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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Acorns going public via SPAC
Acorns, a provider of savings and investment accounts, is the latest venture-backed company to announced plans to go public through a merger with a blank-check acquirer.
The Irvine, California-based company has inked a deal with Pioneer Merger Corp., a publicly traded special purpose acquisition company, or SPAC. The agreement values Acorns at around $2.2 billion, with plans for it to go public on Nasdaq in coming months under the ticker symbol OAKS.
Founded in 2012, Acorns previously raised $207 million in known funding, per Crunchbase data, and counts PayPal Ventures, Greycroft, NBCUniversal and Comcast Ventures among its major backers.
— Joanna Glasner
FIGS shares up 36% on first day of trading
Shares of health care apparel company FIGS closed at $30.02 per share Thursday on the New York Stock Exchange. That’s 36.45 percent higher than the company’s opening at $22 per share. Just over 13 million shares were traded on the first day, according to Yahoo Finance.
The company, headquartered in Los Angeles, raised $75 million in total known venture capital investments since it was founded in 2013, according to Crunchbase data. Its most recent raise was a $65 million Series B round led by Tulco. Other prominent investors include Campfire Capital, Mohr Davidow Ventures and Crocs.
It expected to raise $581 million after increasing the number of shares sold from 22.5 million to 26.4 million. It had previously priced shares between $16 and $19 per share.
Shares trade on the New York Stock Exchange under the ticker FIGS.
— Christine Hall
Base10 Announces New $250M Fund
Base10 Partners said Thursday that it raised a new $250 million fund, known as the Advancement Initiative. Of the fund’s carried interest, 50 percent will be donated directly to Historically Black Colleges and Universities for student scholarships and to support university endowments, according to a statement from Base10. The firm has invested in eight companies, including Brex and Plaid, since the fund was introduced in March 2021. Base10 will also create scholarships named after those portfolio companies to help STEM students at HBCUs finance their education.
–Sophia Kunthara
Homeward Raises $371M
Home finance company Homeward said Thursday it raised $371 million in a Series B round of funding led by Norwest Venture Partners. The $371 million total is made up of $136 million in equity and $235 million in debt, according to a statement from the company. The Austin-based company will use the funding to scale the startup and expand into new markets. Homeward is backed by investors including LiveOak Venture Partners and Breyer Capital.
–Sophia Kunthara
Funding rounds
Ada Health lands $90M: Berlin-based Ada Health, a digital health company known for its health self-assessment app Ada, raised $90 million in a Series B round led by pharma giant Bayer’s Leaps By Bayer venture investment vehicle. Founded in 2011, Ada offers an AI-enabled platform for help diagnosing symptoms and offering treatment advice.
Fold raises $13M for bitcoin rewards: Fold, a bitcoin rewards app, announced that it has raised $13 million in a Series A funding round led by Craft Ventures. The company also announced that it is opening access to a bitcoin cashback debit card for U.S. residents.
— Joanna Glasner
Fintech and e-commerce
Kodo inks $8.75M: Fresh from Y Combinator, India-based Kodo, a fintech startup focused on serving the corporate card and B2B payments needs of small businesses, announced $8.75 million in seed funding from a group of investors that included Brex, Goat Capital and Pioneer Fund. It will use the funds to add to its staff and accelerate growth plans.
ARTA snags $4.5M: ARTA, a logistics software and fulfillment services company for high-value goods and collectibles, secured $4.5 million in seed funding from a group of investors including Corazon Capital, Gaingels and Flight VC. The new funding gives the New York-based company $8.5 million in total funding since it was founded in 2015, according to Crunchbase data. ARTA’s API automates logistics and fulfillment, removing the barrier for sellers to launch or scale e-commerce initiatives globally.
— Christine Hall
Enterprise software
Breinify adds $6M to seed: San Francisco-based Breinify, which helps companies deliver personalized and relevant digital experiences, added $6 million to its seed round announced last year. The round was led by Gutbrain Ventures and PBJ Capital, with participation from Streamlined Ventures, The CXO Fund, Amino Capital, Startup Capital Ventures and Sterling Road.
— Chris Metinko
Illustration: Dom Guzman
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