Fundings & Exits

Karma raises $12M to let restaurants and grocery stores offer unsold food at a discount

Karma, the Stockholm-based startup that offers a marketplace to let local restaurants and grocery offer unsold food at a discount, has raised $12 million in Series A funding. Swedish investment firm Kinnevik led the round, with participation from U.S. venture capital firm Bessemer Venture Partners, appliance manufacturer Electrolux, and previous backer VC firm e.ventures. It brings total funding to $18 million. Founded in late 2015 by Hjalmar Ståhlberg Nordegren, Ludvig Berling, Mattis Larsson and Elsa Bernadotte, and launched the following year, Karma is an app-based marketplace that helps restaurants and grocery stores reduce food waste by selling unsold food at a discount direct to consumers. You simply register your location with the iOS or Android app and can browse various food merch...

Singapore’s Openspace Ventures closes new $135M fund for Southeast Asia

It seems like everyone is out there raising new funds in Southeast Asia. Weeks after we reported Golden Gate Ventures hit a first close on its third fund aimed at $100 million, so Openspace Ventures — the Singapore-based firm formerly known as NSI — has announced a final close of $135 million for its second fund. Founded in 2014 by entrepreneur Hian Goh and finance exec Shane Chesson, Openspace is best known for being an early backer of Indonesian ride-hailing unicorn Go-Jek. A selection of its other investments includes fintech startup FinAccel, e-commerce player Love Bonito, restaurant booking service Chope, health-focused insurance brokerage CXA Group, and bread maker Rotimatic. Openspace specializes in Series A with a typical check size of $3 million to $5 million, and capital for foll...

WeWork China rival Ucommune raises $43.5M more at a $1.8B valuation

Barely weeks after WeWork China raised $500 million, one of its main rivals is refueling its tanks too. Ucommune — the company formerly known as UrWork until a WeWork lawsuit forced a rebrand — announced its $43.5 million Series C round. Beijing-based Ucommune’s new round was led by real estate-focused investment firms Prosperity Holdings and RK Properties. The company said the deal gives its business a $1.8 billion post-money valuation. to date, it has raised around $450 million from investors, according to Crunchbase data. For comparison, WeWork China has pulled in $1 billion overall since being spun out of WeWork’s global business one year ago. Both investors are strategic, according to Ucommune. It said that its partnership with Prosperity, in particular, will help it expand its presen...

Three Indonesian tech unicorns unite to back digital insurance startup

It’s almost unheard of to see three unicorns join forces to fund a startup, but that’s exactly what has happened in Indonesia. Ride-hailing company Go-Jek, e-commerce firm Tokopedia and travel booking startup Traveloka — each of which is valued in the billions of U.S. dollars — have come together to provide a Series A funding round for PasarPolis, a digital insurance startup in Indonesia aiming to tap Southeast Asia’s growing internet economy. PasarPolis started out as an insurance comparison site but today it offers micro- and modular-insurance online. Go-Jek, Tokopedia and Traveloka are three of its major clients through which it offers ‘click box’ policies that are bundled with ride-hailing trips, e-commerce sales and travel deals. The round itself is undisclosed but TechCrunch understa...

Berlin’s Taxfix, a mobile assistant for filing your taxes, picks up $13M led by Valar Ventures

Taxfix, the Berlin-based startup that has developed a mobile assistant to help you file your tax return, has closed $13 million in Series A funding. The round is led by Peter Thiel’s Valar Ventures, with participation from existing investors Creandum and Redalpine. Launched in 2017, Taxfix is built on the premise that filing taxes remains a daunting task in most countries, involving a lot of archaic form filling, often carried out incorrectly and without the proper advice, and rarely optimised for tax refunds. As a result, the company says that in Germany alone, over 10 million employees decide not to file a tax return, and therefore forgo an average tax rebate of 935 Euros. “The problem is that most people don’t have a personal tax accountant, nor the sufficient knowledge on how to file t...

Sequoia India and Accel back on-demand scooter startup in $12.2M deal

Two of India’s most prominent VCs are backing a motorbike on-demand service after Sequoia India and Accel led a $12.2 million investment in Metro Bikes. Sequoia India and Accel were joined in the round by Raghunandan G, who founded TaxiForSure which sold to Ola, among other investors. Metro Bikes started out as a luxury bike rental service in 2014 — initially as “Wicked Rides” — and it launched scooters (motorbikes) and other two-wheel rentals in 2016. Now, the company is rebranding to Bounce and refocusing its business to on-demand scooter (that’s motorbike in U.S. parlance) rentals for first and last mile transportation. The idea is to appeal to commuters, who can pick up a bike at their nearest location and later leave it at an endzone. The cost is based on distance and time spent. Boun...

