An online marketplace for auto loans called DriverUp has grabbed $50 million in Series A funding to launch its service. DriverUp, which is run by Dallas-based specialty finance company Sierra Auto Finance, helps auto dealers make loans to their customers by crowd-sourcing accredited investors who want to make direct investments in the auto loans. Both … Continue reading “DriverUp Launches Online Auto Loan Marketplace With $50M Series A”
Author: David Holley
David is the national correspondent at Xconomy. He has spent most of his career covering business of every kind, from breweries in Oregon to investment banks in New York. A native of the Pacific Northwest, David started his career reporting at weekly and daily newspapers, covering murder trials, city council meetings, the expanding startup tech industry in the region, and everything between. He left the West Coast to pursue business journalism in New York, first writing about biotech and then private equity at The Deal. After a stint at Bloomberg News writing about high-yield bonds and leveraged loans, David relocated from New York to Austin, TX.
He graduated from Portland State University.
Electric-Car Battery Maker A123 Sues Apple for Poaching Employees
A123 Systems, an electric-car battery maker, is suing Apple because it believes the computing giant “poached” A123’s employees to help develop a competing large-scale battery business. The complaint (see below) names five of A123’s former employees as defendants in the suit, which was filed Wednesday in Massachusetts federal court, for allegedly breaking noncompete and nonsolicit … Continue reading “Electric-Car Battery Maker A123 Sues Apple for Poaching Employees”
San Antonio’s Evestra Takes $5M Loan for Gynecological Treatments
[Corrected 2/20/15, 11:18 a.m. and updated 1/24/17, 12:54 p.m. See below.] Women’s health-focused biopharmaceutical researcher Evestra is taking a $5 million loan from existing partner Gedeon Richter so that it can further develop a product line that includes contraceptives and other gynecological treatments. The San Antonio, TX, company will use the money to try to … Continue reading “San Antonio’s Evestra Takes $5M Loan for Gynecological Treatments”
Fears Percolate as Billion-Dollar Private Company Valuations Climb
There are 73 private companies in the world with valuations of more than $1 billion, up from 40 just one year ago, according to a report published by The Wall Street Journal yesterday. Some of those 40 companies are no longer on the list. Beats, valued in February 2014 at $1.1 billion, was sold to … Continue reading “Fears Percolate as Billion-Dollar Private Company Valuations Climb”
Dating App Coffee Meets Bagel Snags $7.8M Series A For New Hires
Coffee Meets Bagel, a dating app that gives customers one potential match every 24 hours, has received $7.8 million of Series A funding to pay for new hires and to expand the locations it serves, the company said in a statement. Existing investor DCM Ventures led the round, and was joined by Quest Ventures and … Continue reading “Dating App Coffee Meets Bagel Snags $7.8M Series A For New Hires”
Social Network for Pharma’s Supply Chain TraceLink Grabs $20M Series B
TraceLink, a company that sells cloud-based software for tracking pharmaceutical drugs, has raised a $20 million Series B funding round to develop its products and build a worldwide sales and marketing force, according to president and CEO Shabbir Dahod. Volition Capital led the round, and was joined by Fidelity Biosciences and existing investor FirstMark Capital. … Continue reading “Social Network for Pharma’s Supply Chain TraceLink Grabs $20M Series B”
Gilt Groupe Grabs $50M More, No IPO Yet
Gilt Groupe has raised just under $50 million in new capital led by General Atlantic to “accelerate marketing” and for international expansion, according to company spokeswoman Jennifer Miller. The money brings Gilt’s total amount raised to north of $250 million. One other new “strategic partner” and other existing shareholders also contributed to the new funding round, … Continue reading “Gilt Groupe Grabs $50M More, No IPO Yet”
San Diego Web Tag Manager Tealium Expands With $30.7M Series D
Tealium, the San Diego company that helps corporations manage website metadata tags, has received $30.7 million in Series D funding. The round was led by Georgian Partners, a venture firm focused on enterprise software, Internet, and information companies, while Bain Capital Ventures also made a “major investment,” Tealium said in a statement. This is Tealium’s … Continue reading “San Diego Web Tag Manager Tealium Expands With $30.7M Series D”
Unchained Labs Grabs $25M and New Device to Test Stability of Proteins
