BeiGene helped mRNA therapeutics developer Strand Therapeutics raise $52m while the Afterpay-backed AP Ventures led logistics provider Sendle's $35m series C round.

Funding

US-based mRNA therapeutics developer Strand Therapeutics secured $52m yesterday in a series A round that included biopharmaceutical company BeiGene. The corporate invested together with Redmile Group, Camford Capital, Playground Global and Anri, and Strand said the round boosted its overall funding to $66m. Playground Global had led its $6m seed round in mid-2019, participating alongside Anri and Alexandria Venture Investments, the venture capital vehicle for life science-focused real estate investment trust Alexandria Real Estate Equities.

AP Ventures, the investment vehicle which counts buy-now, pay-later service Afterpay as its largest shareholder, led a $35m series C round yesterday for Sendle, a US-based provider of affordable, carbon-neutral shipping for independent online merchants. Insurance firm NRMA, Federation and Full Circle Venture Capital also contributed to the round, all three  having participated in a $13.7m series B round in August 2020 alongside King River Capital, Alberts Impact Capital, Rampersand and Marinya Capital that took Sendle’s total funding to about $34m.

US-based investment software provider Atom Finance received $28m on Tuesday in a series B round led by telecommunications and internet group SoftBank’s Latin America Fund and backed by VC firm General Catalyst and growth equity firm Base Partners. It came after General Catalyst led the company’s $10.6m series A round in late 2019, investing with internet company Mail.ru, Greenoaks Capital, Global Founders Capital, Untitled Investments, Lachy Groom, Lee Fixel, Zach Weinberg and Nat Turner, boosting its overall funding to $12.5m.

Identity management technology provider Okta took part in a $25m series A round for Drata, a US-based developer of security and compliance automation software, through corporate venturing unit Okta Ventures yesterday. VC firm GGV Capital led the round, which included Silicon Valley CISO Investors, Cowboy Ventures and Leaders Fund. The startup had emerged from stealth in January this year with $3.2m in seed funding from Cowboy Ventures, Leaders Fund, SV Angel and unnamed individuals.

Eltropy, the US-based creator of a secure digital communications platform for financial services providers, completed its own $25m series round yesterday, with CMFG Ventures, the VC arm of mutual insurer Cuna Mutual Group, among the participants. Investment firm K1 Investment Management put up $21m to lead the round, which also featured Curql Fund, a vehicle launched by credit union network Members Development Company.

US-based intelligent recruitment software tool GoodTime increased its series A round to $16.7m yesterday, adding $9.5m from investors including video game developer Smilegate. KTB Ventures led the extension, which included fellow VC firm Atinum Investment and which followed early funding from GSV Ventures and Alchemist Accelerator, a $2m close co-led by Big Basin Capital and Walden Venture Capital in 2017 and a $5m tranche led by Bullpen Capital and backed by GSV Accelerate and Array.vc the following year.

Dell Technologies Capital, the investment arm of computing technology producer Dell, led a $16m series A round for Israel-headquartered cloud cybersecurity software developer Lightspin yesterday. Investment firm Ibex Investors also took part in the round, having led a $4m seed round for the company in November 2020 that also featured undisclosed individuals.

Symmetry Systems, a US-based data security technology developer spun out of University of Texas at Austin’s Spark Lab, raised $15m in series A funding yesterday from investors including consulting firm Accenture’s corporate VC unit, Accenture Ventures. The round was co-led by Prefix Capital and ForgePoint Capital and backed by multiple angel investors, and it follows a $3m seed round co-led by ForgePoint Capital and Prefix Capital announced when Symmetry emerged from stealth in August 2020.

Rarible, the US-headquartered operator of a blockchain-based online trading platform for digital collectibles, received $14.2m in funding from Venrock Capital, CoinFund and 01 Advisors yesterday. Digital currency exchange Coinbase had taken part in the startup’s $1.75m seed round in February this year through subsidiary Coinbase Ventures, investing alongside CoinFund, 1kx and ParaFi Capital.

