Cybersecurity software developer Sonrai Security, small business insurance provider Coterie and fashion brand Love, Bonito each raised $50m in corporate-backed rounds.

Funding Cybersecurity software provider Istari led a $50m series C round on Tuesday for Sonrai Security, a US-based developer of cybersecurity technology for public clouds. New Brunswick Innovation Fund (NBIF), Polaris Partners, Menlo Ventures and TenEleven Ventures also took part in the round, the last three having provided $20m in series B funding for the company in October 2020. Sonrai had emerged from stealth in January 2019 with $18.5m from a series A round co-led by Polaris Partners and TenEleven Ventures that included NBIF. Coterie Insurance, a US-based provider of small business insurance, closed a $50m series B round on Tuesday that included insurance firm Group 1001. The round was led by Weatherford Capital and backed by RPM Ventures, Intact Ventures and Alpha Edison, the three having joined Group 1001 subsidiary Lackawanna Insurance and Allos Ventures in an $11.5m series A-1 round in February this year. Coterie said it has now raised $75m in total, and its earlier investors include financial services group Western & Southern and Greenlight Re Innovations, a subsidiary of reinsurance firm Greenlight Re. Singapore-headquartered fashion brand Love, Bonito completed a $50m series C round yesterday led by investment firm Primavera Capital Group that also featured fashion retailer Adastria and Ondine Capital. The company had secured an undisclosed amount of series A funding from Openspace Ventures (then known as NSI Ventures) in 2016 and $13m in a 2018 series B round led by e-commerce firm Kakaku that included Openspace. Healthworx, the innovation and investment arm of health insurance provider CareFirst Holdings, co-led a $45m funding round for US-based workforce management software provider ShiftMed yesterday. The round was co-led by venture capital firm Panoramic Ventures and included Motley Fool Ventures, the VC arm of financial information provider The Motley Fool, as well as Blue Heron Capital and 3TS Capital Partners. The company has not disclosed any earlier funding. QuickNode, a US-headquartered blockchain infrastructure software developer backed by telecommunications and internet group Softbank, raised $35m in series A funding yesterday. Tiger Global Management led the round, investing alongside Seven Seven Six, Soma Capital, Arrington XRP Capital, Crossbeam Venture Partners and angel investor Anthony Pompliano. It came seven months after Seven Six led a $5.3m seed round for the company that also featured Softbank’s Opportunity Fund, Arrington XRP Capital, Crossbeam and Pompliano. Petroleum refiner SK Innovation invested $30m in US-based solid-state battery cell developer Solid Power yesterday. Solid Power agreed in June this year to pursue a reverse merger with…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.