Ironclad reaches $3.2B valuation in race to build software for business contracts

Jason Boehmig spent two years as a lawyer in Silicon Valley, putting together documents for startups, before he had enough of the clunkiness of the job. Now, for the fifth time, he’s signed his name on a financing document for his own startup, Ironclad, which makes software to more efficiently manage contracts such as these.

26-Year-Old CEO Takes His Autonomous Truck Company Public in $5 Billion Deal

When Alex Rodrigues started his company Embark Trucks Inc., he couldn’t rent a car without age restrictions. Now 26, Rodrigues becomes one of the first, and youngest, heads of an autonomous-driving company to pitch public investors on the promise that vehicles will soon be able to drive themselves.

Embark started trading Thursday on the Nasdaq under the ticker EMBK. It wasn’t an especially warm reception. The shares fell as much as 7.3% in the first minute of trading.

Indian fintech giant Razorpay valued at $7.5 billion in $375 million funding

Razorpay has more than doubled its valuation to $7.5 billion from $3 billion in April as one of India’s largest fintech giants demonstrates fast growth and aggressively broadens its product offerings.

The Bangalore-headquartered startup, which is a market leader in payments processing in India, said Sunday evening it has raised $375 million in its Series F financing round. The new round, which brings more capital to the startup than all its other previous financings put together, was co-led by Lone Pine Capital, Alkeon Capital and TCV.

With customers like Coinbase and Shopify, remote hiring startup Deel raises $425M at a $5.5B valuation

As more people continue to work remotely, organizations globally have had to adjust — particularly when it comes to onboarding new employees and figuring out how to pay them, in some cases, across borders.

As a result, Deel —  a San Francisco-based startup which provides payroll, compliance tools and other services to help businesses hire remotely — has seen a massive surge in demand.

Now almost exactly six months after raising $156 million at a $1.25 billion valuation, the startup is announcing it has raised $425 million in a Series D funding round that gives it a valuation of $5.5 billion. (The Information had reported in late September that the deal was in the works).

Parker Conrad’s Rippling is now valued at $6.5 billion — more than Zenefits at its peak

Founded by entrepreneur Parker Conrad in 2013, the HR company Zenefits was quickly anointed one of the fast-growing companies in Silicon Valley, with a valuation that soared to $4.5 billion within three years. Then it began to fall apart. The company was discovered to face compliance issues. Conrad was forced to resign. And Zenefits’s valuation was slashed in half, with more than 60% of the company’s employees laid off over numerous rounds afterward.

All-In-One Doc Startup Coda Reaches $1.4 Billion Valuation In $100 Million Raise From A Major Pension Fund

In the battle for the almighty blinking computer cursor, all-in-one doc startup Coda is gaining steam. The startup, which offers customizable and collaborative documents, has raised $100 million in a Series D funding round that values it at $1.4 billion, more than double its valuation a year ago.

“Our viewpoint is that the lines between the different document formats are artificial and that anyone can make a doc as powerful as an app,” says Shishir Mehrotra, Coda’s cofounder and CEO.

FamPay, a fintech aimed at teens in India, raises $38 million

How big is the market in India for a neobank aimed at teenagers? Scores of high-profile investors are backing a startup to find out.

Bangalore-based FamPay said on Wednesday it has raised $38 million in its Series A round led by Elevation Capital. General Catalyst, Rocketship VC, Greenoaks Capital and existing investors Sequoia Capital India, Y Combinator, Global Founders Capital and Venture Highway also participated in the new round, which brings FamPay’s to-date raise to $42.7 million.

Cruise secures $5B credit line to buy electric, autonomous Cruise Origin vehicles from GM

Cruise, the self-driving subsidiary of GM, has tapped a $5 billion line of credit from the automaker’s financial arm to pay for hundreds of purpose-built electric and autonomous Origin vehicles as they start to roll off the assembly line.

The access to the credit provided by GM Financial will push Cruise’s “total war chest” to more than $10 billion as it prepares for commercialization, CEO Dan Ammann wrote in a blog post Tuesday.

Discount grocery startup Misfits Market raises $200M

Misfits Market, a startup known for selling “ugly” fruits and vegetables at discount prices, announced this morning that it has raised $200 million in Series C funding.

The company says this brings its total funding to $301.5 million and moves its valuation into unicorn territory (i.e. above $1 billion). It isn’t getting any more specific about that valuation, though Bloomberg reports that it’s $1.1 billion.

Remote hiring startup Deel raises $156M at a $1.25B valuation after 20x growth in 2020

Many of the world’s organizations shifted to remote work due to the COVID-19 pandemic. But even as more people are vaccinated and offices are planning re-openings, it’s clear that for some organizations, remote work is here to stay.

Deel, a startup that provides payroll, compliance tools and other services to help businesses hire remotely, has seen increased demand in the wake of this shift.

Walmart invests in self-driving startup Cruise

Walmart is investing in self-driving startup Cruise as part of a massive $2.75 billion investment round in the company—an expansion of the $2 billion round announced in January. That original announcement featured three other big names: GM, Honda, and Microsoft.

Cruise was originally an independent startup but was acquired by GM in 2016. GM has poured billions into the company and has increasingly sought additional financial support from outside investors.

Stoke Space aims to take reusable rockets to new heights with $9M seed

Many launch providers think reusability is the best way to lower the cost and delay involved in getting to space. SpaceX and Rocket Lab have shown reusable first stages, which take a payload to the edge of space — and now Stoke Space Technologies says it is making a reusable second stage, which will take that payload to orbit and beyond, and has raised a $9.1 million seed round to realize it.

Designing a first stage that can return to Earth safely is no small task, but the fact that it only reaches a certain height and speed, and doesn’t actually climb into orbit at an even higher velocity, means that it is simpler to try. The second stage takes over when the first is spent, accelerating and guiding the payload to its destination orbit, which generally means it will have traveled a lot farther and will be going a lot faster when it tries to come back down.

Kalshi Raises $30 Million in Series A Funding Led by Sequoia

Kalshi, the first federally regulated exchange dedicated to trading on event outcomes, announced today that it has raised $30 million in Series A funding. The round was led by Sequoia Capital with participation from Charles Schwab, chairman of Charles Schwab Corporation, Henry Kravis, co-chairman & co-CEO of KKR, SV Angel and previous investors including Neo and YC Continuity. The announcement comes on the heels of the Commodity Futures Trading Commission (CFTC) approving Kalshi as a Designated Contract Market (DCM) in November, making it one of just 16 DCMs in the U.S.