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Weekly Funding Highlights – 21 July 2021

For this week’s funding piece, we take a further leap into the latest transactions, and investments from the fintech ecosystem. We analyze sectors such as cryptos, NFTs, mortgage, cyber security, network management, SaaS, payments and banking. Happy reading!

Insightsoftware draws a $1 billion investment (€850M)

Hg, the investment firm, announced that it will invest around $1 billion (€850M) into Raleigh software maker Insightsoftware (Raleigh, North Carolina, USA) — an investment that will value the company at $4 billion.The equity investment will give Hg—along with Boston-based private-equity company TA Associates—joint control of Insight Software. Read more

Revolut has raised $800 million (€680M)

British fintech firm Revolut (London, UK) said it has raised $800 million (€680M) in a new funding round led by SoftBank and Tiger Global. The round values Revolut at $33 billion (€28M), a sixfold increase on the $5.5 billion (€4.7bn) the company was worth last year. Fintech start-ups have been on a funding spree lately, raising a record $33.7 billion (€28.6bn) in the second quarter of 2021. Read more

Cybereason secures $275M (€233M) in late-stage funding

Cybereason Inc. (Boston, MA, USA), the maker of a threat detection and response platform, has raised $275 million (€233M) in new late-stage funding to support expansion initiatives. The startup will use the funding to double its 850-person workforce over the next 12 months. Cybereason also plans to look at acquiring smaller startups with cybersecurity technologies that could complement its platform’s current feature set. Read more

Cloud-based network management software firm Auvik raises $250M (€212M)

Cloud-based network management software firm Auvik Networks Inc (Waterloo, Canada) has raised $250 million (€212M) in new funding to accelerate product development and global reach. The funding came exclusively from Great Hill Partners, who have now taken a majority stake in the company. The company is now targeting Indian and Asian markets and looking to provide locally-based customer support to fuel its growth. Some of the new funding will also be used to develop additional products that address all aspects of cloud-based and remote network infrastructure. Read more

M1 Finance raises $150M (€127M) on unicorn valuation of $1.45B (€1.23B)

Investment application startup M1 Finance (Chicago, Illinois, USA), has raised $150 million (€127M) in a late-stage funding round to develop new products and features and enhance customer service. SoftBank Vision Fund 2 led the Series E round. Other investors included Coatue Management, Left Lane Capital, Jump Capital and Clocktower Technology Ventures. The funding was raised at a valuation of $1.45 billion, giving M1 Finance “unicorn” status for the first time. Read more

MPOWER Financing Raises $100M (€85M) in Equity Funding

MPOWER Financing( Washington, DC, USA), a fintech platform and provider of education loans to high-promise students around the world, raised an equity investment of $100m (€85M). Backers included Tilden Park Capital Management, ETS Strategic Capital on behalf of ETS, King Street Capital Management, Drakes Landing Associates, and Pennington Alternative Income Management. Read more

OpenSea Raises $100M (€85M) in Funding; Valued at $1.5 Billion (€1.3bn)

OpenSea (New York, NY, USA), a provider of NFT marketplace, raised $100M (€85M) in a funding round which valued it at $1.5 billion (€1.3bn). The round was led by Andreessen Horowitz with participation from Coatue, along with Michael Ovitz, Kevin Hartz, Dylan Field, Kevin Durant, Ashton Kutcher, and Tobie Lutke. The company intends to use the funds to continue to expand operations and its business reach, as well as to extend its development efforts. The company plans to support NFT sales from networks like Flow and Tezos in addition to Ethereum. Read more

Virsec Raises $100M (€85M) in Series C Funding

Virsec (San Jose, CA, USA), a cybersecurity company dedicated to fully protecting software as it is executing, raised $100m (€85M) in Series C funding. The round, which brought total funding in the company to $137m (€116M), was led by BlueIO. The company intends to use the funds to expand operations and its business reach. Read more

Marco Financial Raises $82M (€70M) in Seed Funding

Marco Financial (Miami, FL), a financing platform for exporters, raised $82M (€70M) in seed funding. The round was led by Kayyak Ventures with participation from Village Global VC, Flexport Ventures, Tresalia Capital, 342 Capital, Struck Capital, Antler LLC, Antler Elevate, Florida Funders, and Fox Ventures, as well as strategic angel investors Phil Bentley, CEO of Mitie, and Naman Budhdeo, CEO and Co-Founder of Tripstack and FlightNetwork. The company intends to use the funds for product development and business expansion. Read more

Cardless raises $40m (€34M)in Series B funding

Cardless (San Francisco, CA, USA), a provider of virtual cards, has raised $40 million (€34M) in a Series B funding round led by Activant Capital. Cardless has raised $50 million (€42M) in total. Participants in the round, which brings Cardless’ total raised to $50 million, include existing backers Accomplice and Pear VC. The company will use the new fundings to continue making consumer credit more accessible, useful, and engaging, by accelerating the shift to brand-created financial products. Read more

Morty Raises $25M (€21M) in Series B Funding

Morty (New York, NY, USA), an online mortgage marketplace, closed a $25m (€21M) Series B financing. The round, which brought total investment raised to date to $38.4m (€24M), was led by March Capital with participation from Rethink Impact and existing investors Thrive Capital, Lerer Hippeau, Prudence Holdings, FJ Labs and Metaprop. The company intends to use the funds to make investments in hiring, consumer marketing and product expansion and explore B2B2C opportunities to embed mortgage technology into the greater real estate ecosystem. Read more

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