Briefing Venture

The Briefing: Alphabet Shutters Loon, SafetyWings Lands Series A, And More

The Briefing

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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Alphabet shutters Loon balloon experiment

Alphabet is shutting down Loon, its experimental balloon alternative to cell phone towers.

Founded in 2011, Loon aimed to bring connectivity to places where other infrastructure was not feasible or prohibitively expensive.

Alphabet said it did not find a way to get costs low enough to create a viable business.

Funding rounds

  • SafetyWing snags $8M for remote worker insurance: SafetyWing, a startup offering travel medical insurance with an eye toward digital nomads, has raised $8 million in a round led by Creandum.
  • Omnipresent raises $15.8M for remote teams: Ominpresent, a London-based startup offering tools to help companies manage internationally dispersed teams, raised $15.8 million in a Series A round led by an undisclosed investor.
  • MotoRefi drives auto loans with $10M: MotoRefi, an Arlington, Virginia-based auto refinancing startup, announced a $10 million Series A1 funding round led by Chicago’s Moderne Ventures.

Illustration: Dom Guzman

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