Walmart co-leads $500M investment in Chinese online grocery service Dada-JD Daojia

Walmart sold its China-based e-commerce business in 2016, but the U.S. retail giant is very much involved in the Chinese internet market through a partnership with e-commerce firm JD.com. Alibaba’s most serious rival, JD scooped up Walmart’s Yihaodian business and offered its own online retail platform to help enable Walmart to products in China, both on and offline. Now that relationship is developing further after Walmart and JD jointly invested $500 million into Dada-JD Daojia, an online-to-offline grocery business which is part owned by JD, according to a CNBC report. Unlike most grocery delivery services, though, Dada-JD Daojia stands apart because it includes a crowdsourced element. The business was formed following a merger between JD Daojia, JD’s platform for order from supermarket...

India’s Hansel raises $4M to bring its app development platform to the US

Hansel, an India-based startup that enables more agile product development inside companies, has pulled in $4 million as it seeks to expand its business to the U.S.. The startup was founded in 2015 and it operates a real-time mobile app development platform that simplifies the process of product iteration inside companies. That’s to say that once a product is launched there’s a lot of work that is done to develop it, test new ideas and optimize but many companies overlook the process or lump it with the general engineering, which includes initial product development. Hansel argues that product development and iteration are different, and its wider aim is to enable dedicated ‘product ops’ inside companies that until now never considered the process to be distinct from app development, or pe...

Handiscover, the startup that helps you find accessible travel accommodation, raises $700K

Handiscover, a startup that lets you find and book accessible travel accommodation, has raised $700,000 in new funding. The round is backed by Howzat Partners, which has previously invested in a number of successful travel companies, such as publicly-listed Trivago and more recently Lodgify. Tranquility Capital, a Swedish family fund with a background in accessibility, also participated. Originally launched in June 2015 to enable hosts to list accommodation and have Handiscover’s algorithm classify the accessibility of their properties or rooms, the startup has since evolved into a fully fledged two-sided marketplace, enabling consumers to search for and book travel accommodation based on various accessibility needs. The idea, founder Sebastien Archambeaud tells me, was born from his own e...

Warner Music Group acquires Uproxx

Uproxx Media Group — owner of sites like HitFix, Dime and Uproxx itself — has been acquired. The Uproxx site focuses on entertainment and pop culture news, and was founded back in 2008. It was bought by Woven Digital in 2014, which eventually rebranded as Uproxx. Like many digital media companies, it includes both a publishing arm and a studio that works with marketers to create videos and other branded content. Today, Warner Music Group announced that it’s buying the company and its portfolio of websites (minus BroBible, which will continue to operate independently). The company says Uproxx will still to be run by CEO and chief creative officer Benjamin Blank, along with co-founder and publisher Jarret Myer, and that the individual sites will still have editorial independence. Back in the...

Skyline AI raises $18M Series A for its machine learning-based real estate investment tech

Skyline AI founders Iri Amirav, Or Hiltch, Guy Zipori and Amir Leitersdorf A mere four months after coming out of stealth mode with $3 million in seed funding, real estate investment startup Skyline AI announced that it has raised an $18 million Series A. The round was led by Sequoia Capital, a returning investor, and TLV Partners, with participation from JLL Spark, a division of real estate investment management firm JLL. The strategic funding will allow Skyline AI to add more asset classes to its platform, which uses data science and machine learning algorithms to help institutional investors make better decisions about properties. Skyline AI says its technology is trained on what it claims is the most comprehensive data set in the industry, drawing from more than 100 sources, with marke...

Blockchain media project Civil turns to Asia with fund to kickstart 100 new media ventures

Civil, the blockchain-based journalism organization, is casting its eye to Asia after it set up a $1 million fund that’s aimed at seeding 100 new media projects across the continent over the next three years. The organization has teamed up with Splice, a Singapore-based media startup which will manage the fund, according to an announcement. There’s been a lot of attention lavished on Civil for its promise to make media work more efficiently using blockchain technology and its upcoming crypto token, CVL. The organization has raised $5 million in financing from ConsenSys, the blockchain corporation led by Ethereum co-creator Joe Lubin, and its ICO takes place next month with the goal of raising around $32 million to launch its network and actively onboard new media companies worldwide. But t...