Bay Area tech leaders are making strides in the push to diversify the tech industry. Read more of the latest news from the Bay Area tech scene. This is the Built In SF weekly refresh.
BetterUp raised $125M. The mobile-based coaching, counseling and mentorship platform for enterprises has raised a total of $300 million in financing to date. The Series D was led by ICONIQ Growth and brings the company’s valuation to a whopping $1.73 billion. The new financing will be used to invest in the company’s core product. [Business Wire]
Springboard awards $1.2M in scholarships. Two years ago, the company made a commitment to offer nearly $1 million worth of scholarships to support women and people of color in tech. The edtech platform announced last week that $1.2 million worth of said scholarships have been disbursed to date. [Built In SF]
SF Tech Quote of the Week
Finix raised $3M via Black and Latinx-led SPV. The payments infrastructure startup announced that, during its Series B extension, closed last August, it facilitated a Special Purpose Vehicle (SPV), a legally separate entity created by organizations to achieve a particular objective, to allocate funds to Black and Latinx investors. In total, 80 Black and Latinx investors contributed a total of $3 million to the startup’s coffers. This is in addition to the $30 million raised from Lightspeed and Amex Ventures. [Built In SF]
Shippo secured $45M. The Series D led by D1 Capital Partners brings Shippo’s valuation to $495 million. Since its last financing round in April, the company’s valuation has nearly doubled. Shippo aims to democratize the shipping industry by bringing quicker delivery capabilities to small and medium-sized businesses. As part of its growth effort, the company will continue to invest in its core product as well as “rapidly” hire for its team. [Built In SF]
Chime made a donation to the Mavs Foundation for Texas relief. Following a devastating winter storm in the Lone Star State, the fintech company announced it would donate $100,000 to the Dallas Mavericks “Mavs” Foundation. The company hopes its contribution will help organizations on the ground in Texas to provide shelter, rehousing and warming centers. [LinkedIn]
DoorDash launched an accelerator program. The Main Street Strong Accelerator is a new initiative aimed at providing financial support to women-, immigrant- and people of color-owned businesses that have been affected by the pandemic. Applications are open for small business restaurateurs in New York City, Los Angeles, Chicago, Atlanta, and Philadelphia. Additionally, DoorDash will deploy $2 million in grants to the program participants to invest in their operations for the future. The grants will be made in two $10,000 payments, one at the start and one at the end of the program in May. [PR Newswire]
InCloud hired its first general counsel. InCloudCounsel operates an artificial intelligence platform connecting freelance lawyers with clients in need of their services. The legal technology company hired Luke Ruse, former partner at Kirkland and Ellis, as its general counsel. Additionally, the company just announced the opening of a new Singapore office. [Bloomberg Law]
In funding news, message board giant Reddit added over $116 million to its $250 million Series E, announced earlier this month. The latest cash infusion ups the round’s total to $367 million, according to an SEC filing. [TechCrunch]
Direct mailing platform Lob closed on a $50 million Series C led by the Y Combinator Continuity Fund. The startup has raised $80 million in total financing. Following the recent investment, the company plans to increase its headcount to more than 260 employees. [TechCrunch]
AI transcription startup Otter.ai raised $50 million in a Series B round that includes $10 million in convertible notes. The round was led by Spectrum Equity. The company plans to triple its headcount over the next year and plans to hire across its AI, deep learning, natural language processing, engineering and leadership teams. [VentureBeat]
Payments platform EarnUp raised $25 million in a Series B led by Bain Capital Ventures. Its GetAhead platform gives mortgage providers early warning of loans that are at risk of entering forbearance or might qualify for a refinance. [GlobeNewswire]
Following its $20 million Series A, stock option marketplace startup EquityBee plans to invest in hiring and expanding its product offerings. The company aims to help educate startup employees on the meaning of their stock options. [TechCrunch]
Wisetack raised $19 million in new financing in a round led by Greylock and Bain Capital Ventures. The company offers buy now, pay later tools for in-person services like home and auto repair. Following the fresh investment, the company will invest in expanding its business operations. [FinSMEs]
