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Adam Neumann, the WeWork co-founder who stepped down after a botched attempt at an IPO last year, is not done with venture capital yet.
His family office, 166 2nd LLC, led a $42 million round in Alfred, a startup that offers a residential building management platform (where residents can submit apartment maintenance requests or pay rent each month) as well as more advanced concierge services (where they can book a cleaner or dog walker). Existing investors Spark Capital, New Enterprise Associates, and Greystar Real Estate Partners participated in the round.
While Alfred is no WeWork, the thinking behind Neumann’s investment echoes ambitions from his time leading the coworking space, with dreams of expanding beyond offices and into residential spaces.
Among other projects, WeWork under Neumann launched WeLive, a kind of long-term hotel or hostel-living setup aimed at young professionals with housekeeping, yoga classes, and the draw of communal living. And if Neumann continues to invest in line with his WeWork bets, there could be quite the diverse roster: Under the founder, WeWork also launched WeGrow, an education offshoot aimed at teaching young children—and a separate smart cities project that kicked off in early March, just before the company’s IPO filing upended plans.
A VC UNICORN: On Thursday, GV, formerly known as Google Ventures, promoted its first Black female partner. At 26, Terri Burns will be the firm’s youngest ever partner.
Burns is a rarity in an industry long dominated by white males. Just one Black woman was named a partner at any VC firm in 2019. And Black people made up just 0.67% of all entrants to the industry between 2010 and 2015.
Burns, who spent three years at GV as a principal and cut her teeth as an associate product manager at Twitter before that, has already made out checks through GV—one soon to be announced, and another in HAGS, an app created by Gen-Z founders that started out as a digital yearbook and is looking to transform into broader social site for high schoolers.
- 98point6, a Seattle-based on-demand digital primary care service, raised $118 million in Series E funding. L Catterton and Activant Capital led the round and was joined by investors including Goldman Sachs.
- Extend, a San Francisco-based fintech focused on product warranties, raised $40 million in Series B funding. Meritech Capital led the round and was joined by investors including PayPal Ventures, Great Point Ventures and Shah Capital Partners.
- Cribl, a San Francisco Bay area-based data observability company, raised $35 million in Series B funding. Sequoia Capital led the round and was joined by CRV.
- Ori Biotech a London-based company focused on cell and gene therapy manufacturing, raised $30 million in Series A funding. Northpond Ventures led the round and was joined by investors including Octopus Ventures, Amadeus Capital Partners, Delin Ventures, and Kindred Capital.
- Argyle, a San Francisco-based maker of a way to track and verify employment records, raised $20 million in Series A funding. Bain Capital led the round and was joined by investors including Bedrock and F-Prime.
- Agility Robotics, an Albany, Ore.-based robotics company, raised $20 million in Series A funding. DCVC and Playground Global led the round.
- Vivun, an Oakland, Calif.-based presale software maker, raised $18 million in Series A funding. Accel led the round and was joined by investors including Unusual Ventures.
- DYPER, a Scottsdale, Ariz.-based maker of eco-friendly diapers, raised $20 million in funding. The Craftory led the round and was joined by investors including HCAP.
- Dataloop, a Tel Aviv-based platform for A.I. data management and annotation, raised $11 million in Series A funding. Amiti Ventures led the round and was joined by investors including F2 Venture Capital, OurCrowd, NextLeap Ventures and SeedIL Ventures.
- FOSSA, a San Francisco-based open source management company,raised $23.2 million in Series B funding. Investors included Bain Capital Ventures, Canvas Ventures and Costanoa Ventures.
- River, a New York-based content discovery platform, raised $10.4 million in seed and Series A funding. Investors include Founders Fund, .406 Ventures, Box Group, Scooter Braun, Josh Kushner, and Raised in Space.
- Playbook, a New York-based marketplace for fitness and athletics instructors to turn content into subscription income, raised $9.3 million in Series A funding. Investors included E.ventures, Michael Ovitz, Abstract, Aglae Ventures, Porsche Ventures and FJ Labs.
- Azitra, a Branford, Conn.-based dermatology company, raised $8 million in funding. Leaps by Bayer led the round.
- Findem, a San Francisco-based maker of an HR recruiting and retention platform, raised $7.3 million in Series A funding. Wing Venture Capital.
- Twentyeight Health, a New York-based health tech company offering access to women’s sexual and reproductive healthcare, raised $5.1 million in seed funding. Third Prime led the round and was joined by investors including Town Hall Ventures, SteelSky Ventures, Aglaé Ventures, GingerBread Capital, Rucker Park Capital, and Predictive VC.
- Aumni, a Salt Lake City-based investment analytics company for the private capital markets, raised $3 million in additional Series A funding. Investors included Donnelley Financial Solutions, DLA Piper and Orrick.
