A fairly strange week in enterprise, as the largest rounds were raised by greentech, business travel and charity startups. Of course, biotech and fintech were also there.
1. (draw) These might be biology$200 million, biotechnology:A significant biotech fundraise this week went to Serán Bioscience. The Bend, Oregon-based startup, which provides development and manufacturing services to pharmaceutical and biotech corporations, has raised greater than $200 million in a funding round led by Bain Capital Life Sciences. The startup plans to make use of the latest funding to assist build a latest commercial-scale manufacturing facility to deliver medicines and other services. Founded in 2016, this is the company’s first round of funding with a disclosed amount, based on Crunchbase.
1. (draw) Twelve$200 million, green technology: Coal transformation startup Twelve raised a bunch of money this week, including a $200 million Series C round led by Capricorn Investment Group, Pulse Fund AND TPG. But that wasn’t the only money the Berkeley, California-based company received, because it also raised $400 million in equity for the project, led by TPG Rise Climate Fund and $45 million in loans. The money might be used to finish construction of AirPlant One, the company’s first sustainable jet fuel plant. The company, founded in 2015, has raised nearly $890 million, based on Crunchbase.
3. EngineUSD 140 million, business trips: Engine, formerly Hotel Engine, has raised $140 million in a Series C round led by a private equity-advised fund Permira values the Denver-based startup at $2.1 billion. The latest valuation represents a 62% increase from its previous value of $1.3 billion following a $65 million Series B round in late 2021. That increase is no small feat, considering many startups proceed to lift money in flat or even lower rounds than their skyrocketing valuations during the record-breaking enterprise capital market of 2020 and 2021. It also highlights the continued growth of business travel — one of the sectors hit hardest by the COVID pandemic and one that took time to finally recuperate. Engine is profitable, growing its revenue by 70% yr over yr. The company will use the fresh capital to support product development, including launching flight bookings and automobile rentals on its platform. The company also announced it’ll change its name to “Engine.” Founded in 2015, Engine raised $221 million, based on Crunchbase.
4. DUNGEON$130M, fintech: AtoB, a company providing payment solutions to the transportation industry, has raised $130 million in a Series C round led by General Catalyst AND Bloomberg Beta. The round was a mix of equity and debt financing. The San Francisco-based company provides drivers and fleet operators with financial products similar to fleet cards, easy direct deposits to payroll accounts, and access to bank accounts and savings tools. Founded in 2019, the company raised $312 million, based on Crunchbase.
5. Virtuous Software$100 million, charity: Phoenix-based Virtuous, a fundraising software company for nonprofits, has raised $100 million in a funding round led by Susquehanna Growth CapitalThe company’s platform gives users tools specifically designed to build more personal relationships with donors — and, in turn, raise more cash. Founded in 2014, the company has raised nearly $156 million, based on Crunchbase.
6. Vero Networks$80 million, web: Boulder, Colorado-based Vero Networks, a fiber infrastructure operator and broadband provider, has closed an $80 million equity financing led by Delta-v Capital and funds managed by Hamilton’s WayFounded in 2017, the company has raised $207 million, based on Crunchbase.
7. Airline company$69 million, green technology: New York-based carbon dioxide conversion technology company Air Company has raised $69 million in a Series B round led by Aviation fuelFounded in 2016, the company has raised $108 million, based on Crunchbase.
8. Biology of Loons$68 million, biotechnology: Nura Bio, a South San Francisco, California-based biopharmaceutical company developing therapies for devastating neurological diseases, has raised an additional $68 million in Series A funding, bringing its total funding to over $140 million. The latest money infusion was led by Column GroupFounded in 2018, this is the company’s only disclosed funding round, based on Crunchbase.
9. GC Therapy$65 million, biotechnology: Cambridge, Massachusetts-based GC Therapeutics, a cell therapy drug development company, has closed a $65 million Series A funding round led by Cormorant Asset ManagementFounded in 2019, GC Therapeutics has raised $75 million, based on company data.
10. Picus Security$45M, Cybersecurity: San Francisco-based security risk startup Picus Security has closed a $45 million growth investment round led by Riverwood CapitalFounded in 2013, Picus has raised $80 million, based on company data.
Large global transactions
The best deal of the week got here from Asia.
- Based in India Wallah PhysicsEducational technology startup raises $210 million in Series B funding at a valuation of $2.8 billion.
Methodology
We tracked the largest announced funding rounds in the Crunchbase database, which were raised by U.S.-based corporations during the seven-day period from September 14 to September 20. While most announced rounds are included in the database, there could also be a slight delay as some rounds are reported late in the week.