Briefing

The Briefing: Partech Raises $750M Fund, CloudTrucks Closes $115M Series B, 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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Partech raises $750M growth fund

Technology venture firm Partech announced that it has raised $750 million for its latest fund, Partech Growth II, which was above its target size.

The firm, which operates out of offices in San Francisco, Paris, Berlin and Dakar, raised its first growth fund, a $440 million vehicle, in 2016. Exited portfolio companies include Made.com, which went public on the London Stock Exchange, and Brandwatch, acquired by Cision for $450 million.

In addition to the growth fund, Partech also invests out of a dedicated seed fund, global venture fund and Africa-focused fund.

CloudTrucks closes $115M Series B

San Francisco-based CloudTrucks raised a $115 million Series B led by Tiger Global with participation from Menlo Ventures at a $850 million valuation. The company has developed a virtual trucking carrier application designed to reduce operating costs for drivers.

Founded in 2019, the company has raised $141.6 million in total capital.

— Chris Metinko

Fundbox raised $100M Series D for SMB credit

Fundbox, a company that provides credit to small businesses, raised a $100 million series D funding which valued the company at $1.1 billion. The funding was led by Healthcare of Ontario Pension Plan. Existing investors Khosla, Allianz X and The Private Shares Fund joined the round alongside new investors Arbor Waypoint Select Fund and BNY Mellon.

According to its announcement, Fundbox has reached a $100 million annual revenue run rate as well as a 200 percent growth in new customers year over year. Since its founding it has worked with over 235,000 businesses and processed more than $2.5 billion in transaction value. 

— Gené Teare

Public offerings

Nu Holdings lowers IPO range: Nu Holdings, the company behind Nubank, which offers digital banking services in Brazil, Mexico and Colombia, lowered the proposed share price range for its IPO to $8 to $9. (The company had previously set a range of $10 to $11.) The company plans to dual list on Brazil’s B3 exchange and on the New York Stock Exchange and to raise around $2.5 billion in the offering.

Funding rounds

Q-CTRL lands $25M: Sydney-based Q-CTRL, a developer of quantum control engineering technology, announced that it raised $25 million in a Series B round led by Airbus Ventures.

— Joanna Glasner

Illustration: Dom Guzman

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