📅 [10/26/20-11/1/20] DWDG Weekly Digest #5
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DWDG News
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Airbnb says it's creating an endowment fund to help support its hosts as it prepares for an IPO by placing 9.2 million shares into the endowment and allowing hosts to apply for grants from the fund once its value tops $1 billion. The program will “give hosts a seat at the table, and an opportunity to take part in our company’s success."
DWDG Fundings
Ketos, a 5.5-year-old, Milpitas, Ca.-based water intelligence and analytics company, has raised $15 million in funding. Motley Fool Ventures led the round, joined by Citi and Illuminated Funds Group. [Techcrunch Report]
Doing Good: Clean water is a fundamental right for everyone, but the reality of infrastructure is that those that need it most, don’t receive it. Ketos’ intelligence and analytics is helping to solve this challenge.
ShearShare, a 3.5-year-old, Dallas, Tex.-based marketplace service connecting stylists with open seats at hair salons, has raised $2.3 million in seed funding from Precursor Ventures, Revolution’s Rise of the Rest Seed Fund, and Structure Capital, among others, long with a non-dilutive cash grant from Google for Startups Black Founders Fund. [TechCrunch Report]
Doing Good: ShearShare enables hair stylists, typically freelancers and independent contractors who make money on a per seat basis, to reduce empty salon seats and maximize revenues.
Faire, the 3.5-year-old, San Francisco-based online wholesale marketplace connecting more than 100,000 local retailers and 10,000 brands, has officially closed a $170 million Series E round led by Sequoia Capital that pegs Faire’s valuation at $2.5 billion. That's more than double the valuation it was assigned when it raised a Series D round less than one year ago. (Bloomberg reported last week that this deal was in the works.) [Forbes Report]
Doing Good: Faire enables small mom-and-pop shops, typically subject to high volatility, to better compete with large online retailers like Amazon by reducing their inventory risk.
Finova, a four-year-old, Jaipur, India-based lender to small and mid-size businesses throughout the country, has raised $35 million in new funding from earlier venture investors Sequoia Capital India and Faering Capital. The company has separately secured $20 million from various lenders, it said in a statement. [VC Circle Report]
Doing Good: Finova fills a gap the market for SMB lenders in India, providing access to capital to owners typically not able to get other types of capital to grow their business.
Gig Wage, a six-year-old, Dallas, Tex.-based startup focused on helping contractors get paid faster and more efficiently, has raised $7.5 million in a Series A round led by publicly traded Green Dot. Other participants in the round include Continental Investors, Techstars, Revolution’s Rise of the Rest Seed Fund, and others. [FinLedger Report]
Doing Good: Gig Wage enables gig workers, often a population vulnerable due to a lack of benefits and certainty in payments, to have more stable and reliable income streams.
Sinai Technologies, a nearly three-year-old, San Francisco-based decarbonization software platform, has raised $3.8 million in seed funding led by Afore Capital, with participation from Abstract Ventures and Coelius Capital. [ZDNet Report]
Doing Good: Sinai Technologies sells software whose key success metric is to reduce carbon emissions positively contributing to curbing greenhouse gas emissions.
WareIQ, a year-old, Bangalore, India-based startup that operates a management system for warehouses across the country for customers with little prior e-commerce experience, has raised a $1.65 million in seed funding from Y Combinator, FundersClub, Pioneer Fund, Soma Capital, Emles Venture Advisors and the founders of Flexport. [TechCrunch Report]
Doing Good: WareIQ makes efficient logistics and new revenue streams available to small mom-and-pop business owners without the means to compete against bigger players individually.
Suma Wealth, a months-old, L.A.-based platform that's intended to help Latinos better manage their money, has raised more than $1 million in seed funding led by Chingona Ventures. Founder Beatríz Acevedo's previous venture was Mitú, which creates content relevant to young Latinos both in the U.S. and elsewhere. The company raised $53 million from investors being being in February by GoDigital Media Group. [The WSJ Reports]
Doing Good: Suma Wealth is targeting a young minority population to provide better financial advice and access with the aim of improving outcomes.
Clarity AI, a four-year-old, New York-based rating agency and tech company whose software helps investors optimize the societal impact of their investment portfolios, has raised $15 million in funding. Deutsche Börse and Mundi Ventures invested. [Website]
Doing Good: Rating agency which incentivizes investors to improve their societal impact. It’s product contributes to positive action through incentives.
Tokopedia PT, an 11-year-old, Indonesia-based e-commerce platform that allows individuals and small-to-mid-sized business owners to start their online stores, is set to raise $350 million in funding from Google and Temasek Holdings, says Bloomberg. [Bloomberg Report]
Doing Good: Provides an opportunity for SMB businesses in Southeast Asia trying to compete against large incumbents.
NeoLight, a 6.5-year-old, Scottsdale, Az.-based startup company that’s working to bring hospital-grade neonatal care technologies (and specifically light therapies to treat conditions like jaundice) to the home, has raised $7 million more in financing. The funding comes from Dignity Health and Honor Health Systems, along with earlier backers Ben and Ashley Roethlisberger and other, undisclosed investors. [TechCrunch Report]
Doing Good: Neolight is bringing down the cost hospital grade technologies to enable a wider distribution and capability to catch neonatal issues.
Lunchbox, a year-old, New York-based startup that allows restaurants to build ordering experiences on their own websites and apps, has raised $20 million in Series A funding at a $100 million valuation. Coatue led the round, joined by 645 Ventures and Primary Ventures. [TechCrunch Report]
Doing Good: Lunchbox helps reduce dependence on third party ordering experiences and fees, which has hurt small businesses providing an alternative.
Benson Hill, an eight-year-old, St. Louis, Mo.-based company that combines biotech and data science to enhance the nutritional qualities and sustainability of crops (much of its work centers on commodities like soybeans, says the St. Louis Post-Dispatch), has raised $150 million in Series D funding. Wheatsheaf Group and GV led the round. [Local Report]
Doing Good: Benson Hill provides a service to increase the sustainability of crops reducing greenhouse gas emissions incrementally.
DWDG Careers
Here’s to a relaxing and productive week (like this bear and his coffee)!
Catch you on the other side!
✌🏽Anand