The Briefing: Brex Adds $425M, upGrad Raises $120M, Mighty Networks Nabs $50M, 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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Brex now valued at $7.4B

Brex said it raised $425 million in Series D funding, led by Tiger Global, to value the company at more than $7.4 billion.

The San Francisco-based company was founded in 2017 with a corporate card for venture-backed businesses. It now offers an all-in-one platform for businesses of all sizes to manage their finances. In the first quarter of 2021, the company said it grew total customers by 80 percent with total monthly customer additions increasing by 5x.

Joining Tiger Global in the round were new investors TCV, GIC, Baillie Gifford, Madrone Capital Partners, Durable Capital Partners, Valiant Capital Management and Base10, as well as  existing investors, including Y Combinator, Ribbit Capital, DST Global, Greenoaks Capital, Lone Pine Capital and IVP.

— Christine Hall

India’s upGrad raises $120M for edtech

Indian edtech startup upGrad reportedly raised $120 million in a new funding round backed by Singapore’s Temasek.

The financing set a reported valuation of between $575 million and $675 million for the 6-year-old, Mumbai-based company, which describes itself as an online higher-education company, with focuses in areas including data technology and management.

— Joanna Glasner


Proofpoint sells to private equity: Sunnyvale, California-based email and messaging security provider Proofpoint announced it has entered into a definitive agreement to be acquired by Chicago-based Thoma Bravo in an all-cash transaction that values Proofpoint at approximately $12.3 billion.

According to the deal, Proofpoint shareholders will receive $176 per share in cash — a premium of approximately 34 percent over Proofpoint’s closing share price from last Friday.

One of the largest email security providers in the world, Proofpoint competes with others such as Mimecast. The company went public in 2012.

— Chris Metinko

Funding rounds

Mighty Networks picks up $50M: Mighty Networks, an online platform for creators and brands to build communities, raised $50 million in a  Series B round led by Owl Ventures. The Palo Alto-based company says it wants to work toward “building a new creator middle class founded on community memberships, events, and live online courses.”

UK’s Cuckoo gets $6M for broadband: Cuckoo, a U.K. broadband provider, raised $6 million in a funding round led by RTP Global. The London-based company offers fix-rate month-to-month contracts for high-speed internet service.

— Joanna Glasner

Health care

CareRev lands $50M: CareRev, a labor marketplace platform that connects hospitals and health systems with local health care professionals on demand, announced a $50 million Series A financing round led by Transformation Capital. Los Angeles-based CareRev enables hospitals and other health care facilities to post shifts when they need clinical support, and local, vetted health care professionals can claim the shifts through their mobile app.

— Christine Hall


Package Free inks $8M: Zero-waste lifestyle store Package Free, headquartered in New York, received $8 million in an investment round led by Vanterra Accelerator Fund and Naadam. The capital will go toward growth and strategic resources, according to Vanterra.

— Christine Hall


Toyota to acquire Lyft‘s self-driving car unit: Lyft and Toyota said Monday that the ride-share company would sell its self-driving car unit to Toyota in a $550 million deal. Toyota will pay Lyft $200 million upfront, with an additional $350 million paid over a five-year period. This isn’t the first time a ride-share company has sold off its self-driving vehicle unit–Uber did so as well last year, selling its self-driving car unit to Aurora Innovations.

–Sophia Kunthara

Illustration: Dom Guzman

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