Venture

The Week’s 10 Biggest Funding Rounds: Amazon Aggregator Thrasio, Productivity Software And Healthtech Companies All See Big Deals

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


A very big round for an aggregator of Amazon products led the way in funding this week, but was far from the only large round in the U.S. This week 13 companies raised $200 million or more, with investors increasingly attracted to pharma and biotech.

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1. Thrasio Holdings, $1B, consumer goods: After putting its plans to go public via a SPAC on hold, Boston-based Thrasio Holdings announced the initial closing of a $1 billion Series D. The round was led by Silver Lake alongside existing investor Advent International—which remains Thrasio’s largest shareholder. Other existing investors Upper90, funds managed by Oaktree Capital Management, PEAK6 Investments and Corner Capital also participated. It was just last month,Thrasio—an aggregator of Amazon products—also announced a $650 million debt facility. Founded in 2018, Thrasio has now raised $3.4 billion.

2 (tied). ClickUp, $400M, enterprise software: Everyone is trying to be more productive—especially as many still struggle with the work-from-home lifestyle. San Diego-based ClickUp is trying to help that, and this week the productivity platform raised a $400 million Series C co-led by Andreessen Horowitz and Tiger Global at a valuation of $4 billion. The company’s platform aims to help improve everything from workflow and collaboration to personal productivity applications like task managers and time trackers. Founded in 2017, ClickUp has now raised nearly $540 million to date, according to Crunchbase data.

2 (tied). Hinge Health, $400M, healthtech: San Francisco-based Hinge Health closed a $400 million Series E to help people be in a little less pain. The company has designed a digital solution to treat chronic musculoskeletal conditions like back pain. The round—which gives the company a $6.2 billion valuation—was led by Tiger Global and Coatue Management, with Alkeon and Whale Rock acquiring ownership as part of a $200 million secondary investment.

4. Medable, $304M, pharma: Medable, a cloud platform for clinical research, closed a $304 million Series D funding co-led by Blackstone Growth, Tiger Global and GSR Ventures. The new round values the Palo Alto, California-based company, which has raised $521 million to date, at $2.1 billion. The company will use the new cash to accelerate market adoption of digital and decentralized clinical trials that its platform enables.

5 (tied). Alchemy, $250M, blockchain: San Francisco-based Alchemy closed a $250 million Series C round of funding led by Andreessen Horowitz (a16z), valuing the company at $3.5 billion. Alchemy, which has developed a platform for blockchain and Web3 developers, had just raised a $80 million Series B in April at a $505 million valuation—meaning its valuation has jumped nearly 7x in just six months. During that time, Alchemy reports its revenue has grown 15x.

5 (tied). Devo Technology, $250M, cybersecurity: Cambridge, Massachusetts-based Devo Technology closed a $250 million Series E led by TCV at a $1.5 billion valuation. Devo’s cloud-native logging and security analytics platform helps companies manage the hundreds of disparate security tools they likely now have across their networks. Founded in 2011 in Spain, the company has raised more than $400 million.

5 (tied). ClickHouse, $250M, data/analytics: San Francisco-based ClickHouse, an open-source database management system that allows users to generate analytical reports in real-time, raised a $250 million Series B at a $2 billion valuation. The investment was led by Coatue and Altimeter, and brings the company’s total funding to $300 million, according to Crunchbase data.

8. Immunai, $215M, biotech: New York-based biotech startup Immunai, an immune system mapping startup, raised $215 million in Series B led by Koch Disruptive Technologies. The new round brings the company’s total investments to date to $295 million.

9 (tied). ABL Space Systems, Dragos, Fabric, Ontra and Skyryse, $200M: We have a five-way tie for the last two spots, as El Segundo, California-based spacetech company ABL Space Systems, Hanover, Maryland-based cybersecurity firm Dragos, New York-based retail delivery service Fabric, San Francisco-based contract automation company Ontra, and Hawthorne, California-based air mobility developer Skyryse all raised $200 million this week.

Big global deals

Two of the four biggest deals this week were not in the U.S., as China-based companies locked in some big rounds.

Methodology

We tracked the largest rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of Oct. 23-29. 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

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