Unchained Labs can now say it has financial stability after raising $25 million in Series A funding from venture capital investors Novo Ventures, Canaan Partners, and TPG Biotech. What it still must prove is that its newly acquired first product, Optim, can provide its customers with stability, too. After securing the financing, Pleasanton, CA-based Unchained … Continue reading “Unchained Labs Grabs $25M and New Device to Test Stability of Proteins”
Expedia Buys Orbitz as Online Travel Consolidation Escalates
Online travel booker Expedia has agreed to buy competitor Orbitz Worldwide for about $1.3 billion, its second acquisition of a competitor in a month. The deal will give Bellevue, WA-based Expedia (NASDAQ: [[ticker:EXPE]]) access to consumer brands such as CheapTickets and HotelClub, broadening Expedia’s international reach, the company said in a statement. The news comes … Continue reading “Expedia Buys Orbitz as Online Travel Consolidation Escalates”
Cidara’s $42M Series B May Bring Fungal Therapy to Patients
Cidara Therapeutics grabbed $42 million in a Series B funding round Wednesday to continue developing its treatment for fungal infections, a therapy that it expects will hit the first stage of clinical trials later this year. The treatment, called biafungin, is attempting to infiltrate a $3.7 billion market worldwide that hasn’t seen a new class … Continue reading “Cidara’s $42M Series B May Bring Fungal Therapy to Patients”
Need a Lawyer? Legal Marketplace UpCounsel Launches in Texas
Texas startups looking for a deal on a corporate lawyer can now access UpCounsel, an online marketplace of attorneys that officially launched in the state today. UpCounsel lets small- and medium-sized businesses request bids for legal services, ranging from contract-specific projects to hourly retainer services. Attorneys on UpCounsel will be most readily available in Austin, … Continue reading “Need a Lawyer? Legal Marketplace UpCounsel Launches in Texas”
Two Healthcare Startups Land Venture Funding For Growth
Healthcare startups have for years built businesses on the principle of ridding the system of inefficiencies and extra costs for years. Two more gained venture backing today. DigiSight Technologies is using a $7.8 million Series B round to further develop a mobile technology that lets physicians monitor patients between appointments. The Portola Valley, CA, company … Continue reading “Two Healthcare Startups Land Venture Funding For Growth”
Cardio Study Gives Life To Armetheon’s Blood-Thinning Drug
Running a large, expensive cardiovascular study is no easy feat for a small biotech. That’s why the $24.3 million Armetheon raised in a Series B round last week is likely a harbinger of things to come. Armetheon may seek $30 million to $40 million more to run the 3,000-patient Phase 3 trial it’s kicking off … Continue reading “Cardio Study Gives Life To Armetheon’s Blood-Thinning Drug”
Zoom Snags $30M Series C For Video Calling Service
Video calling service Zoom has landed a $30 million Series C to build its sales and marketing worldwide. The funding was led by new investor Emergence Capital, though big-name existing investors contributed as well, including healthcare financier Patrick Soon-Shiong and Yahoo! co-founder Jerry Yang. Zoom, founded in 2011 by former employees of Cisco and WebEx, … Continue reading “Zoom Snags $30M Series C For Video Calling Service”
With a Knife as a Microscope, 3Scan Maps in 3D
There was a beauty salon on Mission Street in the South Market neighborhood of San Francisco that went out of business. Occasionally, people still wander in looking for a trim. The new tenant, 3Scan, has to explain that hair styling is not a service they offer, even though they do have knives. “You don’t want … Continue reading “With a Knife as a Microscope, 3Scan Maps in 3D”
Hardware Investor Bolt Adds San Francisco Office, $25M Fund
Bolt is heading west after closing a $25 million second venture fund. The Boston-based investor and manufacturing consultant is opening West Coast operations in San Francisco, in a fabrication facility owned by Autodesk, one of its financiers. Bolt plans to hire California-based engineers to work with local portfolio companies, possibly growing its current staff of … Continue reading “Hardware Investor Bolt Adds San Francisco Office, $25M Fund”
Guardant Grabs $50M to Expand Cancer Blood Test
Guardant Health has received a $50 million Series C funding round to make its blood test for cancer more readily available. The test, called Guardant360, analyzes the genetic traits of tumor cell DNA, which can help physicians predict what therapies might be most effective at treating a patient. As Xconomy’s Bernadette Tansey wrote after she … Continue reading “Guardant Grabs $50M to Expand Cancer Blood Test”
