UpKeep – Fully Mobile CMMS Raises $10M

UpKeep, a fully mobile maintenance management software, added just an year ago to our list of portfolio startups has shown amazing growth in a short span of time and has successfully raised $10M funding in Series A round led by Emergence Capital. Well done UpKeep!

UpKeep, which helps technicians create and track work orders, raised a $10 million Series A round led by Emergence Capital on Tuesday. The company also counts Bain Capital, Battery Ventures and Y Combinator as investors.

The company’s high rate of organic adoption is a testament to that competitive edge. UpKeep doesn’t have a marketing budget and the application has been free on the App Store since its inception. The majority of its clients, like Unilever, sought out deals with UpKeep after their workers downloaded and began using the product themselves. That has led to a user base of 50,000 workers across 1,000 businesses, including other major companies like Marriott, Jet.com and McDonald’s. The premium model used by these companies allows employees to collaborate and management to deploy advanced analytics and reporting features.

UpKeep reports that its customers experience as much as a 90% reduction in the time it takes to complete maintenance jobs. Chan, who landed on this year’s Forbes 30 Under 30 Manufacturing & Industry list, attributes this to the fact that the easy-to-use system is more likely to be adopted and continually used by workers.

The most recent fundraising round has brought the company’s total funding to almost $13 million. In addition to enabling new iterations of the software, Chan hopes to build a collaborative platform for workers to troubleshoot maintenance problems. “We really want to build a community around maintenance,” says Chan. “We have this fragmented industry where they aren’t as online and learning from each other as other industries…. We want to help support those conversations.”

Please read full story at Forbes.

SendBird – Messaging and Chat API for Mobile Apps and Websites Raises $16M

SendBird, a messaging SDK and chat API for developers to add secure one to one messaging, group chat or open channels in mobile apps or websites has raised $16M in Series A funding round. We added SendBird to our startups portfolio two years ago after it got graduated from YCombinator Winter 2016 batch and we are happy for their growth. Congrats to SendBird!

SendBird, a company that provides the infrastructure for developers to build messaging and chat services into their apps, has raised $16 million in a series A round of funding led by Shasta Ventures and August Capital, with participation from Y Combinator and FundersClub.

“It’s our mission to digitize human interactions for businesses,” noted SendBird CEO and cofounder John S. Kim. “With the new round of financing, we can accelerate our plan to help companies rapidly increase the engagement and retention of their users by enabling real-time conversation with our chat API.”

The company claims that it powers chat and messaging for more than 6,500 applications globally, with the ability to support more than a million concurrent users per application. Its customers include Asian Uber rival Go-Jek, recently touted as Indonesia’s first billion-dollar startup; Korean video game giant Nexon; and Korean bank KB Kookmin Bank.

Please read the full story at VentureBeat.

MyVR – Vacation Rental Management Platform Raises $6.1M

MyVR, a cloud based complete solution for vacation rental management is quite special for us because it’s one of our initial portfolio startups in 2012 after we incorporated Zillionize and we are glad to announce that finally MyVR has raised $6.1M in Series A funding round. This round pushes their total funding amount forward to $7.5M since their launch in October 2010. We wish them good luck for a better future ahead.

The $6.1 million round was led by True Ventures, with participation from existing angel investors. Previous investors in MyVR include SV Angel, Hotwire president Clem Bason, and Chris Dixon (prior to his joining Andreessen Horowitz).

The company is focused on serving Airbnb hosts and property managers who handle up to roughly 20 properties. MyVR’s software places listings on popular sites like Booking.com, Airbnb, and Home Away. The new funds will be used to expand the management platform’s app and service ecosystem for property managers.

“In the past year, we’ve launched an app marketplace and services marketplace, and this is one of the big reasons for our funding. We want to ramp up these third-party integrations with third-party service providers,” MyVR CEO and cofounder Jonathan Murray told VentureBeat in a phone interview. In terms of focus, Murray said: “cleaners, maintenance, and service providers; home automation; and financial stuff are the big categories we’ll focus on first.”

Please read full story at VentureBeat.

Jopwell – Digital Diversity Recruitment Platform Raises $7.5M

Jopwell, a startup with the mission to connect under-represented professionals and students from ethnic minorities including Black, Latinx and Native Americans with the employers was added to our portfolio in August 2015. We are happy to announce that Jopwell has successfully raised a funding of $7.5M in Series A round which will help them to grow their network of students, professionals and employers.

