Last week was full of massive investments for several San Francisco-based fintech companies. Read more of the latest news from the Bay Area tech scene. This is the Built In SF weekly refresh.
Brex secured $425M. The latest raise is nearly three times the size of the unicorn’s Series C, and brings its valuation to a whopping $7.4 billion. Founded in 2017, the fintech giant operates as a corporate credit card and cash management company specifically tailored to startups. Brex will use the additional capital to expand the size of its team as it continues to scale. The company is now hiring for dozens of remote and in-person positions. [Built In SF]
Sysdig got $188M. The Series F, led by Premji Invest & Associates and Third Point Ventures, places the unicorn’s valuation at $1.19 billion. The DevOps platform enables companies to run containers, Kubernetes and cloud-based applications while both managing security risks and meeting compliance requirements. Moving forward, Sysdig will use the additional capital to grow its research and development team in San Francisco. The company will focus on expanding its channel partnerships as it continues to scale. [Built In SF]
SF Tech Quote of the Week
Google launches job training initiative. The Grow with Google Career Readiness for Reentry Program will partner with five nonprofits with a goal to train 10,000 formerly incarcerated individuals across the country by the end of 2021. Some of the orgs listed include The Last Mile, Center for Employment Opportunities (CEO) and Defy Ventures. Since 2015, Google has given more than $40 million in grants to nonprofits advancing criminal justice reform. As part of the program, Grow with Google will also provide job placement support for those taking part in paid apprenticeships and entrepreneur-in-residence programs. [Built In SF]
Mux grabbed $105M. The video platform’s Series D was led by Coatue. The latest raise brings the unicorn’s total funding to $175 million with a valuation of over $1 billion. The company plans to use the additional capital to accelerate its hiring efforts. Mux creates APIs for live and on-demand video that enable developers to seamlessly stream across multiple devices. Over the past year, Mux quadrupled its revenue and doubled the size of its team. [PR Newswire]
Step raises $100M. The Series C, led by General Catalyst, also included participation from a bevy of celebrity investors including The Chainsmokers, Will Smith, Jared Leto, Stephen Curry and TikTok star Charli D’Amelio. Founded in 2018, Step operates as a banking platform specifically geared toward teens. The company provides users with a free bank account, spending card and a payments platform that allows them to instantly send and receive money. The company is now hiring for dozens of remote positions spanning nearly every department. A majority of roles are available on its engineering and marketing teams. [Built In SF]
Alchemy grabs $80M. The Series B, led by Coatue and Addition, brings the company’s valuation to $505 million. Alchemy operates as a middleman between blockchain infrastructure and apps like NBA TopShot which enable its users to trade digital trading cards. These digital trading cards are considered non-fungible tokens or NFTs. NFTs function as a type of digital asset and represent ownership of a virtual item. Over the past eight months, Alchemy has seen 97x growth on its platform. The company will use the additional capital to introduce new ways to lend, borrow, invest and transfer money to the market. [CNBC]
Mighty Networks raises $50M. The Series B was led by Owl Ventures and brings the company’s total amount raised to $67 million. The Mighty Networks platform provides creators with online classes on how to build a brand along with a suite of customizable APIs and workflows. The company will invest the additional capital in speeding up product development across media types and payment options on its platform. [Built In SF]
In more VC funding news: Vectra AI raised $130 million at a whopping $1.2 billion valuation. The company’s cloud-based service uses artificial intelligence to monitor on-premise and cloud-based networks for intrusions. The round was led by Blackstone Growth. [TechCrunch]
OpenSpace will use its $55 million Series C to accelerate international expansion. The OpenSpace platform offers up 360° construction site photo documentation and analysis. The latest influx of fresh capital comes less than a year after the company announced its Series B and brings the total amount of capital raised to $88.3 million. The round was led by Alkeon Capital Management. [PR Newswire]
Location data startup Placer.AI raised a $50 million Series B led by Josh Buckley, the CEO of Product Hunt. The company will use the additional capital to accelerate research and development. Placer will also look to expand the size of its sales and marketing teams as it continues to scale. [TechCrunch]
Customer intelligence platform Databook raised $16 million in Series A funding. The company will use the additional capital to accelerate product development and expand its team. Databook’s platform enables sales teams to see how likely their prospects are to make a purchase. The company has experienced 300 percent year-over-year growth since its founding in 2017. [VentureBeat]
