Funding roundup – Larger rounds dominate funding in the last week of AugustSindhu Kashyaap
As we move towards the end of August, it becomes clear that the month has seen some big funding announcements. Whether it was Flipkart raising $2.4 billion from Softbank’s Vision Fund or Mukesh Bansal and Ankit Nagori’s Curefit raising an additional $25 million, the month has seen startups raise the larger rounds.
And the trend seems continue in the last week of August as well. This week there were several undisclosed and pre-series A funding rounds for startups like Milkbasket, an online milk subscription and delivery platform; FloChat and EasyGov, while Druva and Capital Float raised higher rounds of funding. According to Crunchbase, Uniphore also raised Series B funding of $6.8 million.
In no particular order, here is the funding roundup for the week:
Capital Float raises Series C funding of $45 million led by Ribbit Capital
Bengaluru-based Capital Float announced that it had raised $45 million (Rs 293 crore) in Series-C funding, in a round led by Silicon Valley-based Ribbit Capital, along with participation from existing investors SAIF Partners, Sequoia India, and Creation Investments. The funds will be used to increase its geographic footprint, improve customer experience and launch a new set of innovative credit products for SMEs across India. It also plans to invest in scaling up its hybrid marketplace model and deepening technology integrations with partner financial institutions.
Uniphore raises Series B funding of $6.8 million led by IDG Ventures
Uniphore, the speech recognition startup has raised Series B funding of $6.8 million. According to a report by VC Circle, the funding will be used to expand its business.
Druva Technologies raises funding of $80 million led by Riverwood Capital
Druva, a leading player in cloud data protection and management, on Tuesday, announced that it had raised $80 million of growth equity funding, bringing the total funds raised by the venture to approximately $200 million. The latest funding investment was led by Riverwood Capital, with participation from Sequoia Capital India, Nexus Venture Partners, Tenaya Capital, and most other existing venture investors. In September 2016, Druva had raised a $51-million funding round led by Sequoia India.
Sequoia Capital acquires Faces Cosmetics from Everstone Capital
Sequoia India has signed definitive agreements for the acquisition of Faces Cosmetics Canada, along with its international subsidiaries and the brand “Faces”, from Indivision India Partners managed by Everstone Capital. The existing management team led by Sharmili Rajput will continue to drive the business forward. The new management team took over in 2014 and has helped grow the business rapidly to brand sales of over Rs 100 crore last year. Faces is now looking to invest in a big way in product development, marketing and distribution, and take the company to the next level.
Cerebroz raises seed funding of $730,000
The Vadodara based edtech startup Cerebroz has raised funding from Dubai-based HNI’s. The startup manufactures devices that provide customised educational content. The funding will be used to scale the company’s manufacturing setup and expand its geographical footprint.