Innov8 – Coworking Space Startup Raises $4M in Pre-Series A

In August 2016, we added Innov8 – a startup offering premium ergonomically work spaces for everyone, to our portfolio. By now, Innov8 has twelve work spaces located in five cities of India including Delhi NCR, Mumbai, Gurgaon, Chandigarh and Bengalore. Total funding amount raised by Innov8 so far is not confirmed but Innov8 has disclosed $4M funding raised in a recent Pre-Series A round led by Credence Family Office.

According to Founder and CEO, Dr Ritesh Malik this will mean opening three co-working spaces in Delhi, Mumbai and Bangalore, with some of them as big as 1 lakh square feet in size.

The company also strongly suggested that it would look at newer geographies – Pune, Chennai and Hyderabad – only in the next fiscal year.

The company is also looking to make additional investments in building technology platforms for businesses along with customer-facing apps, and is investing in community experience while increasing its NPS (Net Promoter Score).

Ritesh added, “We will be heavily focussing on technologies, which will increase the experience of our customers. Further, we plan to take full control of some of them, for example, the WiFi, which is rated by our customers as highly important. So, we control the WiFi. Along with this we will invest heavily in data reporting tools, which will give us insights and feedback on how a different aspect of the co-working space is helping customers.”

Mitesh Shah, Co-founder and Managing Partner of Credence Family Office, added: “Co-working space is an exciting segment to be in. Innov8 has been able to clearly establish its unique proposition with its best in class design and community culture at value conscious price to its consumers. Innov8’s business model has demonstrated promising growth trajectory along with some of the leading names in the industry as its clientele. We are very pleased to partner with Innov8 and support them in their journey of creating a category of vibrant co-working spaces that exude design excellence and offer impeccable value.”

Please read the full story at YourStory.

Lambda School – Online Coding School Raises $14M

Lambda School was added to our portfolio last year in August and just after 14 months, it was good enough to raise $14M in Series A funding round. Lambda School is an online training service that aims to produce quality software engineers for competitive market with its 30-weeks full time or 12-months part time training programs. Students are not required to pay up-front for the course and only pay back if they start earning at least $50K per year. If students earn less than $50K per year, they don’t have to pay.

The funding round was led by GV and Stripe also participated in it which raised the total funding amount of Lambda School to $18.1M. Lambda School plans to use these funds for offering more new courses and growing the academy.

“We chose to work with these new funding partners because we all have a desire to fundamentally fix how we teach and train software developers. This new model has proven effective with each of our graduating classes, and we’re grateful to have the support of so many investors who see the value in our approach,” said Austen Allred, CEO and co-founder of Lambda School.

Since Lambda School’s inception in April 2017, over 75 Lambda School graduates have been hired, including 83% of early cohorts, with an average salary increase of over $47,000 per hired graduate. The school hopes to increase the number of students hired as it builds out a more advanced hiring network and continues to adapt its curriculum to teach the skills employers need in new hires today. The growing coding school currently has 700 students enrolled.

“Lambda School’s approach to alternative education democratizes access for anyone aspiring to become a full-stack software engineer,” said Shaun Maguire, partner at GV. “Lambda School’s business model is innovative in their category and the company has scaled rapidly. We’re excited to work with Austen Allred and the team as they continue to bring online software engineering education to more people.”

“Lambda School is expanding access to first rate developer education,” said Patrick Collison, CEO and co-founder of Stripe. “We love programs that spread opportunity to people who have been overlooked and underserved. Enabling more people to take advantage of the possibilities of software and the internet is a pursuit that’s firmly aligned with Stripe’s mission.”

Please read the full story at Lambda.

ShipBob – Ecommerce Fulfillment Service Raises $40M in Series C

ShipBob Logo

Empowering small online businesses to offer 2-day shipping like Amazon, ShipBob – a modern e-commerce fulfillment service provider has raised a whooping $40M in Series C funding round led by Menlo Ventures, with participation from Bain Capital Ventures, Hyde Park Venture Partners, Hyde Park Angels and Y Combinator.

ShipBob was added to our portfolio in 2015. In 2016, it went for Series A and got $4M. Last year, it bagged $17.5M in Series B round. Adding the recent Series C amount, total funding amount obtained by ShipBob till date is $62.5M. These funding stats show a steady growth in ShipBob and we wish them best of luck with a successful future ahead.

The company was launched through Y Combinator in 2014 by CEO Dhruv Saxena and Divey Gulati, a pair of engineers that met after college.

