Lume Weekly Private Market News & Notes 7.17.2022

Covers news about startups, private deals, technology, and innovation in the private market

📊 Stats of the Week 📊

Tech M&A deal revenue multipliers according to an analysis of 5,413 software-related M&A deals published on Crunchbase.

💰 Fundraising 💰

Collective, a financial management platform for freelancers, raises $50M (Jul 11)

• Collective, a platform and advisory team that provides bookkeeping, payroll and tax advice to freelancers, announced it raised $50M in a funding round led by Gradient Ventures, Innovius Capital, General Catalyst, and more. The startup claims to serve thousands of members across the U.S. and has eight-figure annual recurring revenue.

Jirav, a startup developing financial planning software for businesses, raises $20M (Jul 11)

• Financial planning and analysis solutions provider Jirav announced $20M worth of new funding after closing a Series B round. The startup claims that it has a customer base of more than 4,000 companies. 

RightRev raises $12M in funding (Jul 11)

• RightRev, a Santa Clara, CA-based provider of cloud-based finance and accounting solutions for revenue recognition automation, raised $12M in funding round co-led by Norwest Venture Partners and Salesforce Ventures. "Since partnering with RightRev in 2021, the company has achieved a remarkable 250% increase in annual recurring revenue and established itself as a market leader," according to Scott Beechuk, Partner at Norwest Venture Partners.

Savvy, a platform to secure SaaS apps, launches out of stealth with $30M (Jul 11)

• Cloud security startup Savvy exited stealth mode and disclosed that it has raised $30M in funding. Its CEO says that the company has a total of 100,000 users under management.

Voice cloning platform Resemble AI lands $8M (Jul 12)

• Resemble AI, a platform that uses generative AI to clone realistic-sounding voices, announced that it raised $8M in a Series A round led by Javelin Venture Partners. The company says that it has 1 million users, who use the company's product to clone their own voice. More than 200 are business clients.

Elon Musk’s SpaceX nears $150B valuation after secondary share sale (Jul 13)

• SpaceX has an agreement with new and existing investors to sell up to $750M in stock from insiders at $81 a share, according to a copy of the purchase offer that CNBC obtained.

🗞 Others 🗞

TikTok parent ByteDance to allow US staff to cash out on shares (Jul 11)

• ByteDance, the Chinese owner of the short video app TikTok, will allow shares owned by U.S. employees to vest without waiting for the company to list in the stock market, thereby letting them cash out, according to Reuters.

SpaceX forecasts doubling of revenue to $8B (Jul 17)

• Space Exploration Technologies has told some investors it expects to bring in about $8B in revenue in 2023, roughly doubling its revenue from the previous year, according to The Information.

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