Briefing

The Briefing: Toast Sets Terms For Massive IPO, BitSight Closes $250M Deal, 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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Toast sets range for IPO at valuation around $16.5B

Toast, a provider of software for restaurant payments processing and other functions, set a range of $30 to $33 per share for its upcoming initial public offering.

The Boston-based company, which previously raised over $900 million in private funding, is reportedly seeking to raise around $717 million in its NYSE offering at a public valuation of around $16.5 billion.

BitSight hits $2.4B after $250M raise

Boston-based cybersecurity company BitSight received a $250 million investment from Moody’s, which will partner with the company to help customers identify cyber and financial risk.

As part of the deal, BitSight also acquired New York-based VisibleRisk, a cyber risk ratings joint venture created by Moody’s and Team8.

Founded in 2011, BitSight helps customers understand cyber risk through ratings, analytics and management tools. The company has now raised more than $400 million to date, according to Crunchbase data.

— Chris Metinko

Formo lands $50M for lab-grown cheese

Berlin-based Formo, an agtech startup developing animal-free dairy products using nature-identical milk proteins derived from precision fermentation, announced that is has closed a $50 million Series A funding round led by Elevat3 Capital and Lowercarbon Capital.

Public offerings

Freshworks sets terms for $855M IPO: San Mateo, California-based Freshworks, a provider of cloud-based customer support software, set a price range of $28 to $32 per share for its upcoming IPO. At the midpoint of that range, the company would reportedly have a market value around $9.6 billion and bring in $855 million through the offering.

— Joanna Glasner

Illustration: Dom Guzman

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