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The Week’s 10 Biggest Funding Rounds: Smaller Dollars Across Industries

Illustration of gardener holding a rake. Venture

This is a weekly feature that runs down the week’s top 10 funding rounds in the U.S. Check out last week’s biggest funding rounds here.

Rounds were not that big this week, as only a handful were $100 million or more. Much like last week, investment was all over the board, as storage, grocery and energy startups led the way in what was a pretty down week.

1. Wasabi Technologies, $125M, storage: The cloud services sector is dominated by the big tech names we all know. Boston-based Wasabi would like to change that, and just this week became a unicorn as it travels down that road. The “hot” cloud storage company raised $125 million in Series D equity led by L2 Point Management at a valuation of $1.1 billion. The company also expanded its existing debt facility to $125 million. The startup claims it can offer its hot cloud storage—which refers to data that is readily available—at a fifth of the price of the big guys and now has 40,000 customers in over 100 countries. The cloud data market is big, but dominated by incumbents not likely to let new players in. We’ll see if Wasabi can heat things up. Founded in 2015, the company has raised more than $535 million, according to Crunchbase.

2. GrubMarket, $120M, grocery: It was reported this week that San Francisco-based GrubMarket raised $120 million from new investors including General Mills’ venture arm. The company develops software and has an e-commerce platform that connects farmers and wholesalers with customers. It’s been quite busy in the last few years, making 60 acquisitions in the last four years and just last year raised $200 million at a $1.2 billion valuation. Per the story, GrubMarket now has an annual run rate of about $1.5 billion. Founded in 2014, the company has raised approximately $500 million, according to Crunchbase.

3. Moxion Power, $100M, energy: Sustainable and cleaner alternatives for power has been a big theme this year for investors. So far this year, the cleantech industry has seen 17 funding rounds worth $100 million or more, according to Crunchbase. This week included one of those rounds, as Richmond, California-based Moxion Power locked up a $100 million Series B led by Tamarack Global. Moxion manufactures mobile batteries and energy storage to enable last-mile electrification in sectors that include construction, transportation, events and entertainment, film production and telecommunications. Although venture capital in general has slowed this year, cleantech is on pace to see a slight uptick from last year, according to Crunchbase. Last year, VC-backed cleantech startups saw $7 billion of investmentment, while already this year investors have poured more than $6.6 billion into the sector. Founded in 2020, the company has now raised just more than $113 million, according to Crunchbase.

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4. Strike, $80M, payments: While digital payments can be convenient, they can also be slow and cluttered with fees. Chicago-based Strike, built on Bitcoin’s Lightning Network, is looking to allow customers to avoid those hassles. The Lightning Network is known for fast transactions and could be a solution to Bitcoin’s scalability issues. Strike is looking to leverage that and make cheaper, faster, global payments a real thing for everyone. To that end, the company raised an $80 million funding round led by Ten31, its first funding round, according to Crunchbase. The company will look to use that new cash to attract large merchants, marketplaces and financial institutions to its payments platform.

5. Ventus Therapeutics, $70M, biotech: Waltham, Massachusetts-based Ventus Therapeutics announced an exclusive license agreement with Novo Nordisk and received an upfront payment of $70 million in cash as part of the deal. Under terms of the agreement, Novo will help develop and commercialize therapies from Ventus’ portfolio. Ventus has developed a platform to identify and develop small molecule therapeutics for a broad range of diseases. Ventus will be eligible to receive up to an additional $633 million in potential milestone payments as well under the agreement. Founded in 2019, the company has raised $370 million, according to Crunchbase.

6. Sitetracker, $66M, SaaS: Montclair, New Jersey-based Sitetracker, a developer of deployment operations software servicing critical infrastructure, closed a new round of equity and debt financing totaling $96 million.The round includes $66 million in equity and was led by Energize Ventures. Sitetracker has raised nearly $200 million since 2013, per the company.

7. Workstream, $60M, human resources: San Francisco-based Workstream extended its Series B funding round with an additional $60 million, bringing the total Series B to $108 million. The extension was led by GGV Capital. The company had developed a mobile-first hiring and onboarding platform for the deskless workforce. Founded in 2017, Workstream has raised $118 million to date, according to Crunchbase data.

8. (tied) Flatfile, $50M, cloud data services: Denver-based Flatfile, a AI-assisted data exchange platform, locked up a $50 million Series B funding led by Tiger Global. Founded in 2018, Flatfile has raised $100 million, per the company.

8. (tied) Unravel Data, $50M, big data: Palo Alto, California-based observability platform startup Unravel Data closed a $50 million Series D led by Third Point Ventures. Founded in 2013, the company has raised $107 million, according to the company.

10. Candle Labs, $48M, blockchain: Santa Barbara, California-based blockchain technology platform Candle Labs raised a $48 million funding round. Lead investors in that round were not disclosed. The startup develops software for decentralized services in sectors like finance.

Big global deals

Rounds were on the small side this week for U.S.-based startups. However, there was a large global deal.

  • Saudi Arabia-based Almosafer, a flight booking firm, raised a $1 billion venture round.


We tracked the largest rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of Sept. 24 to 30. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

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