- Coa, a San Francisco-based online fitness and online therapy studio, raised $3 million in seed funding. Crosslink Ventures led the round and was joined by investors including RedSea Ventures and Alpaca VC.
- NeuraLegion, a San Francisco-based application security platform, raised $4.7 million in seed funding. DNX Ventures led the round and was joined by investors including Fusion Fund, J-Ventures, and Incubate Fund.
- Balsa, a San Francisco-based startup building tools for builders, raised $4.5 million in seed funding. Andreessen Horowitz led the round and was joined by investors including Operator Collective, BoxGroup, 20VC, Chapter One, Work Life Ventures, Stewart Butterfield, Drew Houston, Howie Liu, April Underwood, Scott Belsky, and Jason Warner.
- Arist, a Boston-based text message learning platform, raised $1.9 million in funding. Investors included Acadian Ventures, Global Founders Capital and Craft Ventures.
- Vidafuel, a New York-based company developing nutrition products, raised $1.1 million in funding. True Wealth Ventures led the round and was joined by investors including Boxcar Partners co-founders Joseph Kekst and Peter Feinberg.
- Secret Double Octopus, a Tel Aviv-based startup focused on passwordless authentication, raised an undisclosed amount of funding from SC Ventures.
- Alantra acquired a 49% stake in Indigo Capital, a Paris-based debt asset manager. Financial terms weren't disclosed.
- Arena Capital Partners invested in Retro Fitness, a West Palm Beach, Fla.-based gym franchise. Financial terms weren't disclosed.
- WellSky, a portfolio company of TPG Capital and Leonard Green & Partners, agreed to acquire CarePort Health, a Boston-based maker of care coordination software, from Allscripts (NASDAQ: MDRX) for about $1.3 billion.
- Cherry GmbH, a portfolio company of Argand Partners, acquired Theobroma Systems Design and Consulting GmbH, a Vienna, Austria-based developer and manufacturer of embedded platform systems. Financial terms weren't disclosed.
- Arcadia Consumer Healthcare, a portfolio company of Avista Capital Partners, acquired NATURELO, a brand of vitamins, minerals, and supplements. Financial terms weren't disclosed.
BREAKUPS AND HANGUPS
- YogaWorks, the California-based yoga chain owned by Great Hill Partners, filed for Chapter 11 bankruptcy.
- Emmi Group acquired Indulge Desserts Holdings, a St. Paul, Minn.-based maker of gourmet desserts, from AUA Private Equity Partners. Financial terms weren't disclosed.
- Huawei is considering a sale of a part of its Honor smartphone business. A deal could fetch as much as 25 billion yuan ($3.7 billion), per Reuters. Read more.
- Stripe is acquiring Paystack, a Lagos, Nigeria-based payments services startup, for an estimated $200 million. Read more.
- PineBridge Investments acquired Benson Elliot Capital Management, a London-based private equity real estate fund manager with over $3.5 billion of equity. Financial terms weren't disclosed.
- UserTesting, backed by Openview Venture Partners and Greenspring Associates, acquired th technology assets of usabiliTEST, an Austin-based provider of information architecture testing solutions. Financial terms weren't disclosed.
- Pluralsight (NASDAQ: PS) acquired DevelopIntelligence, a Louisville, Colo.-based provider ofskills consulting and virtual instructor-led training for IT. Financial terms weren't disclosed.
- Array Technologies Inc., the solar company, raised $1.1 billion alongside shareholder Oaktree Capital in its IPO. Read more.
- Datto, a Norwalk, Conn.-based cloud backup company, plans to raise $561 million in an offering of 22 million shares priced between $24 to $27. Investment Group of Santa Barbara and Dragoneer Investment Group plan to acquire $112 million worth of shares in the offering. Vista Equity Partners backs the firm. Read more.
- Miniso Group Holding Ltd, a Chinese retailer, raised $608 million in an offering of 30.4 million ADSs priced at $20. The company posted revenues of $1.2 billion in the 12 months ending June and a loss of $35.9 million. Tencent backs the firm. Read more.
- HarbourVest Partners closed the Dover X Street secondaries fund at $8.1 billion.
- Arbor Investments closed its fifth fund with $1.5 billion.
- Menlo Ventures launched Menlo XV with $500 million in commitments.
- True Ventures closed its seventh early stage fund with $465 million and its fourth Select Fund with $375 million.
- OpenView Venture Partners closed its sixth fund with $450 million in commitments.
- Brighteye Ventures, a European edtech focused firm, raised $54 million upon the first close of its second fund.
- Information Venture Partners named Hasan Basrai as an associate and Peter Carrescia as a venture partner.