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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Etsy acquiring fashion reseller Depop for $1.6B
Etsy, the popular platform for selling handmade goods, announced it will acquire Depop, a fashion resale marketplace, for $1.625 billion.
Founded in 2011, Depop markets itself as a place to buy and sell unique fashion, and has a strong following among Gen Z consumers. The company’s 2020 gross merchandise sales and revenue were approximately $650 million and $70 million, respectively.
Following the close of the deal, Etsy says Depop will continue to be headquartered in London and operate as a standalone marketplace run by its existing leadership team. Previously, Depop raised just over $105 million in known funding, per Crunchbase data.
— Joanna Glasner
Urban Company inks $255M
India-based Urban Co., a tech-enabled home services marketplace, raised $255 million in Series F funding co-led by Prosus Ventures, Dragoneer Investment Group and Wellington Management.
The marketplace offers a variety of home services to consumers, including beauty treatments, haircuts, deep cleaning, plumbing, carpentry and appliance repairs.
The new investment will enable the company to increase its geographic footprint by entering the top 100 cities in India, as well as further expand into international markets.
— Christine Hall
Funding rounds
Celonis Raises $1B: Execution management platform Celonis raised $1 billion in a Series D round, the company said Wednesday. The round, which was co-led by Durable Capital Partners and T. Rowe Price, brings the company’s valuation past $11 billion. In addition to the funding news, the company announced that Carlos Kirjner joined Celonis as its new chief financial officer, after previously serving as Google’s VP of finance. Celonis last raised $290 million in a Series C round in November 2019.
— Sophia Kunthara
Lansweeper raises $158M: Lansweeper, a Belgian company that provides software for tracking IT assets, reportedly raised $158 million in a funding round backed by Insight Partners. Founded in 2004, the company has not previously closed a venture funding round, per Crunchbase data.
Shippo Raises $50M: Shipping platform Shippo raised $50 million in new funding, bringing its valuation to $1 billion, Bloomberg reported Wednesday. Bessemer Venture Partners led the round for the logistics company, which helps e-commerce companies manage their shipping. E-commerce has seen a boom in the last year amid the pandemic, so it makes sense that companies like Shippo would see a boost as well. Shippo last raised $45 million in February, at a valuation of $495 million.
— Sophia Kunthara
Construction Tech
Report says Katerra to shut down: Heavily funded construction technology startup Katerra is on the verge of shutting down, according to a report from The Information. Founded in 2015, Katerra raised at least $1.6 billion in known funding, per Crunchbase data, and counted SoftBank as its largest backer.
— Joanna Glasner
Fintech and e-commerce
Divido lands $30M: London-based Divido, a white-label consumer lending platform for financial institutions and multinational retailers, announced $30 million in Series B funding for international expansion and technology and product development. The round was led by HSBC and ING. Launched in 2014, Divido’s platform connects lenders, merchants and partners at the point of sale to create buy now, pay later payments.
Pinwheel spins $20M: New York-based Pinwheel, a payroll connectivity company, announced a $20 million Series A round led by Coatue. The company’s platform connects payroll providers through a single point of connectivity for tasks, such as enabling direct deposit switching and retrieving data for employment verification.
DealHub.io raises $20M: DealHub.io, a revenue amplification platform headquartered in Austin, closed on $20 million in Series B funding led by Israel Growth Partners. Revenue amplification turns sales and revenue operations to personalized offerings to each buyer no matter where they are in their buying journey.
PrizePool banks $10M: Savings account platform PrizePool secured $10 million in Series A funding, led by M13, to bring total funding to $14.35 million since 2019, with the company valuation at $50 million, according to the San Mateo-based company. PrizePool gamifies savings by offering weekly drawings for cash prizes for every $1 in the account.
— Christine Hall
Health care
RheaVita raises €2.5M: Belgium-based RheaVita, a company developing continuous freeze-drying technology for biopharmaceutical products, announced 2.5 million euros ($3.04 million) in Series A financing co-led by Novalis Biotech Acceleration and Participatiemaatschappij Vlaanderen.
— Christine Hall
Enterprise software
SignalWire raises $30M: Palo Alto, California-based SignalWire closed $30 million Series B led by Prosperity7 Ventures and joined by Storm Ventures, Samsung NEXT, Jerry Yang and Dean Drako. The software-defined telecommunications company has raised a total of $41.6 million to date.
— Chris Metinko
Illustration: Dom Guzman
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