Briefing

The Briefing: Grammarly Hits $13B Valuation, Sweetgreen IPO Pops, Lacework Lands $1.3B, And More

Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Grammarly hits $13B valuation after $200M-plus raise

San Francisco-based Grammarly closed a $200 million-plus funding round from new investors, including Baillie Gifford and funds and accounts managed by BlackRock. The new money values the company at $13 billion.

The new cash will be used by the auto-editing tool development company to grow its team and for product development. Founded in 2009, the company has raised $400 million, according to Crunchbase data.

— Chris Metinko

Wall Street shows appetite for Sweetgreen IPO

Shares of salad chain Sweetgreen closed up 76 percent in their first day of trading Thursday on the New York Stock Exchange.

Sweetgreen raised $364 million in the IPO after shares priced at $28 a piece—above the $23-$25 range it set last week. While the Washington, D.C.-based company isn’t yet profitable, it has said it believes it can get there as it continues to scale, and as the urban workers who make up its customer base begin to return to their offices. [Read more about Sweetgreen’s financials and biggest investors here.]

— Marlize van Romburgh

Lacework lands $1.3B at $8.3B valuation

San Jose-based Lacework, a cloud security services provider, raised $1.3 billion in a Series D round led by Sutter Hill Ventures, Altimeter Capital, D1 Capital Partners and Tiger Global Management.

The investment sets a valuation of $8.3 billion for the 7-year-old company, which called its latest financing the largest funding round in security industry history. Prior to the round close, Lacework said it posted more than 3x year-over-year revenue growth and a 3.5x year-over-year increase in new customers.

— Joanna Glasner

Kandji raises $100M

San Diego-based Kandji, provider of an Apple device management platform for enterprises, raised $100 million in a Series C round led by Tiger Global. The financing reportedly sets a valuation of around $800 million for the company, which was founded in 2018.

— Joanna Glasner

Funding round

Treadwell Therapeutics picks up $91M: Treadwell Therapeutics, a New York-headquartered clinical stage biotech developing cancer therapies, raised $91 million in a Series B financing led by Sino Biopharmaceutical Ltd. and 3W Fund Management Ltd.

— Joanna Glasner

Illustration: Dom Guzman

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