Data Storage Giant EMC Announces Restructuring Plan, Job Cuts
EMC, the Boston-area tech giant known for its acquisitive streak, has announced a restructuring plan that is expected to result in a steep charge and job cuts this year. The data storage provider expects to face charges of $130 million to $150 million because of a planned restructuring that EMC’s board approved Wednesday, the company … Continue reading “Data Storage Giant EMC Announces Restructuring Plan, Job Cuts”
Pet Monitor Whistle Buys GPS Tracking Service, Lands $15M
Pet-tech company Whistle is adding location tracking to its bag of tricks, announcing this morning the acquisition of Tagg, a pet GPS tracking system. No price was disclosed. Whistle simultaneously announced a $15 million Series B venture capital round led by Nokia Growth Partners, which the company plans to use to develop its product line … Continue reading “Pet Monitor Whistle Buys GPS Tracking Service, Lands $15M”
Favor Seeks More Financing While Finding Role in Delivery Service Boom
Four years ago, when many New Yorkers felt left in the cold by a slow snowstorm response from Mayor Mike Bloomberg, Saturday Night Live roasted the bureaucrat by having his caricature casually suggest those trapped at home should pick up a phone to call a local restaurant for delivery. Pick up a phone? Call a … Continue reading “Favor Seeks More Financing While Finding Role in Delivery Service Boom”
UserTesting Adds New Software After $45.5M Investment
UserTesting has $45.5 million more to work with after a Series C investment led by Accel Partners, as the startup adds more mobility to its website and app-testing service. The company, which has customers ranging from Google to The Home Depot, is launching new software that will let people who test and review its clients’ … Continue reading “UserTesting Adds New Software After $45.5M Investment”
Xenex Raises $25 Million to Develop More Bug-Fighting Robots
Xenex Disinfection Services, a San Antonio, TX, robotics company that specializes in cleaning hospitals by zapping microscopic pathogens, is using a new $25 million financing round to expand its U.S. sales force and fund product development. The company’s ultraviolet disinfection technology, which Xconomy’s Angela Shah detailed in 2013, destroys viruses, bacteria, mold, fungus, and bacterial … Continue reading “Xenex Raises $25 Million to Develop More Bug-Fighting Robots”
Primary Care Provider Iora Health Takes In $28M to Fuel Growth
Iora Health has raised $28 million in a Series C funding round as the primary care provider plans to double the number of practices it operates in the next year. The new financing will help the company, founded in 2011 by CEO and physician Rushika Fernandopulle, build out the software platform it uses at its … Continue reading “Primary Care Provider Iora Health Takes In $28M to Fuel Growth”
Escalate Capital Closes on $235 Million Fund
Escalate Capital Partners, an Austin, TX-based mezzanine investor, has closed on a $235 million fund, the firm said in a written statement today. Aptly named Escalate Capital III, the fund is the firm’s third and its largest. Escalate focuses on high-growth, later stage tech companies, from software as a service to healthcare. It typically invests … Continue reading “Escalate Capital Closes on $235 Million Fund”
Will Spinoffs, Layoffs Make eBay the Yahoo of 2015?
If the tech industry is a hub for dealmaking, expectations are brewing that e-commerce may be the busiest sector this year. Auction site eBay (NASDAQ: [[ticker:EBAY]]) is stirring the pot the most after announcing with its earnings Wednesday that it may sell or IPO its eBay Enterprise business, which runs online shopping for companies with … Continue reading “Will Spinoffs, Layoffs Make eBay the Yahoo of 2015?”
Freelancer Manager Work Market Takes In $20 Million
Work Market, a maker of software meant to help employers manage freelancers, secured $20 million more from its existing investors Wednesday, a week after announcing a new chief executive officer. The software-as-a-service company plans to use the funding for R&D and its go-to-market capabilities, Stephen DeWitt, who was named CEO Jan. 13, in a statement. Jeffery … Continue reading “Freelancer Manager Work Market Takes In $20 Million”
SpaceX’s $1 Billion Financing Follows Musk’s Expansion Talk
Space Exploration Technologies Corp. (SpaceX) landed a major $1 billion financing round led by Google and Fidelity on Tuesday. SpaceX will use some of the money for manufacturing satellites, the company announced in a statement on its website. The news comes just a week after billionaire CEO Elon Musk told Bloomberg News that he is … Continue reading “SpaceX’s $1 Billion Financing Follows Musk’s Expansion Talk”