There was no shortage of venture funding on the Bay Area tech scene last month. Several companies pulled in massive rounds with the top raises totaling well over $2 billion. With trends in businesses in the e-grocery and healthtech spaces, see what else is in store for these companies and their fresh capital.
#7. $225 million, March 11
This healthtech company uses biometric data to provide members with an overall look at their health. For a monthly fee, members can visit the doctor without paying an insurance copay. Forward is looking to build several new healthcare facilities throughout the country with its $225 million Series D financing from investors like Founders Fund and Salesforce’s CEO.
#5 (tied). $250 million, March 31
The home gym startup closed on $250 million in Series E funding bringing its valuation to a unicorn-status $1.6 billion. The round was led by Dragoneer with participation from Cobalt Capital as well as existing investors L Catterton and Sapphire Ventures. The company has seen “explosive” growth in 2020, and plans to invest in marketing and content as it aims to scale its operations. New investors also include high-profile professional athletes Drew Brees and Maria Sharapova.
#5 (tied). $250 million, March 31
The Palo Alto-based insurtech startup’s latest funding round was co-led by FinTLV Ventures and Battery Ventures and brought its valuation to $4 billion with more than $880 million in funding raised to date. The company provides insurance coverage tailored specifically to small businesses and the self employed. The new financing follows a “record” 2020 where the company hired 180 new employees and increased its number of customers holding more than one policy tenfold. CapitalG, Group 11, Zeev Ventures, Founders Circle and G Squared also participated in the round.
#4. $265 million, March 2
Having seen huge growth since the start of the pandemic, same-day grocery delivery service Instacart secured $265 million in a fresh funding round led by Andreessen Horowitz. This raise bumps the company’s valuation up to $39 billion. Instacart is planning to rapidly scale its business and grow its corporate team by 50 percent within the first half of this year.
#3. $270 million, March 15
Following its $270 million Series E round led by Greenoaks Capital, Airtable is looking to further its no-code solution. The company’s product serves enterprise customers as a relational database. The raise puts Airtable’s valuation at $5.77 billion. It’s also planning to invest the sum in adding more members to its team.
#2. $315 million, March 16
Grocery delivery has gained more popularity amid the pandemic, and Fremont-based e-grocer Weee! is capitalizing on the trend. The startup works to increase accessibility to Asian and Latinx ingredients that are harder to come across in popular supermarkets. With $315 million from its DST Global-led Series D, it’s planning to develop new features for its platform and expand its range of available products.
#1. $600 million, March 14
The fintech giant’s software helps enterprises manage their finances, payments and billing processes, and the company boasts the highest valuation of any U.S. startup to date at $95 billion. Stripe’s Series H round came from investors including Fidelity Management and Sequoia Capital, and it’s planning to invest that $600 million in expanding through Europe and hiring 200 new tech positions at its San Francisco office.