Telecoms firm Verizon co-led a $13m series B round today for CoreTigo, an Israel-based provider of wireless connectivity technology for the industrial space, investing through its Verizon Ventures unit. The round was co-led with VC firm Cardumen Capital and included Lenovo Capital and Qualcomm Ventures – on behalf of electronics producer Lenovo and mobile chipmaker Qualcomm respectively – as well as Magma Venture Partners, Meron Capital and Sierra Ventures. Most of the participants, including Qualcomm Ventures, took part in the company’s $10m series A round in early 2019.

Financial services provider Orix has invested over $12m in DrChrono, the US-based developer of an open technology platform for medical practices, yesterday through its Orix Growth Capital subsidiary. Content management software provider Box invested $2.7m in DrChrono in 2014 following $4.1m in earlier funding from investors including 500 Startups, Y Combinator and General Catalyst, and it added $12m three years later in a series A round led by Runa Capital and backed by Maxfield Capital, FundersClub and angel investor Eric Dunn.

Acryl Data, a US-based provider of metadata management software, launched out of stealth yesterday with $9m in seed funding from investors including social network LinkedIn. The round was led by VC firm 8VC and also featured growth equity firm Insight Partners.

US-based customer support technology developer TheLoops also emerged from stealth yesterday, having completed an $8.75m seed round led by computing technology producer Dell through its Dell Technologies Capital subsidiary. VC firms Tidal Ventures and Westwave Capital also took part in the round, and the proceeds will fund research and development and go-to-market activities.

Better Juice, an Israel-based developer of technology intended to reduce sugars in natural juices, secured $8m in seed capital from investors including consumer goods importer Schestowitz Group and The Kitchen Hub, which was set up by food product manufacturer Strauss-Group and Israeli Innovation Authority. The round was led by iAngels and also featured Maverick Ventures, The Food Tech Lab, Neome and Semillero Ventures.

US-based property leasing software developer Vero raised $5m in series A funding from investors including real estate developers LeFrak and A&E Real Estate Holdings. The round was co-led by Eleven Capital and Bienville Capital, and the company said its overall funding now stands at over $9m.

Customer experience services provider Assurant Ventures supplied an undisclosed amount of funding yesterday for Zibo, the US-based creator of a financial software platform for independent landlords. The funding was provided through the corporate’s strategic investment arm, Assurant Ventures, and it followed a $10.5m seed round in August 2020 led by Canaan and backed by QED Investors, Khosla Ventures and SVB Capital.

Software provider Microsoft’s Climate Innovation Fund led a $2.2m bridge round yesterday for Rheaply, the US-based developer of an asset management software platform for the circular economy. Massachusetts Institute of Technologies’ Solve Innovation Future unit also took part in the round, which followed an $8m series A in February this year featuring enterprise software producer Salesforce’s investment arm, Salesforce Ventures, that boosted the company’s overall funding to $10m.

Taiwan-based virtual restaurant group 3 Square has secured $1.2m in seed capital from investors including retail chain Hanshin Department Store. The corporate was joined by VC firm Foodland Ventures and undisclosed family offices and angel investors. The startup will channel the funding into domestic growth as it looks to expand into other Asian markets.

Advanced battery technology producer InoBat has supplied approximately $710,000 for AgeVolt, a Slovakia-based developer of vehicle charging installation technology, through a €1.2m ($1.4m) funding round, Reuters reported on Tuesday, citing a company release. Asset management group IPM and VC fund Venture to Future Fund also contributed to the round.

 

M&A

Vegetarian children’s meal producer Once Upon a Farm has bought Raised Real, a US-based organic baby food delivery service, for an undisclosed amount, allowing food delivery group Schwan’s Company to exit. Schwan’s had provided $5m for the company in 2017, and it subsequently raised $1.3m in May 2018, $2m six months later and $350,000 in series A funding in April 2020 – all from undisclosed investors – according to regulatory filings.

Robert Lavine

Robert Lavine is special features editor for Global Venturing.