Venture

The Crunchbase News Briefing: Mon., Sept. 28

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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Allbirds grabs $100M in Series E funding

Sustainable footwear unicorn Allbirds closed on a $100 million Series E round of funding last week to bring its total funding to date to more than $200 million.

The Wall Street Journal reported that the round gives the 4-year-old San Francisco-based company a valuation of $1.7 billion. The new funds will go toward growing its brick-and-mortar stores, adding new products, and accelerating growth of its direct-to-consumer sales operation.

Franklin Templeton Investments led the round and was joined by T. Rowe Price, Baillie Gifford, TDM Growth Partners and Rockefeller Capital Management. The Series E follows a $25 million Series D announced in January, according to Crunchbase data.

Poshmark files confidentially for IPO

Peer-to-peer online clothing marketplace Poshmark has confidentially submitted a draft registration statement to U.S. securities regulators for a planned IPO.

Founded in 2011, the Silicon Valley-based company offers an online platform where users can buy and sell clothes, with a focus on designer brands and below-retail prices.  Poshmark has raised just over $150 million in known funding to date, per Crunchbase data, from several well-known venture firms.

The number of shares to be offered and the price range for the proposed offering have not yet been determined.

Funding rounds

M&A

Awake Security acquired by Arista: Network detection and response platform Awake Security agreed to be acquired by cloud networking firm Arista Networks (NYSE: ANET) for an undisclosed amount. In a blog post, Rahul Kashyap, CEO of Awake, said the “promise of this acquisition is a stronger and more secure network and we will continue to grow the team and invest in future innovation.” The transaction is expected to close in Arista’s fiscal fourth-quarter 2020.

Other news

  • TikTok gets a reprieve: A federal judge has issued an order temporarily blocking the Trump administration from enforcing a ban on downloads of the popular TikTok video-sharing app from U.S. app stores.

Illustration: Dom Guzman

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