The Briefing: Boxed Going Public Via SPAC, Thrasio May Go Public, Motorway Raises $67M, 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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Online grocer Boxed going public in $900M SPAC deal

Online bulk grocery retailer Boxed announced plans to go public through a merger with blank-check firm Seven Oaks Acquisition Corp. The proposed deal values the equity of the combined firm at around $900 million.

New York-based Boxed specializes in bulk orders of staple items, including groceries and household products. The company markets to both consumers stocking up their homes and businesses seeking supplies.

Founded in 2013, Boxed previously raised at least $243 million in known funding, per Crunchbase data.

— Joanna Glasner

Thrasio rumored to go public via SPAC

Thrasio, an Amazon third-party aggregator, was reported to be in talks to go public via a merger with special purpose acquisition company Churchill Capital V Corp., according to Bloomberg, which cited people with knowledge of the matter.

Thrasio declined to comment, though according to someone familiar with the company, the valuation would be north of $10 billion.

As the largest player in the e-commerce marketplace aggregator space, Thrasio had multiple financing options at its disposal. Just this year, the company raised more than $1.2 billion in various equity and debt rounds, according to Crunchbase data.

E-commerce aggregators like Thrasio have been attracting investor attention for a while now, but investments have heated up in 2021, with companies in the sector raising approximately $2 billion. In May, Perch raised $775 million in Series A funding.

— Christine Hall

Auto tech

Lordstown CEO, CFO resign: The CEO and CFO of electric-truck maker Lordstown Motors have resigned. Their resignations come days after the company, which carried out a public offering via SPAC last fall, warned that it may not have enough cash to stay in business for the next year.

Motorway picks up $67M to sell used cars: London-based Motorway, operator of an online used car marketplace, raised £48 million ($67 million) in a Series B round. Index Ventures led the financing, joined by new investors BMW i Ventures and Unbound as well as existing investors Latitude and Marchmont Ventures. Founded in 2017, Motorway has raised around $88 million in known funding to date, per Crunchbase data.

— Joanna Glasner

Venture funds

Flagship Pioneering reopens fund to raise $2.23B: Bioplatform innovation company Flagship Pioneering announced it reopened its Fund VII to raise an additional $2.23 billion for a total capital pool of $3.37 billion. The company said this “brings together for the first time its origination and growth strategies under one investment vehicle with a long-term focus on the creation, development and growth of its first-in-category bioplatform companies.” Cambridge, Massachusetts-based Flagship creates and grows human health and sustainability companies. The company says it has pumped $370 million in capital to its companies over the past year.

— Christine Hall

Health care

Lyra Health valued at $4.6B following $200M investment: Employee mental health care company Lyra Health said it raised $200 million, led by Coatue, to give the company a $4.6 billion valuation. In total, the Burlingame, California-based company has raised $675.1 million since its inception in 2015, according to Crunchbase data. In addition to the funding news, Lyra Health also announced an expansion globally for preventive care and mental health coaching.

The Pill Club raises $41.9M: Direct-to-consumer women’s telehealth provider The Pill Club announced a $41.9 million extension of its Series B, which it first raised in January 2019, to bring the total round to $92.9 million, according to Crunchbase data. Base10 Partners led the round. The Redwood City, California-based company was founded in 2014 to provide contraceptive care and said it reached an annual run rate of $100 million for the first time. The Pill Club intends to invest the new capital in expansion of services and hiring.

— Christine Hall


Moleaer snaps up $9M: Moleaer, a nanobubble technology company, closed on $9 million in Series B funding led by S2G Ventures’ Oceans and Seafood Fund. The Carson, California-based company’s nanobubble generators provide oxygen to restore water bodies by eliminating harmful algae and pathogens, as well as increase the recovery of natural resources. This enables more sustainable food production, restores aquatic ecosystems and improves natural resource recovery.

— Christine Hall

Illustration: Dom Guzman

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