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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Cedar raises $200M for health billing platform
New York-based Cedar, a provider of a patient payment platform for hospitals, health systems and medical groups, raised $200 million in a fresh funding round led by Tiger Global.
The financing reportedly sets a valuation of $3.2 billion for the 5-year-old company, which develops technology aimed at making it easier for patients to make payments online. The latest round follows several quarters of sharp growth, with the company’s latest valuation reportedly more than quadruple where it was a year ago.
Previously, Cedar has raised at least $151 million in known funding, per Crunchbase data, from a long list of venture, strategic and individual investors.
— Joanna Glasner
Coupang raises IPO price range
South Korea-based e-commerce marketplace Coupang increased its price range for an upcoming initial public offering, according to a filing made Tuesday with the U.S. Securities and Exchange Commission.
The company aims to sell 120 million shares at between $32 and $34, which will enable the company to raise as much as $4 billion. This is up from the between $27 and $30 per share range Coupang filed last week.
Coupang reported revenue of nearly $12 billion in 2020, up from $6.2 billion in 2019. It also improved its balance sheet as it grew, lowering its net loss to $474.9 million in 2020 from $698.8 million in 2019.
The company is expected to list its shares March 11 on the New York Stock Exchange under the symbol CPNG, according to IPOScoop.
— Christine Hall
Funding rounds
Tackle pulls down $35M for cloud marketplaces: Tackle, a startup offering tools to help get products onto marketplaces of leading cloud providers Amazon, Microsoft and Google, raised $35 million in a Series B round led by Andreessen Horowitz.
— Joanna Glasner
Scoro raises $16.4M Series B: London-based Scoro, a work management software provider, has closed a $16.4 million Series B funding round led by Kennet Partners. The fundraise comes as the company plans further expansion into the U.S., Asia Pacific, and French- and Spanish-speaking markets.
— Joanna Glasner
Fintech
Cube raises $10M for corporate FP&A: Cube Software, a financial planning and analysis (FP&A) platform, announced $10 million in Series A funding to expand its next-generation chief financial officer intelligence platform. Mayfield 1 led the round with participation from Bonfire Ventures and Operator Collective. The New York-based startup previously raised a $5 million seed round last August, led by Bonfire. Christina Ross founded Cube in 2018 and led the company to quadruple its customer base since the seed round. Its platform automates the manual FP&A workload and provides data management and analysis, which is traditionally time-consuming and highly manual, leaving little time or access to the insights that can tell the story behind the numbers. Also on Tuesday, bookkeeping fintech Zeni launched its AI-powered finance concierge for startups and announced $13.5 million in funding to-date, also with the aim of automating bookkeeping, accounting and CFO services, but for startup companies.
— Christine Hall
Enterprise Software
WorkFusion lands $220M round: New York-based WorkFusion closed a $220 million Series F led by Georgian. The company’s automation software helps automate certain repetitious operations normally performed by people. WorkFusion’s software normally focuses on highly regulated industries like banking and financial services.
Automation software has been popular in recent years with both investors and strategics. San Jose, California-based Automation Anywhere raised $290 million in 2019 at a $6.8 billion valuation. Just last year, both Microsoft and IBM made acquisitions in the space, acquiring Softomotive and WDG Automation respectively.
According to Crunchbase, WorkFusion has raised more than $340 million.
In other enterprise software news, Austin, Texas-based Jungle Scout raised a $100 million in growth capital led by Summit Partners and Jungle Scout founder and CEO Greg Mercer. The SaaS-based Amazon selling platform also announced the acquisition of Seattle-based adtech company Downstream Impact.
— Chris Metinko
Health care
Valo Health, Ibex raise significant rounds: Valo Health, a biotech company focused on the drug discovery and development process, announced the final close of its Series B round with $110 million coming from Koch Disruptive Technologies. This brings the Series B total to $300 million and Valo’s total funding to $400 million in known investments, according to Crunchbase data. The Boston-based company intends to use the new funding to further scale its Opal Computational Platform that develops therapeutic programs across major disease areas.
Meanwhile, Israel-based Ibex Medical Analytics, which is developing AI-powered cancer diagnostics, announced $38 million in Series B financing led by Octopus Ventures and 83North, to bring total funding to $52 million since its inception in 2016, according to Crunchbase data. Ibex’s Galen platform supports physicians and providers to improve diagnostic accuracy and efficiency of pathology laboratory workflows, as well as enables development of new AI tools for precision medicine in oncology.
— Christine Hall
Agriculture
Wefarm lands $11M for farmer network: Wefarm, a farmer-to-farmer digital network that enables farmers to share information via SMS, without the internet, raised $11 million in what the London-based company is calling a “Series A-plus” round. Octopus Ventures led the round, which brings Wefarm’s total funding to $32 million, according to Crunchbase data. The company raised an earlier Series A tranche of $13 million in 2019. Since it was founded in 2015, Wefarm’s network has grown to 2.5 million small-scale farmers who are using the platform to share knowledge and buying power.
— Christine Hall
Illustration: Dom Guzman
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