SparkLabs Global Ventures' Technology and Internet Market Bi Monthly Review 0516 2016

SparkLabs Global Ventures Technology
and Internet Market Bi-Monthly Review

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May 16 , 2016
Bi-monthly Highlights
Global Trends
Global Funding to Startups Continued to Fall in Q1, 2016

According to KPMG and CB Insights, the data collected by them reflected a further pullback in terms of global
funding activity in Q1, 2016 compared to Q4, 2015. Global funding fell by 8% compared to the previous quarter
as mega-round activity continued to decline. In terms of geography, Asia was particularly affected by the
slowdown and saw a 34% decrease in funding. The deal count was a bit more stable. Nevertheless, it fell by
4% as opposed from the more drastic drop-off seen at the close of 2015. Skepticism of sky-high startup
valuations, a non-existent IPO market, continued public uncertainty and larger macro-economic concerns in
resulted in the continued slowdown for investment and deals into VC-backed companies. In terms of deal
share by stage, the share of seed-stage investments declined for a second consecutive quarter, down to a 5quarter low of 28%. On the other hand, Series A share has crept upwards to a 5-quarter high, from 22% in Q1,
2015 to 26% in Q1, 2016.
Global Smartphone Market is Expected to Slow Considerably Over the Next Few Years
Despite a record-setting holiday quarter, it is predicted that 2015 is very likely going to be the last year of
double-digit growth for smartphone shipments. BI Intelligence estimated that the global market will hit about
2.1 billion units shipped in 2021 with CAGR of 6% for the next 5 years. Mature markets are at the heart of the
deceleration of the growth. As the adoption in the markets has reached new highs, the markets pool of firsttime buyers is rapidly shrinking. Sales from the markets are now primarily coming from phone upgrades. On
the other hand, emerging markets will continue to see robust shipment growth. In fact, shipment growth over
the past few years has been predominantly driven by the falling price of smartphones, which has made
handsets more accessible in emerging markets. In particular, with relatively low smartphone penetration, India
and Indonesia will help fuel a large share of the shipment growth over the next few years.
Global Fintech Investment Growth Continues in 2016 Driven by Europe and Asia
Accenture reported that the global investment in financial technology (fintech) ventures in the first quarter of
2016 reached $5.3 billion, a 67% increase over the same period last year. Also, the percentage of investments
going to fintech companies in Europe and Asia-Pacific nearly doubled to 62%. This is largely driven by two
Chinese mega-deals each crossing the $1 billion threshold. In fact, fintech companies in APAC received more
than 50% of all investment in Q1. This was largely due to rich tech ecosystem, rapid economic growth
trajectory and growing middle class. Over the course of the past five years, fintech investment has been
largely focused around retail payments. However, maturity of the market has brought much greater
diversifications. For example, Insurance is rapidly emerging as the next big thing in fintech.
SparkLabs Global Ventures (http://www.sparklabsglobal.com) is a global seed-stage fund with partners in
Silicon Valley, Chicago, London Tel Aviv, Singapore, and Seoul.
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Asia Pacific
China
Alibabas Hong Kong Fund invests in Hong Kong ecommerce startup, Shopline
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On May 5 , Shopline, a Hong Kong-based startup, has secured a pre-series A round backed by Alibabas new
Hong Kong Entrepreneurs Fund. Neither Shopline nor Alibaba disclosed the amount of the investment, but it is
confirmed that Alibaba does not have a majority stake in the startup. The startup helps businesses or
individuals set up ecommerce services on their own websites, rather than hosting their goods on sites like
Taobao or eBay. It is a model that would be up for tough competition in markets like mainland China, but
Shopline has focused on Hong Kong and Taiwan, to great success. It has also developed a presence in
Southeast Asia. According to the company, it currently has some 60,000 merchants on its platform, and has
seen a fivefold increase in business over the past year. Managed by Shanghais Gobi Partners, the Hong
Kong Alibaba fund (US $130 million) is currently investing in its first batch of Hong Kong startups.
Chinas Elon Musk' raised US$120M to disrupt the auto industry

