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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Okta to buy Auth0 for $6.5B
San Francisco-based identity and access management company Okta has agreed to acquire Bellevue, Washington-based Auth0 for $6.5 billion in stock.
In a statement, Okta said Auth0 — an identity platform for development teams — will operate as an independent business unit inside of Okta and will be integrated over time.
Identity management has been one of the areas of security many experts thought would see increased interest as more and more services move online and companies and employers need to verify users. It was expected the pandemic would only increase the use of many of these identity management platforms.
Auth0 has raised $332.3 million in total funding to date, according to Crunchbase data. Its most recent raise — a $120 million Series F — valued the company at $1.92 billion and was led by Salesforce Ventures1.
— Chris Metinko
Volocopter raises $240M for electric air taxis
Germany’s Volocopter, a developer of battery-powered electric air taxis, announced that it raised 200 million euros ($240 million) in an oversubscribed Series D funding round.
The latest round, backed by a long list of new and existing investors, brings total funding to date for the 10-year-old company to 322 million euros.
Volocopter says it is in the final stages of providing its air transit services for cities around the world. TechCrunch reports that the company expects live services are now two years out for the two vehicle models it has been developing.
— Joanna Glasner
New Funds
Sofinnova closes $540M crossover fund: Paris-based venture capital firm Sofinnova Partners has closed on a 445 million euro ($540 million) new fund, called the Sofinnova Crossover Fund, which will target late-stage biopharma and medtech investments. The fund will focus on European clinical-stage companies and will also support companies in the U.S. and elsewhere.
— Joanna Glasner
Enterprise
Cutover raises $35M for digital orchestration: London-based Cutover, a platform for enterprises to oversee digital transformations, announced it has raised $35 million in a Series B round led by Eldridge.
— Joanna Glasner
Clari raises $150M: Connected revenue operations platform Clari is now valued at $1.6 billion following a $150 million round of Series E funding. The latest round, led by Silver Lake, brings the company’s total funding to date to $285 million, according to Clari. The company said it doubled its revenue in 2020 as teams transitioned to a virtual selling environment. Clari intends to use the proceeds of the investment round to accelerate product development, expand ecosystem partnerships and drive global expansion.
— Christine Hall
Fintech and e-commerce
- Rewire banks $20M: Rewire, an Israel-based digital banking startup that develops cross-border services tailored for the needs of expatriate workers, announced $20 million in Series B funding led by OurCrowd. The transaction also included a line of credit from an undisclosed bank. The round will enable Rewire to continue developing its product portfolio and services, as well as to pursue strategic partnerships in various countries.
- Deliverr bags $170M: Deliverr, a startup providing shipping services for e-commerce businesses, raised a $170 million financing round that includes $135 million in Series D funds, led by Coatue, and $35 million in a convertible note led by Brookfield Technology Partners. This latest funding round brings Deliverr’s total capital raised to over $240 million, according to Crunchbase data. The new funds will be used to expand warehouse capacity and logistics technology. In 2021, Deliverr plans on rapidly expanding next-day delivery coverage across the country, and growing its existing network of 50 warehouses.
- Colektia secures $4.2M: Debt collection fintech startup Colektia, based in Chile, raised $4.2 million in Series A funding led by Angel Ventures. This gives the company $5.1 million in total funding since being founded in 2018, according to Crunchbase data. Colektia has clients in five countries in Latin America and experienced a growth rate of 400 percent during 2020. This year, the company intends to invest in its presence in both Chile and Mexico, as well as expand into Colombia and Peru.
— Christine Hall
Clean tech and energy
Turntide raises $80M: Smart motor system developer Turntide Technologies brought in another $80 million in funding to bring its total to $180 million since being founded in 2013, according to the Sunnyvale, California-based company. The round, led by Breakthrough Energy Ventures, follows a $33 million round the company raised in September to accelerate its strategy. The new round will be used to expand development and production of its Smart Motor System to meet growing demand and extend it into new applications.
— Christine Hall
Health care
Century Therapeutics, atai Life Sciences, Blue Note Therapeutics raise rounds as small molecule cancer drug market heats up: Cell therapy company Century Therapeutics raised $160 million in Series C funding led by Casdin Capital to give the Philadelphia-based company a total of $410 million in funding since it was founded in 2018, according to Crunchbase data. Century is developing stem cell-derived therapies for immuno-oncology. The funding will advance its pre-clinical pipeline of products designed to resist host rejection, enhance cell persistence and allow repeat dosing to provide durable responses in patients. The company expects to begin clinical testing of its first products in 2022.
Meanwhile, atai Life Sciences, a New York-based clinical-stage biopharmaceutical company, secured $157 million in Series D financing led by existing investors Apeiron Investment Group and Thiel Capital. Atai develops psychedelic and non-psychedelic compounds for various mental health indications. The new funding will support the expansion and development of atai’s drug candidate pipeline and technologies, as well as finance current clinical developments and new hires.
Blue Note Therapeutics, a San Francisco prescription digital therapeutics startup, closed on $26.25 million in Series A funding led by JAZZ Venture Partners. The company is focused on developing clinically validated medical devices designed to improve overall cancer outcomes. The global small molecule cancer drug market is poised to be $125 billion by 2026. The small molecule cancer market is approaching a one-size-fits-all approach along with novel treatment delivery, according to Kuick Research.
Public markets
Oscar Health prices IPO: Health insurance company Oscar Health raised $1.4 billion in its initial public offering after pricing shares at $39 per share. The New York-based company is expected to begin trading Wednesday on the New York Stock Exchange under the symbol OSCR. The company, which was co-founded by Josh Kushner, founder of Thrive Capital, raised more than $1.6 billion in funding from investors including Founders Fund, Thrive, CapitalG and Fidelity.
— Christine Hall
Illustration: Dom Guzman
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