Daily Funding Roundup


Daily funding roundup - June 23, 2015

Credit Karma scores $175M; Crosscut Ventures raised $75M; Jelli landed $21M

Innovation series by Mitos Suson
June 23, 2015
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  • Venture capital firm CrossCut Ventures raised a new venture fund, its third overall, worth $75 million, it was announced on Tuesday. While CrossCut was originally targeted at $50 million, the fund was oversubscribed With this latest fund, which included investors such as The John Irvine Foundation and Top Tier, Crosscut now has a total of $100 million under management. In addition to the new fund, the firm is also announcing Clinton Foy as its fourth Managing Director, joining Garrett, Rick Smith and Brett Brewer.

  • Credit Karma, a platform that provides credit scores to users but also serves as a portal for people to search and apply for various financial services like loans, credit cards and insurance — scored a round of funding of $175 million on a valuation of $3.5 billion. The funding comes from Tiger Global Management, Valinor Management and Viking Global Investors LP, and brings the total raised by Credit Karma to $368.5 million.

  • Goodservice, a chat based mobile app that lets people get anything on demand, secured $1.6 million seed funding from Sequoia Capital. The firm plans to use the funds to invest in technology and to expand its scale of operations.

  • Sydney startup Divvy Parking, which allows individuals and businesses to lease out parking spaces to drivers, closed a $2.5 million Series A round. This brings the total raised by the startup since its launch in 2011 to $2.8 million, with Divvy having previously received $300,000 in seed funding. Divvy did not disclose the investors in this round. Divvy has also announced partnerships with commercial property groups including DEXUS Property Group, GPT Group, and Knight Frank to manage their parking assets. It also recently partnered with office tower tenant services provider Inlink.

  • Heal, a company dedicated to improving the way patients connect with primary care, secured $5 million in funding supported by a cadre of technology, health, business and entertainment leaders and investors. Investors in Heal's seed round include: Slow Ventures; March Capital; Pritzker Capital; and numerous renowned angels, including: Dr. Paul Jacobs, Qualcomm Executive Chairman; James Lassiter, founder of Overbrook Entertainment; Stephen Rader, founder of Clarity Partners; Jamie McCourt; Lionel Richie; and Mike Wortsman, former President of Univision.

  • French startup studio eFounders landed $6 million from Fotolia co-founder Oleg Tscheltzoff to build its next batch of software-as-a-service startups. With today’s funding round, the company expects to launch 6 new startups over the next 18 months.

  • AtScale, a company that allow business users to do business intelligence on Hadoop, landed a new Series A round of $7 million in capital. The round was led by UMC Capital, with AME Ventures, Storm Ventures, and XSeed Capital participating.

  • Envoy, a San Francisco-based startup raised a round of US$15 million led by Andreessen Horowitz, with Chris Dixon slated to join Envoy’s board. The company also announced the addition of several new languages, including Japanese, to its app.

  • Ankasa Regenerative Therapeutics, Inc., a company focused on pharmaceutical preparations for reactivation of stem cells for organ and tissue regrowth, tissue repair and healing, received $8.5 million in the first tranche of a $17 million Series A round of financing led by La Jolla-based Avalon Ventures. Other participants in the financing include Heraeus Medical, a global business unit from the technology company Heraeus of Hanau, Germany, which took a significant position, and Correlation Ventures of San Diego.

  • London-based payments enabler Currency Cloud closed an $18 million series C round, taking its total funding to $36 million since the company was founded in 2012. The latest round was led by Sapphire Ventures, with participation from all of Currency Cloud’s existing investors, though one notable new investor has entered the fray — Japanese e-commerce titan Rakuten, which is participating through its Rakuten FinTech Fund.

  • Snowflake Computing, a cloud data warehousing company, closed a $45 million in Series C funding led by global investment firm Altimeter Capital and joined by existing investors Redpoint Ventures, Sutter Hill Ventures and Wing Ventures. In addition to funding, today Snowflake also announced general availability of the Snowflake Elastic Data Warehouse™, the first data warehouse designed specifically for the cloud.

  • Jelli, a San Mateo, California-based provider of an audio platform for the audio advertising market, closed a $21m Series B financing. Backers included Relay Ventures, Intel Capital, First Round Capital, iHeartMedia and Universal Music Group. The company, which has raised $37.6m in total, intends to use the funds to continue to expand operations.

  • Yotpo, a Tel Aviv, Israel-based customer content marketing platform, closed a $15 million funding round. The round was led by Marker LLC with participation from Innovation Endeavors, Vintage Investment Partners, Blumberg Capital and Access Industries. In addition to the funding, Yopto appointed former GoDaddy CEO Warren Adelman to its board. The company intends to use the funds to accelerate product innovation and New York expansion (the office is, located in New York’s Flatiron District).

  • Soundtrack Your Brand — makers of two services called Spotify Business and Spotify Enterprise that let retailers and others control and stream Spotify music in stores and other venues nabbed $10.9 million in a Series B round of funding. Its backers include not just the successful streaming company but several of its investors: this round was led by Telia Sonera (which put $115 million into Spotify’s last round), with participation from Play Networks, Creandum, Northzone, Wellington Partners, as well as Spotify.

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