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On May 4 , Chinese startup Chehejia has raised US$120M Series A round from a group of investors led by
LEO and including Source Code Capital, Plum Ventures, a Changzhou government investment fund. Chehejia
is a Beijing-based electric vehicle startup that plans to disrupt the transportation and auto industries through
complete vertical integration. It will design, research, manufacture, sell, and offer services featuring a few
models of electric vehicle: a small smart car for inner city trips, and a larger electric SUV for longer crosstown
journeys. Chehejia will also offer rental services and Uber-like on demand ride hailing. The startup is founded
and currently led by Li Xiang, who is famous for having founded Autohome, a car information and services
platform that Li built into a NYSE-listed behemoth, and has been called Chinas Elon Musk. The current
round of funding will be used on R&D and the construction of a manufacturing plant.
Chinas top food delivery startup Ele.me received US1.25B investment from Alibaba
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On April 13 , Ele.me announced the completion of $1.25 billion joint investment from Alibaba and its finance
arm Ant Financial. Alibaba contributed US$900 million, with Ant Financial kicking in the other US$350 million.
Ele.me will continue to operate independently, but it will be getting mobile Taobao and Alipay integration to
give it better access to Alibabas massive consumer base. Ele.me will also be linking up for cooperative
projects with Ant Financial, which will now offer financial services to Ele.me merchants and restaurants. In
addition, Ele.me will provide operational support for Koubei, Alibabas in-house Ele.me competitor. Through
the deal, Ele.me founder and CEO Zhang Xuhao is looking to cover a larger consumer base and close the
circle on the O2O market in China with Alibabas online and Ele.mes offline competitiveness put together.
Chinese Biotech Startup Icarbonx attracts US$154M series A round

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On April 13 , Chinese biotech startup Icarbonx announced a series A round on April 11 with a post-money
valuation of US$1 billion. The round, which was led by Tencent and also included participation from previous
investor Vcanbio, was worth US$154 million. The ultimate goal of the startup is to mine and analyze a massive
volume of health-related data from consenting users to find breakthroughs via patterns in data. Icarbonx is
currently operating a data collection and creation platform to mine data from every aspect and stage of human
life (including but definitely not limited to genetic data), and then an AI-based analysis platform to turn that
data into something meaningful. It has some smart hardware to collect additional data, digital and medical
sample storage to maintain its access to data, and even an O2O platform to offer users access to services
based on what its AI suggests they might need.
Alibaba acquires US$1B stake in Rocket Internets Lazada

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On April 12 , Alibaba announced it had agreed to buy a US$1 billion controlling stake in Lazada, the largest
online department store thats billed as Alibabas and Amazons counterpart in Southeast Asia. Lazada sells a
wide range of products from clothing to consumer electronics in Singapore, Indonesia, Malaysia, the
Philippines, Thailand, and Vietnam. Investment consists of US$500 million worth of newly issued equity by
Lazada and some shares from existing investors for a total of US$1 billion. Basically the deal makes it easier
for Alibaba to further expand overseas and hit its goal of getting at least half of its revenue outside of China.
Southeast Asia holds a huge potential, with its rising middle class and growing smartphone usage and internet
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adoption. Lazada has netted a total of around US$700 million in disclosed funding over the years, primarily
from Kinnevik Investment, Temasek, Tengelmann Ventures, and Verlinvest, and Summit Partners.
Travelzen lands US$92M in Chinas largest B2B online travel funding round
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On March 23 , Travelzen, an international online travel product integration platform, has completed a US$92
million series C round from a consortium composed of Addor Capital, United Capital, Jinpu Innovation
Consumption and Everbright Fuzun. Launched in 2007 in Hong Kong, the company merged with Shanghai
Ever Bright Town Intl Travel Service Co., Ltd., Chinas top agency for air ticketing, in 2011 to integrate
resources from both sides. Then, the startup shifted from a B2C to a B2B model in 2013 with the launch of inhouse travel platform Tdxinfo, a one-stop service provider for plane tickets, Visa application services, hotel
reservations and liner tours. The funds raised in the latest round are earmarked for Tdxinfo to strengthening
investments in airline and liner services as well as fueling an expansion to more regions in China.
On-demand legal service Kuuaifawu raises US$10M series B

