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Weekly Funding Highlights – 12 October 2022

New week – new closed funding rounds! This week’s funding highlights cover personal finance, software, crypto, BNPL, and many more! Take a look at some major investments of this week.

Security startup Arctic Wolf raises $401 mln in convertible debt (Reuters)
Cybersecurity company Arctic Wolf has raised $401 million in convertible notes led by existing investor Owl Rock, the latest example of late-stage startups seeking alternative financing to bridge the longer-than-expected gap between funding rounds and an initial public offering (IPO). The fundraising, in which Viking Global Investors, the Ontario Teachers’ Pension Plan and Neuberger Berman also participated, will help the company to bolster its balance sheet and fund potential acquisitions, its chief executive, Nick Schneider, told Reuters in an interview. Arctic Wolf, which raised equity financing at a valuation of $4.3 billion in July 2021, has been working with banks on IPO preparations since the beginning of this year. Read more

Airwallex sustains valuation on $100 million funding round (Finextra)
Facing a challenging economic environment, business payments platform Airwallex has sustained its $5.5 billion valuation in a new $100 million funding round. The cash came from existing investors Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures and Tencent. HostPlus, an Australian industry superannuation fund, as well as a leading North American pension fund also participated. The new capital injection brings melbourne-based Airwallex’s total funding to $900 million. Read more

Celebrity-Backed Fintech for Teens, Step Receives $300M in Debt Funding (Coindesk)
Youth-focused financial technology company Step has raised up to $300 million in debt funding led by Triplepoint Capital and Evolve Bank & Trust. The fresh capital will go toward building out the Step infrastructure and the launch of new products.  Step offers a secure Visa card that helps people under the age of 18 build up their credit history. With the funding round, Step launched a crypto investing feature that allows teens, with the permission of a parent or guardian, to buy and sell bitcoin (BTC) and receive Visa rewards in crypto denominations. Additional cryptos and stocks will be added to the service in the near future.
To date, Step has now raised over $500 million in equity and debt financing. Read more

CrowdStreet locks in $43m in equity and debt funding (Global Fintech)
CrowdStreet, an online real estate investing platform, has scored $43m in equity and debt capital. Participating in the financing were TIAA Ventures, Cypress Equity Investments, the Dinerstein Companies, Foulger-Pratt, Grotech Ventures, Rally Ventures, Green Visor Capital and Seven Peaks Ventures. CrowdStreet is aiming to expand its product and service offerings, giving more individual investors and financial advisors new ways to access private commercial real estate. CrowdStreet will use the new capital to improve the technology that powers its platform, and evolve the investing experience and investment management tools used by investors every day. Read more

Jiko lands $40m Series B, launches T-bill corporate money storage solution (Fintech Futures)
Fintech Jiko, which has launched a corporate money storage solution to “make money work harder”, has landed a $40 million Series B funding round. The Series B round, led by Red River West, saw participation from Trousdale Ventures, Owen Van Natta, Temaris & Associates, La Maison Partners, BPI France, Anthem Ventures, Upfront Ventures and Radicle Impact. Jiko’s Money Storage solution provides firms of all stripes low-cost access to storing and moving money in spendable T-bills – an asset class that offers a “highly competitive” potential yield, which traditionally can be costly and opaque to access, offering a more flexible alternative to other money storage options. Cash is securely stored at custody bank BNY Mellon, put directly into T-bills with on-demand liquidity and is moveable around the clock on the Jiko network. Read more

IriusRisk Raises $29M in Series B Funding  (Finsmes)
IriusRisk, a Cuarte, Huesca, Spain-based provider of an Open Threat Modeling platform, raised $29M in Series B funding. The round was led by Paladin Capital Group, with participation from SwanLaab Venture Factory, BrightPixel Capital, 360 Capital and Inveready. In conjunction with the funding, Kenneth Pentimonti, Principal at Paladin Capital, will join IriusRisk’s board of directors. The company intends to use the funds to further expand globally, with a particular focus on the US and Asia Pacific markets, to grow its community platform, make key strategic hires and double down on the research and development of its technology. Read more

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