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Fidelity has cut Reddit valuation by 41%

Fidelity has cut Reddit valuation by 41%
PrivCo's Daily Stack ® is a daily financial newsletter, where you'll find the latest fundings and deals in the private market.
June 5, 2023

What We're Reading

  • Fidelity has cut Reddit valuation by 41% since 2021 investment [TechCrunch]
  • Twitter loses another trust and safety head [Axios]
  • Fintech giant Stripe is getting into the credit game [TechCrunch]
  • Hollywood writers take revenge on Netflix as shareholders follow union’s advice and reject executive pay [Fortune]

Trending Companies


LinusBio, a patient-centric medicine company intended to improve human health through precision exposome medicine, raises $8MM Series A-2 from Y.A.C. Holdings.

Drug Research • New York, NY • Post-Money Valuation


LTZ Therapeutics, a immunotherapy-focused biotech company, raises $10MM Pre-Series A+ from Qiming Venture Partners.

Biotechnology • Redwood City, CA • Post-Money Valuation


Predibase, a company that provides a declarative machine learning platform for developers, raises $12.2MM Series A from Felicis Ventures.

Developer Tools • San Francisco, CA • Post-Money Valuation


eFishery, an IoT-based aquaculture company offering an end-to-end platform that provides access to feed, financing, and market to fish and shrimp farmers, raises $108MM Series D from 42xfund.

Agricultural • Bandung, Indonesia


Hubble Network, a firm that operates a Bluetooth satellite in space, raises $20MM Series A from Transpose Platform.

Satellites • Las Vegas, NV • Post-Money Valuation


Credit Genie, a platform developer that offers tools to get out of debt and insights into spending habits, raises $4MM Series A from Tippet Ventures.

Software • Conshohocken, PA • Post-Money Valuation


Nexamp, a clean energy company that provides solutions for the deployment and operation of solar energy assets, raises $400MM Debt and Equity funding from Mitsubishi UFJ Finance Group.

Renewable Energy • Boston, MA • Post-Money Valuation


Pixxel, a space data company building a constellation of hyperspectral earth imaging satellites, raises $36MM Series B from Google.

Geospatial • El Segundo, CA • Post-Money Valuation


Galvanick, a developer of a platform that collects telemetry from across its clients' industrial environments to analyze, correlate and detect malicious behavior, raises $10MM Seed from MaC Venture Capital.

Cyber Security • Los Angeles, CA • Post-Money Valuation


Debut, a company that develops scalable cell-free biomanufacturing technology, raises $34MM Series B from Business Opportunities for L'Oreal Development (BOLD).

Discovery • San Diego, CA  • Post-Money Valuation


Since last week, PrivCo has added or updated:
660 Companies | 78 Funding Rounds | 62 M&A Deals


Red6, a developer of Airborne Tactical Augmented Reality System (ATARS) for air combat training systems, raises $70MM Series B from RedBird Capital Partners.

Aerospace & Defense • Orlando, FL • Post-Money Valuation


Platformatic, a company that provides backend development platform for developers and enterprises to build modern API-driven applications, raises $3.5MM Seed from Decibel.

Developer Tools • San Francisco, CA • Post-Money Valuation

Squint, a company that provides manufacturing technology solution that optimizes factory's procedures and workforce, raises $6MM Seed from Menlo Labs.

Augmented Reality • San Jose, CA • Post-Money Valuation


UpdateAI, a provider of a ChatGPT-powered customer success platform that generates customer meeting notes and automates CS follow-up workflow, raises $2.3MM Equity Funding from IdealabX.

Generative AI • Pasadena, CA • Post-Money Valuation


Stripe acquires Okay Software, a company that helps leaders run high-performing teams with dashboards and user-friendly workflows.

Analytics • San Francisco, CA • Deal


Blackstone completes majority stake acquisition of Copeland, a provider of sustainable climate solutions.

HVAC • St. Louis, MO • Deal


Miller Industries acquires Southern Hydraulic Cylinder, a firm that manufactures custom hydraulic cylinders.

Industrial Products • Athens, TN • Deal


LTP acquires American Air & Heat, a full-service provider of residential HVAC services.

HVAC • Oviedo, FL • Deal

Clariti acquires Camino Technologies, a provider of government permitting and licensing software.
GovTech • San Mateo, CA • Deal


Accenture acquires Nextira, an Amazon Web Services (AWS) partner that uses AWS to deliver cloud-native innovation, predictive analytics and immersive experiences for their clients.

IT Management • Austin, TX • Deal


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