Briefing

The Briefing: Trulioo Lands $394M, One Medical To Acquire Iora Health, Dave Going Public Via SPAC, And More

The Briefing

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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Trulioo lands $394M to verify identity

Vancouver-based Trulioo, an online identity verification company, reportedly raised $394 million in a new Series D funding round.

Growth equity investor TCV led the financing, which reportedly sets a valuation of $1.75 billion for the 10-year-old company. Previously, Trulioo had raised around $81 million in known funding, per Crunchbase data.

— Joanna Glasner

One Medical to acquire Iora Health in $2.1B deal

1Life Healthcare, popularly known as One Medical, announced Monday it agreed to acquire Boston-based Iora Health, a value-based primary care group focused on Medicare populations, in an all-stock deal valued at approximately $2.1 billion.

Iora Health was founded in 2011 and raised a total of $349.3 million in known venture capital funding.

The transaction is expected to close later in 2021.

— Christine Hall

Public offerings

Banking app Dave going public via SPAC: Los Angeles-based Dave, a banking app that aims to eliminate overdraft fees, announced plans to go public through a merger with special-purpose acquisition company, VPC Impact Acquisition Holdings III, at an equity value of around $4 billion. The 4-year-old company previously raised around $70 million in equity funding and $100 million in debt financing, per Crunchbase data.

Aurora plans SPAC merger: Autonomous driving technology company Aurora is reportedly close to finalizing an agreement to go public through a merger with Reinvent Technology Partners Y, a SPAC backed by LinkedIn founder Reid Hoffman and Zynga founder Mark Pincus. The deal would reportedly set a valuation of close to $12 billion for Silicon Valley-based Aurora.

— Joanna Glasner

E-commerce

Grabango bags $39M: Grabango, a Berkeley, California-based supplier of checkout-free technology to major grocery store chains, announced $39 million in Series B funding led by Commerce Ventures. To date, Grabango has signed five retail partners and is deploying its camera-only, computer vision-powered system at multiple retrofit-only stores in learning mode all over the country. The new funding will enable the company to continue to expand into new stores and regions.

— Christine Hall

Health care

Avi Medical raises €28.5M: Germany-based digital health care company Avi Medical raised 28.5 million euros ($34.77 million) in Series A funding led by Heal Capital and Addition. Avi Medical is developing a  doctor’s office concept with an easy-to-use online appointment booking process and enables patients to fill out their medical history forms via their smartphones.

— Christine Hall

M&A

Lightspeed acquires Ecwid, NuORDER: Canada-based commerce platform Lightspeed snapped up e-commerce platforms San Diego-based Ecwid and Los Angeles-based NuORDER in an acquisition deal. Terms of the transaction were undisclosed. Once the transaction is closed, Lightspeed said it will give the company new entry points into digital commerce. Ecwid last raised $42 million in venture funding in May 2020 to give it a total of $48.5 million in known funding, while NuORDER raised $45 million in Series D funding in March to give it $81.9 million in total known funding, according to Crunchbase data.

Nium to acquire Ixaris: Singapore-based global payments platform Nium said it signed an agreement to acquire B2B travel payments provider Ixaris, based in London. Terms of the deal were not disclosed for the transaction, which is expected to close in the third quarter of 2021. When the deal closes, Nium said, the acquisition will add comprehensive virtual card issuance capabilities to its set of offerings and provide a foundation for further geographic expansion.

— Christine Hall

Enterprise software

Poka closes $25M Series B: Quebec City-based Poka raised a $25 million Series B led by 40 North Ventures, with participation from McRock Capital and existing investors SE Ventures, CDPQ, Robert Bosch Venture Capital and Leclerc. The company — which has built a connected worker platform for learning and sharing specifically for the manufacturing sector — has now raised more than $45 million in funding.

— Chris Metinko

Agriculture

Red Sea Farms lands $10M: Saudi Arabia-based Red Sea Farms, an agriculture technology company enabling the commercial farming of produce using primarily salt water, received $10 million in venture capital investment today led by a group including Saudi Aramco’s entrepreneur arm Wa’ed.

Texas Original Compassionate Cultivation closes $21M: Austin-based medical cannabis provider Texas Original Compassionate Cultivation secured $21 million in Series B funding led by AFI Capital Partners, to bolster the company’s production and support its statewide delivery strategy.

— Christine Hall

Illustration: Dom Guzman

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