Seven companies, led by two that acquire e-commerce businesses, reported raising roughly $399.5 million this past week.
Click on the links below for more details about the transactions. This weekly roundup of money moving is often a good resource for job seekers, real estate pros and those interested in keeping an eye on future competition or potential strategic partners.
• Elevate Brands, an Austin- and New York City-based company that acquires Amazon third-party businesses, said July 12 it had raised $250 million in new funding. The round was backed by the startup's prior investors, as well as newcomers Novel TMT, FJ Labs and several angel investors. That brings the company's funding this year to $317 million. Elevate Brands, led by CEO Ryan Gnesin, already has 25-plus brands in its portfolio. Gnesin and Chief Operating Officer James Lucien co-founded the company in 2016.
• Foundry, an Austin-based company that acquires and operates online brands, announced July 13 its launch and $100 million in equity funding. The investment was led by L.A.-based firms LightBay Capital and Monogram Capital Partners. Foundry plans to spend the money on buying omni-channel brands, as well as expanding its team and further developing its platform. The startup is led by CEO Helen Vaid, former Pizza Hut chief global customer officer. Foundry co-founder and President Tom Shipley, who is based in Austin, previously built brands including Hydroxatone and Keranique. He co-founded the company in March.
• Austin-based construction material financing startup Billd said July 13 it had raised $30 million in new series B funding. The investment came from LL Funds, RJT Credit and Ulysses Capital. Billd works with contractors and suppliers on financing options to ensure builders get the materials they need. The series B announcement followed a July 1 filing with the U.S. Securities and Exchange Commission. The startup, founded in 2018 by Chris Doyle and Jesse Weissburg, says it has surpassed $100 million in revenue. The company previously raised a $60 million series A round of both debt and equity in 2019.
• Austin-based product development platform Gembah has raised $11 million in series A funding led by ATX Venture Partners, TechCrunch reported July 12. Also in on the deal were Silverton Partners, Flexport, as well as angel investors Brett Hurt, Jim Curry and Dan Graham. The startup last year named Henrik Johansson as its first CEO. The company, which was founded in 2018 by President Zack Leonard, connects entrepreneurs with experts in areas such as product design, product management, product manufacturing and supply chain to help companies bring a product from its earliest stages to market. It has raised a total of $14.7 million, and it said revenue grew 500% in last year, TechCrunch reported.
• Smart Picture Technologies, Inc., the company behind the PLNAR app that's used by insurance agents to measure spaces, reported July 14 raising $6.7 million of a $7.7 million total offering from 36 investors, according to an SEC filing. The startup, led by CEO Andy Greff, previously reported raising a little more than $4 million in equity funding and about $1 million in debt funding, dating back to 2013.
• Benchmark Cloud Accounting Inc. reported July 12 it had raised $1.6 million from nine investors, according to an SEC filing. Matt Elson is CEO and executive director of the accounting technology company, which launched in January. It reported raising $930,000 in March.
• Major League Pickleball Inc. reported July 13 raising $225,000 from three investors of a planned $825,000 total offering, according to a regulatory filing. The company appears to be in stealth mode but unconfirmed reports on Reddit and other websites have discussed a pro league of sorts for the popular sport. The filing lists Melinda J. Price as president.
The prior week, nine businesses reported raising about $80.4 million.
