Startups Raise Over $379M, Investors Raise $1.1B for New Funds, and $37.8B in M&A
October 18, 2023's biggest news in the private markets.
Nirvana Insurance, a one-year-old San Francisco startup that is using AI to design insurance products for commercial fleets, raised a $57 million Series B round at a $350+ million post-money valuation. The deal was led by Lightspeed Venture Partners, with additional participation from General Catalyst and Valor Equity Partners.
Nucleus RadioPharma, a one-year-old startup based in Rochester, Mn., that plans to develop, manufacture, and distribute radiopharmaceuticals, raised a $56 million Series A round co-led by Eclipse and GE HealthCare, with Echo Global, Fox Chase Cancer Center, and Granger Management also participating.
Procurify, a 12-year-old Vancouver company whose platform offers modules to manage purchasing, accounts payable, and data analytics, raised a $50 million Series C round led by Ten Coves Capital and including Export Development Canada. The company has raised a total of $70 million.
Evident Vascular, a California company creating AI-enabled intravascular ultrasound technology, announced its launch today with $35 million in Series A financing led by Vensana Capital.
Nova Credit, a seven-year-old San Francisco startup that helps immigrants build credit history in the U.S. by using their international credit history, raised a $45 million Series C round led by Canapi Ventures, with Geodesic Capital, Harmonic Capital, Radiate Capital, and Socium Ventures as well as previous investors General Catalyst, Index Ventures, Kleiner Perkins, Y Combinator, and Avid Ventures also stepping up.
Prove Identity, a 15-year-old New York company whose smartphone-based identity verification platform uses tools like facial recognition and phone data to authenticate users, raised a $40 million round at a $1+ billion valuation. The deal was co-led by MassMutual Ventures and Capital One Ventures.
Reality Defender, a two-year-old New York startup that is developing tools to detect deepfakes and other AI-generated content, raised a $15 million Series A round led by DCVC, with Comcast Ventures, Ex/ante, Parameter Ventures, and AI Grant also taking part.
Auriga Space, a one-year-old Los Angeles startup that is developing a new electromagnetic launch system to reduce the cost of space launches, raised a $5 million round. Investors included Trucks VC, Seraphim Space, Possible Ventures, Unlock Ventures, DNX Ventures, Monte Carlo Capital, Vermillion Ventures, Heuristic Capital, and Syndicate 708.
Carbon Equity, a two-year-old Amsterdam startup that has created a platform for investing in VC and private equity funds focused on climate tech, raised a $6.3 million Series A round led by BlackFin Capital Partners, with 4Impact also contributing. The company has raised a total of $9.6 million.
Creative Force, a four-year-old Denmark startup that uses AI to help retailers and brands create content for marketing campaigns and online merchandising, raised an $8.9 million Series A round at a $56 million valuation. Export and Investment Fund of Denmark and Hearst Ventures co-led the deal. The company has raised a total of $17.9 million.
Hiive, a two-year-old Vancouver startup that is creating an online marketplace for private company shares, raised a $4.2 million round at a $77 million post-money valuation. Uncorrelated Ventures was the deal lead, while Splash Capital, Harmony Venture Partners, Hack VC, Agmen Capital, and Lending Club co-founder Renaud Laplanche also invested.
Jiraaf, a two-year-old Bengaluru startup that offers fixed income investment opportunities such as treasury bills, corporate bonds, asset leasing, and venture debt, raised an $8.7 million Series B round. Accel and Harmony Partners were the co-leads.
QuoteMachine, a five-year-old Montreal startup whose software enables retailers to provide customized quoting, ordering, invoicing, and payment services, raised a $3.7 million seed round led by Manresa Ventures, with Clocktower Technology Ventures and Precursor Ventures also chipping in.
Riffusion, a San Francisco startup whose AI-powered app can create original music from text, raised a $4 million seed round led by Greycroft, with South Park Commons and Sky9 also kicking in.
SwiftConnect, a three-year-old New York startup that uses NFC to allow employees and tenants to use their smartphones or smartwatches to access commercial real estate buildings, raised a $10 million round led by Quadri Ventures. The company has raised a total of $40 million.
Urban Sky, a four-year-old Denver startup that provides Earth imaging services using reusable stratospheric balloons, raised a $9.75 million Series A round co-led by New Legacy Ventures, Lerer Hippeau, and Lavrock Ventures, with Catapult Ventures, Union Labs VC, DA Ventures, and TenOneTen Ventures also piling on.
Ventricle Health, a startup based in Greensboro, NC, that provides virtual cardiac care, raised an $8 million seed round led by RA Capital Management, with Waterline Ventures also joining in.
Volteras, a London startup whose API aims to provide developers with a platform to deliver new analytics and software for electric vehicles, chargers, and home batteries, raised a $2.9 million round. Investors included Exor, Long Journey Ventures, and Scott Banister.
LeapFrog Investments, a 16-year-old, London-based private equity firm that's keen on the financial and healthcare sectors, plans to raise $1 billion for a new fund targeting businesses in “global growth markets,” including Africa. The Emerging Consumer Fund IV is set to hold a final close in February, having already secured the backing of several institutional investors, including the European Investment Bank and World Bank’s IFC, which have committed $60 million and $50 million, respectively. Others of its limited partners include Prudential Financial and the Hong Kong-based insurer AIA Group, which have made multi-fund investments of $500 million and $200 million, respectively.
Shield Capital, a three-year-old San Francisco-based venture firm, closed its inaugural fund with $186 million in capital commitments. Cofounder Philip Bilden previously cofounded the PE and VC investment manager HarbourVest Partners; his founding partner, Raj Shah, was previously a senior director of cybersecurity at Palo Alto Networks, among other roles.
US natural gas producer Chesapeake Energy approached rival Southwestern Energy, which has a $12B valuation including debt, about a possible acquisition.
Wyndham Hotels & Resorts rejected a ~$9.8B cash and stock takeover offer from Choice Hotels International, calling the offer ‘underwhelming’.
CVC Capital Partners is in the early stages of considering a potential bid for European payments firm Nexi, which has an $8B market value.
Life sciences and lab equipment supplier Thermo Fisher Scientific will acquire Olink Holding in a deal that values the pharmaceutical products and services company at ~$3.1B.
Mitsubishi is considering a bid for Fujitsu's $2.6B, 50% stake in chip packaging unit Shinko Electric Industries.
South Korea's biggest carrier, Korean Air Lines, will offer to sell Asiana Airlines' air cargo business and divest routes to four EU cities in a bid to acquire EU antitrust approval for its $1.4B acquisition of its rival airline.
Australian property developer Mirvac Group will acquire land lease operator Serenitas from Singapore state investor GIC for $643M.
Chile state miner Codelco, the world’s largest copper producer, will acquire Lithium Power International for ~$244M.
British retailer Tesco is exploring a potential sale of its banking arm.
Abu Dhabi holding company Multiply Group is in talks to buy a stake in Turkish waste management firm Biotrend.
Ant Group acquired mutual fund issuer Vanguard’s 49% stake in their robo-advisory JV, giving Ant full ownership of the business.
Continental, one of Europe’s top car-parts makers, is considering a sale of its automotive assets, including its autonomous mobility business.
Fitness company Hydrow, which is backed by PE firm L Catterton, is in talks to acquire smaller rival Cityrow.
KKR acquired a minority stake in life sciences investor Catalio Capital Management.