Lume Weekly Private Market News & Notes 12.19.2022
Covers news about startups, private deals, technology, and innovation in the private market
📊 Stats of the Week 📊
2022 US IPO market key takeaways:
71 IPOs raise $8B in slowest year by proceeds in over three decades
IPO activity expected to normalize around mid-2023 as packed pipeline waits for better conditions
💰 Fundraising 💰
Vic.ai, an accounting automation platform, raises $52M (Dec 13)
Vic.ai announced that it raised $52M in a Series C funding round led by GGV Capital and ICONIQ Growth. The company has 60 enterprise customers including HSB, Intercom and Armanino, with an active user base that’s grown 280% compared to 2021. Vic.ai’s contracted annual recurring revenue tripled in 2022 as compared to 2021 ($5M).
Finterest raises $1.5M seed to build crypto lending protocol (Dec 13)
Finterest, a crypto lending protocol available on the Internet Computer (ICP) built to support native Bitcoin borrowing and lending, announced the close of its $1.5M seed round.
DataVisor raises $14M (Dec 14)
DataVisor, a fraud detection and risk management software for financial services and digital commerce, announced that it has raised a $40M strategic growth investment led by Brighton Park Capital.
Nilus raises $8.6M to help companies automate their financial operations (Dec 14)
Nilus, a no-code platform that automates reconciliation, reporting, and payment workflows, has raised $8.5M in a seed funding round led by Bessemer Venture Partners.Â
Financial super app Toss closes $405M Series G as valuation rises 7% (Dec 19)
Viva Republica, an operator of South Korean finance super app Toss has finalized a $405M Series G funding at $7B valuation. The company claims it has the largest market share with its fintech super app in the country in terms of monthly active users (MAUs), with 24 million registered users for Toss.Â
Revel raises $7.8M to become the Instagram and Robinhood of NFT platforms (Dec 19)
Revel, a cross between a social network and an NFT marketplace, raised $7.8M in seed financing led by Dragonfly Capital.
ImagenAI lands $30M (Dec 19)
ImagenAI, a startup using AI to help professional photographers edit photos and automate post-production work, announced that it raised $30M. Co-founder and CEO, Yotam Gil Gil, says that the company is currently profitable, with more than $10M in annual recurring revenue coming in.
🗞 Others 🗞
Checkout.com cuts internal valuation to $11B (Dec 13)
Online payments firm Checkout.com has adjusted its internal valuation to $11B. Last round raised was at $40B valuation in January. The firm generated revenue of $252.7M and a pre-tax loss of $38.3M in 2020, according to a company filing.
Chime made two offers up to $2B to buy DailyPay (Dec 16)
Chime offered to buy earned wage access startup DailyPay twice this year, first for $1.6B and then for $2B, and was rejected twice according to The Information.
Binance to buy Voyager Digital’s assets for $1B (Dec 19)
Binance.US is stepping in today and offering to buy Voyager Digital’s assets for $1.022B. The deal hasn’t closed just yet. Due to the Chapter 11 process, there will be a court hearing on January 5, 2023. The Bankruptcy Court will decide if it approves the deal.