding. Storm Ventures led the round, joined by Samsung NEXTSequoia Capital (via its Scouts program), and numerous individual investors. More here

XOi Technologies, a nine-year-old, Nashville, Tn.-based field service tech firm, has raised $11 million in Series C funding led by PeakSpan Capital, with participation from Grotech Ventures and earlier backers Vocap Investment Partners and Nashville Capital Network. The Nashville Post has more here

Smaller Fundings  

Crosschq, a year-old, San Francisco-based company focused on eliminating the problem of bad hires through a SaaS product it says can minimize bias and protect privacy, has raised $4.1 million in seed funding. GGV Capital led the round. Other participants include Bessemer Venture Partners, Eventbrite cofounder Kevin Hartz, and the Golden State Warriors star Klay Thompson. Business Insider has more here

Eager Alpha, a seven-year-old, Dublin, Ireland-based analytics company focused on helping asset managers obtain alpha from alternative data, has raised $2.4 million in funding, including from Enterprise IrelandMore here

EnjoyHQ, a three-year-old, London-based customer feedback and user research startup, has raised $2 million in seed funding led by Point Nine Capital, with participation from The Venture CityLocalGlobeFaber VenturesKibo VenturesTechstars and Social CapitalMore here

FinMkt, an eight-year-old, New York-based financial and marketplace tech provider to retailers, associations, financial institutions, and alternative finance companies, has raised $5 million in Series B funding. FINTOP Capital led the round, joined by ManchesterStory Group and West Loop VenturesMore here

LUCA Biologics, a months-old, Cambridge, Ma.-based biotechnology company developing live biotherapeutics for medical needs in women’s health, including urinary tract infections and infertility, has raised $2.8 million in funding from Seed HealthMore here

Remarkably, a months-old, Seattle-based startup that’s selling marketing and analytics software products to developers, owners, and managers of residential buildings with multiple apartments or condominiums, has raised $4.1 million in seed funding led by Wildcat Venture Partners, with participation from PSL Ventures. Xconomy has more here

Rookout, a two-year-old, San Francisco- and Tel Aviv-based startup that provides debugging across a variety of environments, including serverless and containers, has raised $8 million in Series A funding led by Cisco Investments. Other participants include earlier backers TLV Partners and Emerge, along with GitHub CEO Nat Friedman, LaunchDarkly CTO John Kodumal, and other individual investors. TechCrunch has more here

Sunday, a year-old, Boulder, Co.-based direct-to-consumer lawn care company that delivers nontoxic products that it says are tailored to consumers’ climate and soil, has raised $6 million in Series A funding. Tusk Venture Partners led the round, with participation from Forerunner Ventures and Bullish. The company has now raised $9 million altogether. More here

Tripalink, a three-year-old, L.A.-based real estate startup providing co-living space for students and  young professionals, just raised a $10 million Series B round at a $100 million valuation from earlier backers Calin SJG Fund, China-based K2VC, and Tekton Ventures, as well as new investor Oriza Ventures. The company has now raised $20 million altogether. Crunchbase News has more here.

New Funds

 Corigin Ventures, a nine-year-old, New York-based seed-stage venture firm, has raised $32.5 million for a second fund that’s targeting up to $50 million, shows a new SEC filingMore here.

Exits 

Cisco is acquiring Voicea, a three-year-old, Mountain View, Ca.-based voice-focused AI startup whose tech is used to take notes and identify action items in meetings. Financial terms weren’t disclosed. Voicea had previously raised roughly $20 million in funding from GVe.venturesCisco InvestmentsM12Battery VenturesMindset VenturesSalesforce Ventures, and GGV Capital. Computerworld has more here

NAVEX Global, a 20-year-old, compliance management software company, has acquired Lockpath, a nine-year-old, Overland Park, Ks.-based maker of corporate governance, risk management, regulatory compliance, and information security software. Terms of the deal disclosed. Lockpath had raised approximately $8 million in venture funding from El Dorado VenturesSV AngelVesbridge Partners, and Webb Investment NetworkMore here

Nike acquired Celect, a seven-year-old, Boston-based cloud-based predictive analytics SaaS platform that was founded by two former MIT professors. Financial terms weren’t disclosed. Celect had raised more than $30 million from investors, including August CapitalNGP Capital and Activant Capital. The company most recently closed a $15 million Series C in December of last year. TechCrunch has more here

One week after closing its $15.7 billion deal for Tableau Software, Salesforce is out shopping again, announcing today it has bought field service software company ClickSoftware for $1.35 billion. ClickSoftware, once publicly traded, has been owned in more recent years by the private equity firm Francisco Partners. TechCrunch has more here

TopFunnel, a three-year-old, San Francisco-based recruiting platform backed by Felicis Ventures and Greylock (among others), has acquired Clara Labs, a San Francisco-based scheduling platform. Clara Labs had raised approximately $7.2 million in funding, including from Basis Set VenturesSequoia Capital, and First Round Capital. Terms of the deal aren’t being disclosed. TopFunnel has not publicly disclosed how much venture funding it has raised. More here.

IPOs 

Hold onto your hats. On August 19th, roughly $15 billion worth of Lyft shares will be released from any post-IPO lockup restrictions. The company announced the news in a security filing earlier today that coincided with its quarterly results, wherein Lyft topped consensus expectations and guided toward narrower losses for the year than had previously been expected. Yahoo Finance has more here.

People 

Jean-Paul Sanday has joined Menlo Ventures as a partner. He previously spent three years as a vice president with Summit Partners. 

Essential Reads 

FedEx is cutting another tie with Amazon as it becomes more competitor than partner; this time, FedEx not renewing its ground-delivery contract with with Amazon when it expires at the end of this month, reports Bloomberg

Tesla’s claims about the safety of its Model 3 electric vehicle has prompted U.S. regulators to send a cease-and-desist letter and escalate the matter by asking the Federal Trade Commission to investigate, reports TechCrunch

Buzzy San Francisco startup HYP3R has reportedly been secretly saving what appears to be millions of Instagram users’ stories and tracking their locations. Presented with evidence of the abuse, Instagram kicked the company off the platform today

The headphone jack dies not with a bang, but with a (Samsung GalaxyNote.

Detours 

Nicolas Cage on acting, philosophy and searching for the — literal — Holy Grail

Robot tails

I am a barn, and I don’t want to host your wedding.

Retail Therapy 

The Audi E-Tron scooter. It’s pricey, but you do get four wheels.  

Just sitting here, on a subway train, in my fishing vest. 


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