Briefing

The Briefing: Deliveroo Sets Range For Massive IPO, Spark Capital Cuts Ties With Dispo, 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.

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Deliveroo IPO sets valuation of up to $12.2B

Food delivery service Deliveroo set a proposed share price range for its upcoming London IPO that would value the company at up to $12.2 billion.

The British company, which counts Amazon among its backers, previously raised at least $1.7 billion in known funding, per Crunchbase data. The listing will be one of the largest London offerings of the year.

— Joanna Glasner

Spark Capital cuts ties with Dispo, founder steps down

Spark Capital, which led the Series A for buzzy photo-sharing app Dispo, announced Sunday night that it was severing ties with the company co-founded by popular YouTuber David Dobrik. The announcement came after Insider reported allegations of sexual assault against a former member of Dobrik’s “Vlog Squad.” Since the report came out last week, brands including Dollar Shave Club and HelloFresh have ended partnerships with Dobrik, according to Insider, and Dobrik parted ways with the company Monday morning.

— Sophia Kunthara

Ro Lands $500M Series D

New York-based health care technology company Ro announced $500 million in Series D funding to scale its telehealth services, pharmacy distribution and in-home care delivery.

Existing investors General Catalyst, FirstMark Capital and TQ Ventures led the round and were joined by existing investors SignalFire, Torch and BoxGroup, as well as new investors Altimeter, Baupost, Dragoneer, Shawspring, Radcliff and 776. The new funding gives Ro a total of $876 million in fundraising since the company’s inception, according to Crunchbase data. Ro’s previous raise was a $200 million Series C last June, also led by General Catalyst.

The company intends to use the new funding to bolster its primary care platform, including expanding its pharmacy distribution network, developing its Ro Collaborative Care Center, technology development and entering new treatment areas.

The funding comes three months after Ro announced the acquisition of Workpath, a Richmond, Virginia-based software platform specializing in on-demand, in-home care and diagnostic services. The acquisition enabled Ro to integrate virtual and in-person care on its own platform and offer these in-home capabilities to other health care companies, according to the company.

— Christine Hall

Funding rounds

Flex Logix lands $55M: Mountain View, California-based Flex Logix, a startup designing reconfigurable AI accelerator chips, announced that it closed a $55 million funding round led by Mithril Capital Management.

Firstbase.io raises seed funding to help entrepreneurs set up in the US: New York based Firstbase.io, a Y Combinator company, closed a seed round led by Earnest Capital. More than 5,000 companies in over 160 countries have used the service to incorporate their company in the US. Mark Milastsivy, CEO and founder of Firstbase.io., acknowledged that as a foreign born entrepreneur he had to go through a very manual process with banks and lawyers. Firstbase.io streamlines these procedures. And in the era of remote work, the company expects demand to increase. 

—  Joanna Glasner, Gené Teare

Public markets

Greenidge to go public via Support.com merger: Greenidge Generation, a Dresden, N.Y.-based bitcoin miner, announced it will go public via a reverse merger with Support.com (Nasdaq: SPRT) in a stock-for-stock transaction. When the deal closes in the third quarter, Support.com will become a wholly owned subsidiary of Greenidge. In addition, the company said it expects to be the first publicly traded bitcoin mining company with a wholly owned power plant. It has plans to replicate its vertically integrated mining model at other power sites and expects to achieve at least 500 megawatts of mining capacity by 2025. For the 12 months ended Feb. 28, 2021, Greenidge reported that it mined 1,186 bitcoins at a net variable cost of approximately $2,869 per bitcoin. Merger news sent shares of Support.com up more than 200 percent to $7.97 per share, prior to the bell Monday, from its March 19 close of $2.14 per share.

— Christine Hall

Cybersecurity

Wiz raises $130M at $1.7B valuation: Israel-based cybersecurity company Wiz raised $130 million in financing at a $1.7 billion valuation, just three months after emerging from stealth with a $100 million funding round. Wiz’s co-founders are the same team from cloud security company Adallom, which was bought by Microsoft for a reported $320 million in 2015.

Wiz’s platform allows companies to find security issues in public cloud infrastructure where they may be running software.

The round was led by Advent Venture Partners. Cyberstarts, Index Ventures, Insight Partners and Sequoia also participated in the round.

— Chris Metinko

Enterprise software 

Camunda closes Series B: Berlin-based automated workflow startup Camunda closed a €82 million Series B — approximately $100 million — led by Insight Partners. The open source software platform allows companies to design and automate business processes, allowing companies to move more quickly and efficiently.

The company has raised €107 million — or about $128 million — to date, according to Crunchbase data. The new round also included participation from existing investor Highland Europe.

— Chris Metinko

E-commerce

TryNow bags $12M: TryNow, a try-before-you-buy software for shopify brands, raised $12 million in Series A funding from a group of backers including Shine Capital, Craft Ventures, SciFi VC, Third Kind, Zachary Perret and William Hockey. The San Francisco-based company is mixing the StitchFix and Affirm business models to bring Shopify Plus brands from the dressing room into your home, enabling users to check out items for free, try them in the comfort of their own home, return unwanted items easily, only paying for what they keep.

— Christine Hall

Health care

DexCare lands $20M: Providence, a national, Catholic, not-for-profit health system, announced its spin-out company DexCare, a digital health company based in Seattle, took in a $20 million Series A round of funding led by Define Ventures. DexCare provides a Platform-as-a-Service offering to manage health system capacity and demand across all lines of care.

— Christine Hall

Illustration: Dom Guzman

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