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This is a weekly feature that runs down the week’s top 10 announced funding rounds in the U.S. Check out last week’s biggest funding rounds here.
A rather odd week in venture, as the biggest rounds were raised by greentech, business travel and charity startups. Of course, biotech and fintech were in there too.
1. (tied) Serán Bioscience, $200M, biotech: The big biotech raise this week went to Serán Bioscience. The Bend, Oregon-based startup, which provides development and manufacturing services to pharmaceutical and biotechnology companies, raised a $200 million-plus round led by Bain Capital Life Sciences. The startup plans to use the new funding to help build out its new commercial-scale manufacturing facility for drug delivery and other services. Founded in 2016, this is the company’s first round with a disclosed amount, per Crunchbase.
1. (tied) Twelve, $200M, greentech: Carbon transformation startup Twelve locked up a lot of cash this week, including a $200 million Series C led by Capricorn Investment Group, Pulse Fund and TPG. However, that wasn’t the only money the Berkeley, California-based company saw, as it also raised $400 million in project equity led by TPG Rise Climate Fund and $45 million in credit facilities. The cash will be used to help complete AirPlant One, the company’s first sustainable aviation fuel plant. Founded in 2015, the company has raised nearly $890 million, per Crunchbase.
3. Engine, $140M, business travel: Engine, formerly Hotel Engine, booked a $140 million Series C led by a fund advised by private equity firm Permira that values the Denver-based startup at $2.1 billion. The new valuation represents a 62% jump from its previous $1.3 billion value after a $65 million Series B in late 2021. That increase is no small feat considering many startups are still raising money in flat or even down rounds from their sky-high valuations during the record venture market of 2020 and 2021. It also shows the continued bounce back of business travel — one of the sectors most greatly affected by the COVID pandemic and one that has taken time to eventually return. Engine is profitable and is growing its revenue 70% year over year. The company will use the fresh capital to support product development, including the launch of flight and rental car bookings to its platform. The company also announced it will rebrand to “Engine.” Founded in 2015, Engine has raised $221 million, per Crunchbase.
4. AtoB, $130M, fintech: AtoB, providing payment solutions for the transportation industry, raised a $130 million Series C led by General Catalyst and Bloomberg Beta. The round was a mix of equity and debt funding. The San Francisco-based company provides drivers and fleet operators with financial products such as fleet cards, instant direct-deposit payroll, and access to bank accounts and savings tools. Founded in 2019, the company has raised $312 million, per Crunchbase.
5. Virtuous Software, $100M, charity: Phoenix-based Virtuous, a fundraising software company for nonprofits, raised a $100 million round led by Susquehanna Growth Equity. The company’s platform gives users tools specifically designed to build more personal relationships with donors — thus raising more money. Founded in 2014, the company has raised nearly $156 million, per Crunchbase.
6. Vero Networks, $80M, internet: Boulder, Colorado-based Vero Networks, a fiber infrastructure operator and broadband internet provider, completed an $80 million preferred equity financing led by Delta-v Capital and funds managed by Hamilton Lane. Founded in 2017, the company has raised $207 million, per Crunchbase.
7. Air Company, $69M, greentech: New York-based Air Company, a carbon conversion technology company, raised a $69 million Series B led by Avfuel. Founded in 2016, the company has raised $108 million, per Crunchbase.
8. Nura Bio, $68M, biotech: South San Francisco, California-based Nura Bio, a biopharmaceutical company developing therapies for the treatment of debilitating neurological diseases, raised an additional $68 million for a Series A totaling more than $140 million. The new cash infusion was led by The Column Group. Founded in 2018, this is the company’s only disclosed round, per Crunchbase.
9. GC Therapeutics, $65M, biotech: Cambridge, Massachusetts-based GC Therapeutics, developing cell therapy-based medicines, completed a $65 million Series A led by Cormorant Asset Management. Founded in 2019, GC Therapeutics has raised $75 million, per the company.
10. Picus Security, $45M, cybersecurity: San Francisco-based Picus Security, a security risk startup, closed a $45 million growth investment round led by Riverwood Capital. Founded in 2013, Picus has raised $80 million, per the company.
Big global deals
The biggest deal of the week came from Asia.
- India-based Physics Wallah, an edtech startup, raised a $210 million Series B at a $2.8 billion valuation.
Methodology
We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of Sept. 14 to Sept. 20. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.
Illustration: Dom Guzman
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