“Once we graduated, we thought up this e-commerce store and we were able to automate basically everything in the operation except for shipping and logistics,” Saxena told TechCrunch. “We realized none of the existing solutions out there worked. So, we applied to Y Combinator with this idea that there has never been an easier time to start an e-commerce brand online and these brands need shipping, logistics and back office solutions.”

“We love how ShipBob lets smaller, creative merchants affordably offer fast shipping across the country,” Carolan said in a statement. “Customers want what they want, and they want it fast, and it takes serious technology to make it look easy.”

Please read the full story at TechCrunch.

Armory – Spinnaker Based Enterprise-Level Software Delivery Platform Raises $10M

Enabling complex multi-cloud deployments for enterprises with the power of Netflix and Google developed (and open sourced) Spinnaker, Armory – a continuous integration and delivery (CI/CD) platform has got $10M in a Series A funding round led by Crosslink Capital, with participation from Bain Capital Ventures, Javelin Venture Partners, Y Combinator and Robin Vasan.

Just added last year to our portfolio, Armory has raised a total amount of $14M by now including this recent Series A funding. Armory is currently offering two Spinnaker options: Open Source Spinnaker for small teams and Enterprise Spinnaker for large enterprises.

When they started the company, the founders made a decision to hitch their wagon to Spinnaker, a project that had the backing of industry heavyweights like Google and Netflix.

“Spinnaker would become an emerging standard for enabling truly multi-cloud deployments at scale. Instead of re-creating the wheel and building another in-house continuous delivery platform, we made a big bet on having Spinnaker at the core of Armory’s Platform,” company CEO and co-founder Daniel R. Odio wrote in a blog post announcing the funding.

The bet apparently paid off and the company’s version of Spinnaker is widely deployed enterprise solution (at least according to them). The startup’s ultimate goal is to help Fortune 2000 companies deploy software much faster — and accessing and understanding CI/CD is a big part of that.

Please read the full story at TechCrunch.

GO1 – Online Learning Platform Raises $10M

Graduated from YCombinator Summer 2015 batch, a Brisbane based online learning platform – GO1 has raised $10M Series A funding. The funding round was led by SEEK, with participation from Our Innovation Fund.

The basic GO1 platform is free for everyone. Individuals or companies can upload content & create online courses for their customers or staff members and can also manage assessments with sophisticated reports. Not just that, courses can also be hosted on custom domain or a free sub-domain at However, special enterprise and support features can be unlocked at $2 per user. Businesses can also go for Premium plans where they can access 1000+ most popular off the shelf courses offered by GO1.

With offices in United States, Australia, United Kingdom, South Africa, Vietnam and Malaysia, GO1 continues to expand its services and operations globally.

The startup reports it now hosts more than 500,000 courses and learning resources, with more than 22 million users across clients including Cricket Australia and Adshel having access to its content. The funding will go towards expanding GO1 into new markets.

With Seek a customer of the startup, the investment follows the companies earlier this year partnering to integrate GO1 courses into Seek’s jobs platform.

This integration sees a job seeker presented with relevant courses from GO1 while going through the job search process; if a role requires a particular educational or training requirement, such as first aid skills for example, a corresponding GO1 course will surface.

Andrew Barnes, cofounder and CEO of GO1, said the funding from Seek is an exciting development for the team, its investors, and training partners.

“Seek is one of Australia’s first unicorns and a stellar success story of a local company having global success. We’re looking forward to deepening our involvement between Seej and and look forward to increasing our presence in new markets around the world,” he said.

Ronnie Fink, Seek’s Corporate Development Director, said there are a number of synergies between the two businesses.

“Education and training that helps people up-skill and re-skill to obtain and maintain meaningful employment is increasingly important for people. is increasing the accessibility and ease in which people and businesses can access such education and training,” he said.

Please read the full story at Startup Daily.

MTailor – Custom Clothing Startup with AI-Based Measurement Technology Raises $5.2M

Added in 2014 to our portfolio, MTailor – a custom clothing company that uses mobile app to take measurements with its special machine learning algorithms, has raised $5.2M in Series A funding round led by Khosla Ventures.

MTailor claims that their machine learning algorithms measure with 20% more accuracy than a tailor and that’s done in less than 30 seconds. MTailor takes 7-9 upper body where as 6-7 lower body measurements to stitch custom fit clothes including Shirts, Jeans, Blazers, Tees, Chinos and Dress Pants. All clothes are stitched from Bangladesh. MTailor started with creating clothes for men only however now they are also stitching for women but only limited to Jeans with aims to offer more options in future. Average delivery time for MTailor products within United States is 2 weeks except Suits that take 3 weeks.

