Lume Weekly Private Market News & Notes 8.22.2022
Covers news about startups, private deals, technology, and innovation in the private market
📊 Stats of the Week 📊
Private market valuations return to pre-pandemic levels
In Q1 2022, 58% of secondary transactions were at par to the last preferred round and 16% were at a premium. In Q2 2022, 47% of secondary transactions were at par to the last preferred round and no transactions occurred at a premium, according to Nasdaq Private Market.
💰 Fundraising & Merger and Acquisition 💰
Customer service platform Gorgias raised $30M at $710M valuation (Aug 15)
Gorgias, developing customer service tools for e-commerce companies, announced that it has raised $30M Series C round boosting its valuation to $710M. Transpose Platform and Shopify led the round.
Meta invests in Take App a startup that helps merchants sell via WhatsApp (Aug 15)
Meta Platforms invested in Take App, a Singaporean startup founded by former Facebook engineering manager Youmin Kim who wants to bridge the digital gap for small-business owners in Southeast Asia.
Remitly acquires a fintech startup Rewire for $80M (Aug 16)
Remitly, an online remittance service based in Seattle, announced that it is acquiring Rewire, an Israeli fintech startup that has developed a services platform for migrant workers.
Neobank for high growth SaaS startup, Arc, raised a $20M Series A (Aug 16)
Arc, a YC-backed startup that aims to give SaaS startups “a way to borrow, save and spend” in one place, has raised $20M in a Series A round of funding. The company says that on average, its revenue has grown by 250% every month since the fourth quarter of 2021.
Social investment platform eToro to acquire fintech startup Gatsby for $50M (Aug 17)
Social trading and multi-asset brokerage company eToro has secured the regulatory nod to acquire no-fee trading app Gatsby for $50M in a cash and common stock deal as it aims to expand its business in the US.
HR startup HiBob’s valuation surges to $2.45B on a $150M raise (Aug 17)
Cloud-based human resource (HR) platform HiBob announced that it has raised $150M in a Series D round of funding at a $2.45B valuation, which represents ~50% increase compared to its Series C round 10 months ago.
WeWork’s Adam Neumann wins funding for new billion-dollar startup (Aug 17)
Adam Neumann, Former CEO of WeWork, report raised $350M from Andreessen Horowitz for his new residential real estate company Flow that focused on rentals. The round values Flow at over $1B.
eBay is acquiring trading card marketplace TCGplayer for up to $295M (Aug 22)
EBay announced today that it is acquiring TCGplayer, an online marketplace for collectible trading card games, in a deal valued up to $295M. EBay says the acquisition furthers its commitment to trading card enthusiasts and also noted that trading cards are currently showing “substantial growth”.
🚀 Product Launches 🚀
SmilePay rolls out face payments (Aug 16)
Azerbaijan-based SmilePay launches face biometrics payments with two major food retailers in the country to let shoppers buy their groceries using their faces.
Banking-as-a-sevice provide Bond launches a Credit Builder Card (Aug 18)
Banking-as-a-sevice provide Bond launched a new Credit Builder Card that makes it simpler for fintechs and brands to offer secured credit cards to their customers.
🗞 Others News 🗞
SoFi debuts ETF focused on NFTs, blockchain tech, metaverse (Aug 9)
Digital financial services company SoFi launches an ETF focusing on NFTs, blockchain technology and the metaverse.
Galaxy Digital calls off $1.2B deal for crypto custody firm BitGo (Aug 15)
Digital asset investment firm Galaxy Digital said that it is terminating a $1.2B acquisition of Palo Alto, California-based BitGo due to the crypto custody firm’s failure to deliver audited financial statements that were due by the end of last month.
Ready Life helps renters become homeowners without a credit score (Aug 15)
Ready Life, a fintech platform disrupting the mortgage lending industry, has announced a partnership with Tampa-based American Landmark Apartments, one of the largest multifamily owner-operators in the country, to help renters become homeowners without a credit score.
BlockFi tops the Inc. 5000 list with almost 250,000% revenue growth in three years (Aug 16)
Inc. magazine has named BlockFi the fastest growing company in the United States in 2022, showing BlockFi experienced 245,616% growth.
Crypto crime falls 15% according to Chainalysis (Aug 16)
Illicit activity involving cryptocurrency is down 15% in volume year over year compared to 36% for legitimate volumes, according to a new report from blockchain intelligence firm Chainalysis.
Wayfair to lay off 5% of its workforce, or nearly 900 employees (Aug 19)
Wayfair, the online home goods retailer, announced it was laying off close to 900 employees.
FTX US among 5 companies to receive cease and desist letters from FDIC (Aug 19)
The Federal Deposit Insurance Corporation (FDIC) has issued cease and desist letters to five companies including FTX US for allegedly making false representations about deposit insurance related to cryptocurrencies.
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