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 to acquire OODA Health for $425M
Cedar, a health care financial technology company, announced it will acquire OODA Health in a $425 million deal where the combined companies will provide “the only complete financial technology platform in healthcare, enabling a leading consumer experience through payer and provider alignment,” the companies said in a statement.
OODA Health, a San Francisco-based health care technology company that enables real-time interactions between consumers, providers and payers, raised $42.5 million in total known funding, according to Crunchbase data.
Meanwhile, Cedar raised $351 million in known funding, including a $200 million Series D investment in March, according to Crunchbase data.
Cedar co-founder and CEO Florian Otto will continue in the same role for the combined companies, while OODA CEO Seth Cohen will become president of Cedar, in addition to joining the board. The company will be headquartered in New York and will expand its footprint to additional offices in San Francisco and Salt Lake City.
The transaction is expected to close in May.
— Christine Hall
MasterClass Raises $225M Series F
Streaming platform MasterClass said Thursday that it raised $225 million in a Series F funding round led by Fidelity Management and Research Company. The idea behind MasterClass is that users can learn from the best, and the company brings together high-profile professionals and celebrities to teach classes. MasterClass’ online classes lets users learn skills like writing for television or fashion design from experts like Shonda Rhimes and Marc Jacobs. The new funding brings MasterClass’s total raised to more than $425 million.
–Sophia Kunthara
Cyral lands $26M for cloud security
Milpitas, California-based Cyral, a security provider for data in the cloud, announced that it raised $26 million in new funding from existing and strategic investors.
The financing brings total capital raised to date to $41.1 million.
Funding rounds
Impress picks up $50M for orthodontics: Barcelona-based Impress, a developer of orthodontic technology that offers invisible aligners, raised $50 million in a Series A round led by CareCapital, an investor focused on the dental and oral care industry.
DeepScribe raises $5.2M for medical record-taking: DeepScribe, an AI-driven platform for medical record-taking, announced it has raised $5.2 million in a seed round led by Bee Partners.
Fintech and e-commerce
Hashdex receives $26M: Cryptocurrency asset management company Hashdex secured a $26 million Series A investment led by Valor Capital. The Brazil-based company will use the funds to expand internationally and reinforce its partnership with the Nasdaq.
Relay secures $19.4M: Toronto-based Relay, a digital bank for small businesses, raised $19.4 million in funding, which includes $15 million in Series A financing, led by Bain Capital Ventures, and a previously raised seed round of $4.4 million led by Better Tomorrow Ventures. Relay, which integrates accounts payable automation directly into banking, will use this funding to increase customer acquisition, grow its engineering and product teams and product and technology development.
Alice banks $2M: Alice, a mobile decentralized finance application, announced a $2 million seed round fund raise led by Arrington Capital, Do Kwon, Mechanism Capital and Accomplice Blockchain. Alice, headquartered in Los Angeles, will build a front-end financial application deriving fast payments and offering access to high-yield from DeFi and supplying it to mainstream users with a user-friendly interface.
Cartwheel inks $1M: Los Angeles-based Cartwheel, an on-demand delivery management platform for restaurants and retailers, announced a $1 million seed round led by TenOneTen Ventures.
— Christine Hall
Energy
Voltus sparks $31M: Voltus closed on $31 million in Series C financing led by Activate Capital to bring its total equity financing to date to more than $65 million. The San Francisco-based company developed a distributed energy resources platform that enables customers and partners to identify cash-generating products and house them on a single financial transaction platform.
— Christine Hall
Cybersecurity
BluBracket secures $12M Series A: Palo Alto, California-based BluBracket closed a $12 million Series A funding round led by Evolution Equity Partners and joined by all existing investors including Unusual Ventures, Point72 Ventures, SignalFire and Firebolt Ventures. The cybersecurity developer specializes in code security, allowing companies to avoid security issues at the developer level. The company has raised a total of $19.5 million to date.
— Chris Metinko
M&A
PayPal acquires Happy Returns: Financial services giant PayPal announced Thursday it acquired Happy Returns, a company offering a returns experience to retailers and shoppers.. Terms of the deal were not disclosed, but Happy Returns raised $25 million in total known venture capital, according to Crunchbase data.
Illustration: Dom Guzman
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