Penn, who is the company’s chief executive officer, said, “We used the [mobile] phone to develop the technology. We told people to [have] the phone upright, stand six feet away so it can take a full-length photo and spin around once. Because we were figuring measurements, most of the men would send photos of themselves wearing an Under Armour shirt and shorts. Using AI, from that spin we can build a 3-D scan of the whole body and get a digital measurement on everything from the bicep to the chest measurement and other areas.”

The company is vertically integrated, with manufacturing in Bangladesh and fabric sourcing done locally, although some fabrics are also sourced from China. A typical order is completed in under two weeks, and some items such as shirts can be filled in about a week. Starting price points for men’s shirts are $69; jeans, $69; chinos, $99; dress pants, $169; blazers, $349 and suits, $499. Women’s jeans start at $79.

Keith Rabois, lead partner from Khosla on the deal, said, “Advances in the quality of smartphone cameras now allow anyone to make an accurate scan of their body from their home in under 30 seconds. There is no reason anyone should be wearing off-the-rack clothing, when MTailor can provide professional-level custom clothing.”

So far MTailor has raised $5.6 million to date. The Series A includes $3 million in new money, and $2.2 million in SAFES from a seed investment from Khosla, which was converted to equity in the Series A round. SAFES are a form of debt similar to a loan that are converted into shares of preferred stock when the Series A round is closed. The balance was an initial friends and family raise.

Please read the full story at WWD.

Bitmovin – API-Driven Online Video Technology Service Raises Another $30M

Bitmovin – an online video technology service offering API-driven cloud based video encoding with in-depth analytics and HTML5 video player, has collected $30M in a Series B funding round. This round was led by Highland Europe and other investors including Atomico, Constantia New Business, Dawn Capital and Y Combinator also participated. Bitmovin went through Series A in 2016 to get $10.3M funding which was after one year when Bitmovin was added to our portfolio and as per Crunchbase, the total funding amount raised by Bitmovin till date has reached $40.3M.

The core product offered by Bitmovin is its video encoding service which can be tried for free through a cool Bitmovin Dashboard. However, on-premise encoding or encoding infrastructure service is a paid feature available only to enterprises. Bitmovin also offers a highly customizable HTML5 video player that supports DRM (Digital Rights Management) and monetizing video content by integrating advertisements. Botmovin’s last product is video analytics which provides detailed information on a variety of data metrics. Using analytics APIs, enterprises can build custom dashboards as per their own needs. Few OSS dashboards are also available which can be used by developers as a starting point for building their own ones.

The company says the new round of funding will be used to scale its product R&D, field engineering and sales teams worldwide — with the aim being to expand its global customer base of TV streaming providers, internet companies and social media companies. The Series B brings total funding for the 2013-founded company and Y Combinator alumnus to $43 million.

“Bitmovin came about as a spin-off from research we did together at the University of Klagenfurt, in Austria,” says Bitmovin CEO Stefan Lederer, who founded the company with CTO Christopher Müller. “During our PhDs we co-created the MPEG-DASH video streaming standard, which is used by YouTube, Netflix, Hulu, etc. amongst many others today, and which is used in total for more than 50% of the peak internet traffic. The research evolved into the company, with the help of angel investors including senior people at Cisco, Netflix, Accenture, Drupal and DropBox”.

“We are different from the existing vendors as we are deeply developer and API focussed, with a passion for innovation and disruptive technologies. That’s our background, we are engineers, and we like to build the best products. Thus we’ve been the first ones in many new technologies on the market, setting the bar on performance and efficiency of video streaming”.

On the technology side, recent Bitmovin announcements include the ability to use AI to encode videos more effectively (learning, scene-by-scene how each video is treated so the next one is handled more quickly) and a new video player that can reduce the load time on a typical HTML page by a second.

“We’re also proud to support a new royalty-free codec called AV1, which came out last week (backed by Apple, Bitmovin, Facebook, Google, Microsoft and Samsung, amongst others). It shifts the tectonic plates in video because it’s the first time that online video innovation will be possible without making payments to a pool of incumbent, traditional media and consumer electronics companies. It helps opens the playing field to internet companies to, potentially, take more of the lead in video entertainment. It also means more predictability as companies will not be affected by changes in patent pools,” says Lederer.

Please read the full story at TechCrunch.