Bay Area tech companies raised a combined more than $1.5 billion in venture capital financing last week. Read more to find out the latest developments on the Bay Area tech front, including some of the local companies leading the funding surge. This is the Built In SF weekly refresh.
Honor raised $370M. The latest raise for the home care company cemented its status as a unicorn with a valuation of $1.25 billion. The Series E, led by Baillie Gifford, included $70 million in equity financing and $300 million in debt financing. Honor provides prospective caregivers with digital marketing and sales training to help them grow their business from the ground up. The company will use the additional capital to triple down on its research and development efforts. Moving forward, the company plans to aggressively hire for its product and engineering departments. [Built In SF]
Domino Data Lab grabbed $100M. The Series F for the data science management platform was led by Great Hill Partners and comes comes in a little over a year following its $43 million Series E. Domino’s machine learning operations (MLOps) platform helps businesses accelerate their research and manage data science at scale. Following the latest raise, the company plans to continue expanding its team. Domino is now hiring for over 40 in-person and remote-based tech positions spanning multiple departments. [Built In SF]
Tekion scored $250M. The Series D for the automotive retail platform was co-led by Alkeon Capital and Durable Capital. With a total of $435 million in venture capital financing raised to date, the unicorn is valued at $3.5 billion. Tekion’s dealer management software aims to make it easier for customers to purchase an electric vehicle from several major automotive companies including Chevy, Cadillac and Buick. [TechCrunch]
SF Tech Quote Of The Week:
Elemy grabbed $219M. The latest round for Elemy, which provides in-home and pediatric behavioral care, was led by SoftBank Vision Fund 2. Following the raise, the company formerly known as Sprout Therapy cemented its unicorn status with a valuation of $1.15 billion. Elemy plans to use the additional capital to fuel its national growth, as the company currently operates in 14 states across the U.S. Elemy is projected to reach $100 million in run-rate revenue by the summer of 2022 and the company is planning a major hiring effort to keep up. [Bloomberg]
Udemy filed an IPO. The pandemic has given numerous edtech companies a major financial boost and Udemy is no exception. The online learning platform saw its revenue grow 55.6 percent to $429.9 million in 2020 from a year earlier. Last week, the company filed to go public at a valuation that’s expected to exceed $3.3 billion. The company plans to list on the Nasdaq under the symbol “UDMY.” Morgan Stanley and J.P. Morgan acted as the lead underwriters. [Reuters]
Ladder got $100M. The Series D for the insurtech platform was led by Thomvest Ventures and OMERS Growth Equity. The fresh raise couldn’t have come at a better time, as Ladder more than quadrupled its revenue over the last year and plans to issue $30 billion in coverage by the end of this year. The company plans to invest the additional capital in the continued development of its platform as well as the expansion of its team. Ladder, now valued at $900 million, is currently hiring for 14 open roles spanning its product, customer experience and engineering teams, to name a few. [Built In SF]
Ongo grabbed $3M. The seed round for the wellness app builder included investments from Twitch founder Emmett Shear and Dropbox founder Drew Houston. Ongo helps health and fitness influencers turn their content into revenue-generating virtual wellness businesses. The company plans to invest in the ongoing development of its platform as it continues to scale. Recruiting is also a top priority. Although the company doesn’t have any jobs currently listed, Ongo has its eyes set on hiring fresh talent for its engineering and product design teams in the future. [Built In SF]
In more VC funding news: Productivity startup Notion has now hit a $10 billion valuation with a new $275 million funding round led by Coatue and Sequoia.
BetterUp’s mental-health and coaching platform is riding a wave of several years of “surging demand,” and its $300 million Series E will help it continue its aggressive growth.
Twin Health pulled in $140 million in a Series C round led by ICONIQ Growth and Sequoia Capital India. The company will use the capital to scale its AI-powered health service.
Student transportation company Zum raised $130 million in a Series D round led by SoftBank Vision Fund 2. The company will use the fresh capital back to expand its service across new markets and districts.
Payment operations software Modern Treasury raised $85 million in a Series C round led by Altimeter Capital. The company plans to use the fresh financing to expand operations and broaden its product suite.
Cloud computing startup Cornami raised $50 million in an oversubscribed Series C led by SoftBank Vision Fund 2. The company plans to use the additional capital to bring its cloud-computing security software to market.
