The Bay Area had a lot of news this past week, with both small and big-name tech companies making strides and raising funds. Find out what’s next for these businesses. This is the Built In SF weekly refresh.
Upgrade brought in $280M. Fintech unicorn Upgrade is changing how consumers build credit by offering better payment options and rewards. The company raised $280 million, bringing valuation to $6 billion. Upgrade will continue to expand its team and is currently hiring for dozens of roles. [Built In SF]
Grammarly gained $200M. The auto-editing and communications platform raised $200 million, bringing valuation to $13 billion. The funding will go toward updating its platform and investing in its partnerships. Tech unicorn Grammarly is also actively hiring 80 people to join its team. [Built In SF]
SF TECH QUOTE OF THE WEEK
Faire raised $400M. The e-commerce startup has now reached a valuation of $12.4 billion. Faire created an online marketplace that connects retailers to artisans and brands. The investments will go toward international expansion and hiring. Faire has about 700 employees around the world and plans to double that number in the next year. [Built In SF]
AllTrails raised $150M. AllTrails is a digital platform that helps guide users outdoors, specifically along hiking, running or biking trails. The $150 million came from Permira’s growth fund. As part of the investment, Spectrum Equity will continue to be the AllTrails’ majority shareholder. The investment will help the company expand internationally and accelerate product development. [PR Newswire]
84 Bay Area companies made the Deloitte 2021 Technology Fast 500 list. The report lists the fastest-growing technology companies in North America and ranks them based on their revenue growth over the past three years. Out of the 500 companies listed, 84 came out of the Bay Area, including Discord, Bolt, Pilot and Voltus. [Built In SF]
In more VC funding news: Benchling, a company responsible for R&D cloud power in the biotech world, raised $100 million in Series F financing. The company is now valued at $6.1 billion. [PR Newswire]
Doorvest raised $39 million to expand its real estate platform designed for out-of-state rental properties. [Business Wire]
Writer, an AI writing assistant, gained $21 million to expand its company. [Built In SF]
