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AliExpress (NYSE:BABA) competitor Wish raised an undisclosed amount (likely about $300M) in a Series H round that let the discount shopping platform with an $11.2B valuation. General Catalyst led the new financing.
As of last year, Wish boasted 80M MAUs and had over 1M merchants on the platform, who sold nearly $1B products annually. Wish has a global network of direct suppliers and recently launched Wish Local, which develops relationships with brick-and-mortar stores and giving customers the option to pick up the items in person.
Wish says the new funding will go towards marketing, working capital, expanding the merchant presence in Europe and North America, and improve logistics.
Other top deals of the week:
- SoftBank Vision Fund (OTCPK:SFTBF,OTCPK:SFTBY) pitched in to the $370M round for real estate platform Compass at a $6.4B valuation. The startup’s marketplace connects buyers, real estate agents, and sellers then uses algorithms to help figure out pricing, sale timing, and sale efficiency. Revenues grew 250% Y/Y in Q2. Compass will use the funds to expand geographically both within its existing markets and into new areas. Sources told TechCrunch an IPO could happen in the next 24 months.
- Goldman Sachs (NYSE:GS) joined a $125M round for Indian cloud kitchen company Rebel Foods. GS joined Indonesian food delivery company Gojek and Coatue Management in the investment. Rebel Foods serves a dozen different menus cooked in more than 200 “cloud kitchens,” centralized kitchens that serve a wide geographic range of customers. Over the next 18 months, Rebel and Gojek will launch 100 Indonesian cloud kitchens. Rebel plans to add 20 kitchens in the UAE by the end of the year. Rebel has a $525M valuation and says sales more than doubled last year.
- Qualcomm Ventures (NASDAQ:QCOM) participated in the $40M Series C for sales enablement solutions provider MindTickle. Norwest Ventures led the round, which pushed total funding over $81M. MindTickle says recurring revenue has grown 100% Y/Y on the back of a 200% customer acquisition growth. Current clients include Square, Ola Cabs, and MongoDB.
- Google (GOOG,GOOGL) and Microsoft (NASDAQ:MSFT) are two tech giants backing the multi-cloud continuous delivery platform Spinnaker, and the platform’s developer Armory has added $28M to its funding. Insight Partners led the round with participation from Crosslink Capital, Bain Capital Ventures, Mango Capital, YCombinator and Javelin Venture Partners. Armory will use the money to increase Spinnaker-related R&D plus invest in sales, marketing, and training.
- Intel Capital (NASDAQ:INTC) led the $23M round for cybersecurity company Trinity Cyber, which provides a product suite combining detection and “adversary inference.” Trinity, which emerged from stealth with this round, also announced hiring former Homeland Security Advisor Tom Bossert. Trinity says its approach works regardless of network complexity or the age of the systems and says the company has provided similar protection to the Department of Defense systems for “years.”
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