The round was led by pre-existing investor Cue Ball Capital. Returning investors in this round include Y Combinator, Omidyar Network, Kapor Capital, and Valar Ventures. Among our new investors are SJF Ventures, Blue Ivy Ventures, and Teneo Ventures. This capital from our investors, both returning and new, will enable us to continue working toward our mission to diversify the workforce, while supporting the career advancement of our growing community.

We will put this investment to work to deliver mentorship and career advice in an even bigger way, create more networking opportunities, build tools and resources so users can continue to learn and grow in their careers, and expand the stories we are able to share via our digital magazine, The Well. Through new content, events, and initiatives, we want to provide our community a space to discuss the unique challenges they face in the workplace and celebrate the triumphs.

This round of investment will also help us expand our product suite to reach more partner companies of all sizes, from the scrappy startup to the Fortune 500. We not only want to increase the breadth of roles candidates can apply for through Jopwell.com – we also want to ensure we are working with young companies to help them prioritize diversity from day one.

Please read full story at Jopwell.

Flutterwave – Digital Payments Infrastructure for Africa Raises $10M

Just added an year ago to our portfolio startups, Flutterwave – a digital payments infrastructure service as API that allows businesses to send and receive money from cards, mobile money wallets and banks across Africa has raised $10M in Series A funding round led by Greycroft Partners and Green Visor, with participation from YCombinator and Glynn Capital. Congrats to the Flutterwave!

This new funding is in addition to previous investments by the company’s current investors which include, Omidyar Network, Social Capital, CRE Venture Capital and HOF Capital amongst others. Flutterwave will use the capital to hire more talent, build out its global operations and fuel its expansion across Africa.

“Flutterwave is building infrastructure and technology solutions that will help modernize African payments. We are excited to be working with this extraordinary team,” says Joe Saunders, Chairman and General Partner at Green Visor Capital, who also joins Flutterwave’s board of directors.”

“We are excited to work with world-class investors who have helped build global payments giants like Visa and Braintree to achieve our mission of building modern payments infrastructure to connect Africa to the global economy.” adds Aboyeji.

Please read the full story at Medium.

SimpleLegal – Cloud Based Enterprise Legal Management Software Raises $10M

SimpleLegal, a cloud based software to manage accruals, e-billing, legal matters and spend of enterprises was added to our portfolio in August 2013 and they were in seed round till the end of 2015. Since then company was growing on its own without requiring any extra funding. However, after experiencing the unplanned increased growth, they have now raised a Series A round of $10M to keep up the pace. We are very pleased to share about it and wish the very best for SimpleLegal.

This new round of funding is led by Emergence Capital, early investors in Salesforce and a slew of other successful cloud-based software companies (earlier investor RinconVP and Susa Ventures also participated). It is also another feather in the cap of Y Combinator, whose partners seem to have a knack for picking great legal start-ups (see e.g. Casetext, Ironclad, Legalist, Willing, Ross, just to name a few).

“We did raise our A Round earlier than planned. We always knew we were building a venture-backed company focused on growth. But, we also believe that enterprise software companies needed to take a different path than the typical Silicon Valley consumer-focused startup. Where their motto might be move fast and break things, in enterprise software with SOX and other compliance issues, our motto has to be get everything right, then move fast.“, said SimpleLegal CEO Nathan Wenzel.

Please read full story at Above The Law.

 

Boom – Supersonic Passenger Airliner Raises $33M

It’s been one year since we started dreaming about affordable supersonic passenger airplanes with Boom, one of our portfolio startups. But, building such airplanes is not cheap and it not only requires time but also a great team. And to make it all happen, Boom has successfully raised $33M in Series A round. This funding amount is enough for Boom to build its Baby Boom (XB-1 Supersonic Demonstrator) that is one third scale realization of actual Boom passenger airliner and most probably it would fly next year to demonstrate the key technologies for practical supersonic travel.

“This funds our first airplane, all the way through flight tests,” explained Boom founder and CEO Blake Scholl in an interview. “Now we have all the pieces we need – technology, suppliers and capital – to go out and make some history and set some speed records.”

“We have almost all the engineering completed, and the first wing components are showing up in the office this week,” Scholl told me about their progress since wind tunnel testing. “We’re about to do structural tests, and then we’re probably about a year away from flight.”

The investors contributing to the new round include 8VC, Caffeinated Capital, Palm Drive Ventures, RRE Ventures and YC’s Continuity Fund. YC President Sam Altman joins the board alongside this round, as does entrepreneur and investor Greg McAdoo. Boom’s total funding is now at $41 million, and also includes investment from Lightbank and Paul Graham.

Please read full story at TechCrunch.