These 5 San Francisco Tech Companies Raised a Combined $1.4B in May
These five Bay Area companies raised the most capital last month, accumulating just over $1.4 billion in total capital raised. Four out of the five companies also hit multi-billion dollar valuations and many are currently hiring. Read on to see which companies topped the charts and how they are putting their new capital to use.
#5. $210 million, May 10
Abnormal Security is a cybersecurity company that uses AI to protect companies from email attacks. Abnormal’s API can be used to protect email accounts from phishing, malware, ransomware, social engineering, spam and graymail attacks. Last month, the company raised a $210 million Series C round led by Insight Partners, bringing its valuation to $4 billion.
#4. $225 million, May 13
Inflection AI, a company building artificial intelligence technology that will make it easier for humans to communicate with AI, raised $225 million in a round led by undisclosed investors. The company, founded last year by DeepMind co-founder Mustafa Suleyman and LinkedIn co-founder Reid Hoffman, will likely use its new funds to expand its team.
#3. $250 million, May 11
Rippling, a workforce management platform, raised $250 million in Series D funding co-led by Bedrock and Kleiner Perkins, with participation from existing investors Y Combinator and Sequoia Capital. Rippling combines HR and IT management capabilities into one platform, allowing for companies to get a bird’s eye view of their entire workforce’s employee information and workflow. The company did not disclose what the new capital will be used for. The funding brought Rippling’s valuation to $11.25 billion.
#2. $300 million, May 18
SpotOn, a software and payment company for restaurants, retail and enterprise venues, raised $300 million in a Series F round led by Dragoneer Investment Group. In addition to serving as a point-of-sale platform, SpotOn also allows companies to keep track of reservations and manage labor. The funding round brought the company’s valuation to $3.6 billion and will be used to invest in its tech, service and distribution.
#1. $416 million, May 10
Faire, a retail marketplace for indie brands, gained $416 million in an extension to its $400 million Series G round raised last year. This latest financing was co-led by Sequoia Capital and Y Combinator and brings the company’s valuation to $12.59 billion. Faire plans to use its funds for hiring initiatives as it aims to become the Amazon of indie brands and expand globally.
