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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Paxos pulls in $300M for blockchain infrastructure
New York-based Paxos, provider of a regulated blockchain infrastructure platform, announced that it closed a $300 million Series D funding round at a valuation of $2.4 billion.
Oak HC/FT led the round, which brings total financing to date for 9-year-old Paxos to well over $500 million.
The startup says it wants to build a better financial system that “allows assets to move instantaneously, anywhere in the world, at any time, in a trustworthy way.” The company partners with others, including PayPal and Venmo, to add cryptocurrency features to their offerings.
— Joanna Glasner
Rho Technologies closes $100M debt
Rho Technologies, the financial technology parent of Rho Business Banking said it raised $100 million in debt financing from Community Investment Management.
The new financing comes on the heels of a $15 million Series A round, led by M13 Ventures, announced in January.
It will enable Rho, headquartered in New York, to invest in strategic initiatives and broaden its service offerings to business clients.
— Christine Hall
Fintech and e-commerce
ElasticRun bags $75M: India-based ElasticRun said it raised $75 million in its Series D financing round, co-led by existing investors Avataar Venture Partners and Prosus Ventures, to give the company a total of $130.5 million in funding since it was founded in 2015. The new funding will enable the company to expand its reach further into rural markets.
Keeper Tax secures $13M: Gig worker tax-filing software Keeper Tax, which monitors purchases for tax deductible expenses, raised $13 million in Series A funding. Backers included e.ventures, Matrix Partners and Foundation Capital. The San Francisco-based company intends to use the new funding to grow its team, customer support and technology development.
Kickfurther inks $5.9M: Kickfurther, a marketplace for users to buy inventory directly from suppliers and partner with businesses to sell the inventory, raised $5.9 million in seed “plus” funding led by Grand Oaks Capital. The Colorado-based company provides a way for small and medium-sized product entrepreneurs to find capital at competitive rates to fund their growth. It intends to invest the new funding in technology and marketing.
— Christine Hall
Health care
Capsida debuts with $140M: Capsida Biotherapeutics, a Thousand Oaks, California-based developer of tissue-targeted gene therapies, emerged from stealth mode with $140 million in capital, which included $50 million in Series A funding from Versant Ventures and Westlake Village BioPartners, as well as $90 million in upfront and equity capital from AbbVie as part of a strategic partnership.
RapidDeploy raises $29M: Austin-based emergency response company RapidDeploy closed on $29 million in Series B funding to provide 911 centers with data, tactical mapping and analytics. Morpheus Ventures led the round, which will be used to fund RapidDeploy’s go-to-market strategy and R&D. Digital transformation is hitting this area, with a General Catalyst-led $3.5 million seed round into MD Ally this week. New York-based MD Ally is developing a program that incorporates telehealth and mental health services into 911 and first-responder dispatches.
CareCar revs growth with $3M: CareCar, a tech-enabled benefit manager and value-based health care services platform, announced a $3 million seed round led by Kapor Capital and Impact America Fund. The Denver-based company currently manages supplemental benefits for approximately 150,000 patients in California and North Carolina. It plans to use the funds to expand into new markets and offer additional senior home care services.
MentalHappy inks $1.1M: San Francisco-based MentalHappy, a social network designed to make mental health care accessible, affordable and stigma-free for everyone, raised $1.1 million in a round led by Northwestern Mutual Future Ventures. Peer support groups are led by health and wellness professionals, and the platform includes science-backed toolkits and other premium features.
— Christine Hall
Agriculture
Modern Meadow raises $130M: Modern Meadow, a New York-based producer of biofabricated textiles, raised $130 million in Series C funding led by Key Partners Capital. The company also announced it has appointed board member Anna Bakst, former Kate Spade CEO, to succeed Andras Forgacs as CEO.
— Christine Hall
New funds
CVS Health launches VC fund with $100M: CVS Health announced the launch of CVS Health Ventures, a corporate venture capital fund that will invest in and partner with early-stage companies focused on making health care more accessible, affordable and simpler. CVS infused its fund with an initial $100 million for investments in digital health care companies. CVS Health said it has already made more than 20 direct investments, including Unite Us and LumiraDx.
Capchase creates $100M fund for women, minority business owners: New York-based Capchase, which enables SaaS companies to finance the growth of their operations with cash tied up in future monthly payments, said it would set aside approximately $100 million to exclusively fund woman- and minority-led businesses.
— Christine Hall
Public markets
Ascend Wellness prices IPO: Ascend Wellness Holdings priced its initial public offering of 10 million shares of stock at $8 per share, aimed at raising total gross proceeds of $80 million. The Boston-based multistate cannabis operator is listing its shares on the Canadian Securities Exchange. Shares are expected to begin trading on May 4 under the ticker symbol AAWH. Ascend, having raised $191.4 million in known funding, is among a group of venture-backed companies developing the infrastructure and support system for America’s cannabis industry.
— Christine Hall
Regtech
TerraTrue raises Series A: San Francisco-based privacy compliance company TerraTrue closed a $15 million Series A, led by 3L with participation from Anthos Capital and Chris Sacca. The company, which helps its customers identify risks and violations to privacy rules and laws, has now raised a total of $19.5 million.
— Chris Metinko
Illustration: Dom Guzman
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