![]() ![]() Just last month, Atlanta-based OneTrust became one of the latest unicorns to raise a down round, as it locked up a $150 million round at a $4.5 billion valuation - a 12% drop from the $5.1 billion valuation the privacy and security startup garnered after it raised a Series C in late 2020. Large private companies such as Klarna and Stripe also have raised down rounds as the venture market has continued to slow since its highs of 2021. Many startups have had to recalibrate their valuations as investors have pulled back on funding and put more value on profitability and cash flow. Thrive Capital, Sands Capital, General Catalyst, Founders Fund and other existing investors participated in the new financing. The new cash comes just 15 months after the fintech startup raised $750 million in debt and equity in a financing that set a valuation of $8.1 billion. New York-based Ramp, a corporate card and expense automation platform, became the latest startup to raise one when it locked up a $300 million round at a $5.8 billion post-money valuation - a 28% drop from its previous valuation. Ramp, $300M, fintech: Down rounds are very much a thing right now. Founded in 2016, Axiom says it has now raised $505 million.Ģ. However, this calendar year space tech has seen less VC love, raising under $3 billion in about 200 deals, per Crunchbase data. Then, despite the slowdown in venture funding last year, the sector only saw about a 25% decline, with space tech startups raising $9 billion in just under 400 deals. Space tech funding rocketed in 2021, hitting an all-time high of $12.1 billion in more than 450 deals. Despite Axiom’s big raise, funding in space tech has had problems taking off this year. The firm also has a long-term NASA contract worth $1.26 billion to provide “Exploration Extravehicular Activity Services” and spacesuits for use on the moon and in other space programs. The station’s first module is under construction and is scheduled to launch by 2026. The Houston-based startup is building a commercial space station. Axiom did not release a valuation, but told Bloomberg it is now valued at more than $1 billion. The space tech startup scooped up a $350 million round led by Saudi Arabia’s Aljazira Capital and Korean health care company Boryung Pharmaceutical. Axiom Space, $350M, space: Space tech funding to startups may be down, but that did not stop Axiom Space from hitting the top of the list this week. This may simply be coincidence - or companies wanting to announce rounds before what is likely a slow news week with the Labor Day holiday - but nevertheless, it is surprising considering the current state of the venture market.ġ. Eight rounds this week topped nine figures, and three of those were more than a quarter-billion dollars. This week made us check the calendar to make sure we aren’t still living in the free-money days of 2021. Check out last week’s biggest funding rounds here. This is a weekly feature that runs down the week’s top 10 announced funding rounds in the U.S. ![]() Want to keep track of the largest startup funding deals in 2023 with our new curated list of $100 million-plus venture deals to U.S.-based companies? Check out The Crunchbase Megadeals Tracker. ![]()
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