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Honoring Black History Month

Honoring Black History Month
February 3, 2021

The Daily Stack is a daily private market insights newsletter by PrivCo, a private company intelligence platform. Read our previous insights.
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On Martin Luther King Jr. Day, we celebrated the achievements of Black Founders and spotlighted several companies that are beating the odds (ie, lack of funding) to start up their businesses. To honor Black History month and ahead of a report that PrivCo will soon be launching on diversity, we give a stark preview of how minority-led companies are still losing out. To put things into perspective, the funding raised by Black Founders in 2020 is equivalent to the amount just one failed content startup -- Quibi -- lost.

Black Founders Spotlight

  • Helium Health is a San Francisco-based Series A Round healthtech startup that provides full-service tech solutions for emerging markets. It was founded in 2015 by Adegoke Olubusi and Dimeji Sofowora.
  • Somatus is a Virginia-based biotechnology startup that focuses on healthcare for patients with or at risk of developing kidney disease. The company, founded by Anthony Welters and Ikenna Okezie, raised a Series C in June 2020, netting a $250MM valuation.
  • Andela is a New York-based talent sourcing company that recruits software developers from Africa to work for US-based technology companies. The company was founded by Christina Sass, Ian Carnevale, Iyinoluwa Aboyeji, and Jeremy Johnson. 
  • Cadre is a real estate technology unicorn in the proptech space and operates from New York City. The company was founded by Jared Kushner, Josh Kushner, and Ryan Williams.
  • Amino Apps is a community-driven app aiming to allow individuals with similar interests to chat with one another. Hailing from New York City, the company, founded by Ben Anderson and Yin Wang, has raised Series C funding from investors like GV and Union Square Ventures.
Bezos steps down as CEO 
Aside from the announcement of Andy Jassy stepping up as CEO, Amazon also posted its first $100BN quarter. 
Nintendo has record sales
No surprises but Nintendo nearly doubled its profits in 2020, and the pandemic-fueled Animal Crossing game is likely to surpass Mario as an all-time best-seller game.
Since last week, PrivCo has added:
773 Companies | 236 Funding Activities | 158 M&A Deals

Funding & Deal Highlights:

Databricks raises $1BN led by Franklin Templeton Investments
Analytics Software & Internet Services • Round G • Berkeley, CA

Nubank raises $400MM led by Whale Rock Capital Management, GIC Private Limited, and Invesco Advisers
Software & Internet Services • Round G • Sao Paolo, Brazil 

ShipMonk raises $65MM
E-commerce Software & Internet Services • Equity • Deerfield Beach, FL 

Pinecone Systems raises $10MM 
Big Data Software & Internet Services • Seed • San Mateo, CA

Nuvalent raises $50MM
Biotechnology • Round A • Cambridge, MA

SetSail Technologies raises $26MM led by Insight Partners
AI Software & Internet Services • Round A • San Mateo, CA

Apiture raises $10MM 
API Software & Internet Services • Round A • Wilmington, NC

Mealco raises $7MM
Delivery Food & Beverage Producers • Seed • New York, NY

Vectorized Inc raises $15.5MM
API Software & Internet Services • Round A • San Francisco, CA

Doorvest raises $2.5MM led by Mucker Capital
Real Estate Software & Internet Services • Equity • San Francisco, CA

Usermind raises $14MM led by WestRiver Group
Customer Experience Software & Internet Services • Round C • Seattle, WA

Uber acquires Drizly for $1.1BN
Delivery Food & Beverage Retail • Acquisition • Sherborn, MA

Wheels Up merged with Aspirational Consumer Lifestyle Corp for $2.1BN
Freight Transportation • SPAC • New York, NY

Asos acquires Topshop, Topman, Miss Selfridge Retail Limited, and HIIT for $400MM
Apparel Retail • SPAC • London, United Kingdom

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