The Briefing: Faraday Going Public Via SPAC, OwnBackup Nears $1.4B Valuation, Nubank Raises $400M, 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.

Subscribe to the Crunchbase Daily

Electric vehicle-maker Faraday Future to go public via SPAC

Los Angeles-based electric carmaker Faraday Future is planning to go public through a merger with blank-check acquisition firm Property Solutions Acquisition Corp.

The deal values the merged company at around $3.4 billion. Faraday said the agreement will provide an estimated $1 billion of gross proceeds, which is expected to be enough to fully fund the production of its luxury electric car, FF 91, within 12 months of transaction close.

Founded in 2014, Faraday has previously raised at least $2.3 billion in known funding, per Crunchbase data. Following the closing, the combined company will be listed on the Nasdaq Stock Market under the ticker symbol FFIE.

Funding rounds

OwnBackup nears $1.4B valuation: OwnBackup closed a $167.5 million Series D that values the cloud data protection platform at nearly $1.4 billion. The round was co-led by Insight Partners, Salesforce Ventures 1 and Sapphire Ventures, with participation from existing investors Innovation Endeavors, Vertex Ventures and Oryzn Capital. The backup and disaster recovery system developer now has raised more than $267.5 million to date. The company’s cloud data protection and backup system is used by nearly 3,000 customers.
Lyra Health lands $187M for mental health benefits: Mental health care benefits provider Lyra Health raised $187 million in a Series E funding round, less than six months after gaining unicorn status with a $110 million Series D. (Read more)
Nubank raises $400M: Nubank, the Brazil-based upstart online bank, has reportedly raised $400 million in Series G funding at a valuation of $25 billion.
Ula bags $20M: Indonesia-based Ula, a wholesale e-commerce marketplace for small business owners, raised $20 million in a Series A funding round led by Quona Capital and B Capital Group.
Literati notches $40M Series B from big-name investors for book subscription service: Literati, an Austin-based company that offers an online book club and subscription service, said it raised $40 million in Series B funding led by Aydin Senkut of Felicis Ventures with additional funding from former Twitter CEO and venture investor Dick Costolo and Adam Bain of 01 Advisors, Founders Fund, General Catalyst, Shasta Ventures, Silverton Partners and Springdale Ventures. Golden State Warriors basketball star Stephen Curry also participated in the round. Curry is one of the celebrities on the Literati platform promoting a curated book selection.
Flowhaven raises $16M: Media licensing management startup Flowhaven raised $16 million in a Series A round from investors including Sapphire Sport, Global Founders Capital, and Icebreaker.vc. The company counts Nintendo and Crunchyroll among its customers.
Concert Health lands $14M: Concert Health, a San Diego-based behavioral health medical group, closed on a $14 million Series A round led by Vertical Venture Partners.
Yotta raises $13.2M for prize-driven savings accounts: New York-based fintech startup Yotta announced the close of a $13.2 million Series A funding led by Base10 Partners with participation from Y Combinator, Core Innovation Capital, and Slow Ventures. The startup offers a savings account that’s linked to the potential to win monetary prizes: For every $25 they deposit, Yotta users earn one recurring ticket into weekly sweepstakes number draws.
Verusen raises $8M for connected supply chains: Verusen, an Atlanta-based startup offering AI-driven supply chain technology, said it raised $8 million in Series A funding co-led by Forte Ventures and Flyover Capital. The round also included new investment from BMW i Ventures and continued participation from Glasswing Ventures, Zetta Venture Partners, Kubera VC and Engage.
Abound raises $6M: Abound, headquartered in San Francisco, announced $6 million in funding led by Point72 Ventures. The company provides a benefits API for businesses that serve independent workers.
Cutback Coach raises $3.1M: Cutback Coach, a San Francisco startup developing a program focused on building healthier habits around alcohol consumption, raised $3.1 million in seed funding led by Stephanie Palmeri of Uncork Capital.
Cowrywise banks $3M: Cowrywise, a Nigeria-based digital wealth management and financial planning tool, secured $3 million in pre-Series A funding led by Quona Capital.

M&A

SAP buys BPA developer Signavio: SAP has acquired German business process automation developer Signavio. Terms of the deal were not released, but Bloomberg reported this week it could be worth $1.2 billion. The deal gives SAP cloud-native BPA tools, which can help automate tasks in areas such as marketing and workflow. Signavio has raised nearly $230 million since being founded in 2009, according to Crunchbase data.

GetwellNetwork acquires Docent Health: Patient engagement platform GetWellNetwork announced it has acquired Docent Health, a platform that provides intelligent, real-time text messaging that guides patients to the “next best step” following medical care. Terms of the deal were not disclosed. Docent has raised $17 million in known venture-backed funding, while GetwellNetwork has raised $19 million.

Other news

Former Magic Leap CEO launches startup: Rony Abovitz, the former CEO of augmented reality company Magic Leap, has launched a new startup called Sun and Thunder to focus on artificial intelligence and interactive storytelling.

Illustration: Dom Guzman