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Weekly Funding Highlights – 16 November 2022

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

Content management platform Contentstack raises $80 mn in Series C funding (Business StandardContentstack, the Content Experience Platform (CXP), raised $80 million in Series C funding. Georgian and Insight Partners co-led the round with participation from Illuminate Ventures. All three companies continue to grow their investment with Contentstack, contributing to a $169 million total raised thus far. The Company will use the funds to continue supporting enterprise companies on their path to composable, empowering them to meet consumer demand for omnichannel and personalized experiences. Georgian’s Lead Investor Emily Walsh will join the Contentstack board along with Contentstack CFO David Overmyer. Read more

Blockchain intel firm TRM Labs scores $70m expanded Series B (Fintech Futures)
Blockchain intelligence firm TRM Labs has raised a $70 million expanded Series B round, bringing the total raise to $130 million. The round, led by fintech-focused private equity firm Thoma Bravo, saw participation from Goldman Sachs and previous investors including PayPal Ventures, Amex Ventures, Citi Ventures, among others. The extended round follows TRM’s $60 million Series B raise in December 2021 led by Tiger Global. San Francisco-based TRM, which provides intelligence to detect and prevent crypto-related fraud and financial crime, intends to use the cash to invest in product development and new hires as it looks to meet the growing demand for its services. Read more

Descript AI/Cloud-Based Editor Raises $50 Million, Launches New Interface (Forbes)
Descript has launched a revamped interface for its desktop app designed to make the often arcane process of editing audio and video simpler for non-specialist creators and businesses. The five-year-old San Francisco-based company also announced it has raised $50 million in a Series C round led by the OpenAI Startup Fund. The company billed the new interface as “its biggest product update ever.” The Descript app works on both Windows and Mac, and can be used offline for downloaded projects, but does most of its heavy lifting in the cloud, boosted by artificial intelligence tools. Read more

Bill Gates and Salesforce back $35M funding of this climate tech startup to charge EVs sustainably (Tech Funding News)
California-based software startup, WeaveGrid, which is helping utilities ready their grids for a swell of electric vehicle (EV) adoption, has announced that it has raised $35 million in Series B funding. US-based tech giant’s VC firm Salesforce Ventures led the round, with participation from new investors Activate Capital, Collaborative Fund, Emerson Collective, and MCJ Collective. Existing investors Bill Gates-led Breakthrough Energy Ventures, Coatue, Grok Ventures, and The Westly Group also participated in the latest financing. With a continued focus on climate investments, the Salesforce Ventures Impact Fund took its first lead role in the WeaveGrid investment. The Series B comes just eighteen months after WeaveGrid announced its $15 million Series A. Read more

WeGift raises £26m (Finextra)
WeGift, a UK-based digital payouts firm, has closed a £26 million Series B funding round led by Element Ventures. Clocktower Ventures, Volution Capital, CommerzVentures, AlbionVC and SAP participated in the round. WeGift’s digital payouts technology is used by clients including AirBnB, Nike, Instacart, Dunkin’ and Aldi to get rewards, refunds, rebates, remittances and more to customers. Read more

Spotify, Klarna VC-backed Spanish fraud prevention startup, led by female CEO, now grabs €20M funding (Tech Funding News)
Barcelona-based online fraud prevention startup Red Points is a smart tech-based solution for brands to protect their content and identity online. Now, the world’s most widely used platform to counter online brand abuse has picked up €20 million in funding. The investment round was led by European VC IRIS (which backed Apricity) alongside existing investors Summit Partners and London-based Eight Roads. With this round, the total investment raised by the company is over €76 million from previous investors Mangrove, Northzone (London-based VC that’s invested in big tech brands including music streaming platform Spotify, BNPL scaleup Klarna), and Banc Sabadell. Read more

EngFlow Announces $18 Million Series A from Tiger Global, Andreessen Horowitz and firstminute capital, Releases New Open-Source Bazel Tool and Expands World-Class Team (Business Wire
EngFlow, the leading build acceleration company for innovative software development teams, today announced it had raised $18 million in Series A financing from Tiger Global, Andreessen Horowitz, first-minute capital and others. Andreessen Horowitz is doubling down on the company after leading EngFlow’s $3.7 million seed round. The Series A round includes a number of notable angel investors, including Spencer Kimball (Cockroach Labs CEO), Tom Preston-Werner (GitHub co-founder) and Mike Scarpelli (Snowflake CFO) in addition to early angels such as Matt Klein (Envoy creator) and Rachel Potvin (GitHub Engineering VP). Read more

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