In March, On-demand legal service platform Kuaifawu announced the completion of a US$10 million Series B,
led by Shunwei Capital, a China-focused venture capital fund with Xiaomi CEO Lei Jun as founding partner
and chairman. Although the announcement was made in March, it is reported that the investment round was
closed in October 2015. Launched in June 2014, Kuaifawu provides online on-demand legal services for the
public, mainly entrepreneurs and SMEs dealing with registration, taxation, patent and trademark registration.
The startup claims to have more than 3,000 lawyers, accountants, business agents and other service
providers on their platform. The company currently covers Beijing, Shanghai, Shenzhen, Guangzhou,
Hangzhou, Chengdu, Nanjing, Suzhou, Xiamen, Ningbo, Chongqing, Tianjin and other 12 cities.
South Korea
Baedal Minjok raises US$50M in funding from Hillhouse Capital Group

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On April 20 , South Korea-based Woowa Brothers Corp., the company behind food delivery app service
Baedal Minjok, has raised $50 million in funding from Chinese investment management firm Hillhouse Capital
Group. The company, which claimed to have recorded KRW 1 trillion (about $870 million) in transactions last
year, intends to use the funds to get more market share in the fresh and prepared foods delivery market. The
firm will also continue working on improving existing spin-offs such as Baemin Riders, an app specialising in
delivering food and beverages that are not typically delivered, such as beef cutlets and crabs, and Baemin
Fresh, a unit that delivers fresh salads and other food products. Baedal Minjeok is similar to Grubhub in the
US and FoodPanda in Singapore. Users simply browse a list of local restaurant menus and pick out what they
want on the app, then the Baedal Minjeok team will order, pick it up and deliver it to their doorstep.
Money transfer service Toss secures US$23M from Goodwater Capital and Altos Ventures
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On April 11 , Viva Republica, the providers of P2P money transfer service Toss, raised KRW 26.5 billion
(about $23 million) from a consortium consist of the leading Korean venture capital fund KTB and Silicon
Valley based funds Goodwater capital and Altos ventures. The capital raised from this round will enable the
company to strengthen Toss market dominance and expand its lineup of Fintech services. Launched in
February 2015, Toss allows users to send and receive money in a matter of seconds. It condensed the
complex authentication process into three simple steps; with Toss, users can send money just by filling in the
recipients bank account, transfer amount, and password. The service has become widely received by the
millennium generation as it is continually improving its user-friendly features such as fingerprint recognition
and alerting users of suspicious bank accounts.
Japan
With $33m funding, BizReach is now of the best funded startups in the country
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On March 29 , Japanese recruiting startup BizReach today announced a Series A round of funding from 10
companies totaling US$32.8 million. The investors in the round are YJ Capital, Japan Co-Invest Fund,
Salesforce Ventures, Dentsu Digital Holdings, Gree, Rakuten, Link and Motivation, EFU Investment Limited,
IMJ Investment Partners Japan Fund 1, and East Ventures. BizReach has been called the LinkedIn of Japan
and gone against the traditional recruiting business model by allowing companies to post jobs and connect
with professionals in its database for free. Paid subscriptions are also available for job seekers as well as
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additional premium options for corporations. Founder and CEO Soichiro Minami hopes to use the funds he just
raised to grow Stanby, a job search engine released by BizReach last year, and use its applicant tracking
system as the base for a new cloud recruiting system called HRMOS set to open in May.
Japanese VR company Fove lands US$11M series A funding from COLOPL

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On March 23 , Fove, a Japanese virtual reality (VR) company with eye-tracking technology announced it has
raised a US$11 million Series A round led by Colopl VR Fund a fund from the Tokyo gaming company
COLOPL. Other participants in the round were the Hon Hai Venture Capital Fund (A VC fund set up by
Foxconn), Silicon Valley early-stage VC firm 2020 and Samsung Venture Investment. Fove is the worlds first
VR headset with eye-tracking technology. It also has head and position tracking capabilities. Essentially, it
works by blurring and sharpening the environment according to where the users eye is focusing. Furthermore,
if successful, it will allow users to make eye contact with characters within the world which would seriously
enhance the gameplay experience. The goal of the funding is to bring the VR device into the mass market by
Fall 2016. Also, some of the funding will go towards mid to long-term R&D facilities.
Online merchandise platform for gaming firms PowerCore raises US$2M funding
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On March 15 , PowerCore, an online store offering smart toys, digital activation and merchandise solutions for
games, has completed its seed round of funding of US$2 million. The investment came from 500 Startups,
East Ventures, and Golden Gate Ventures, besides existing investor Cherubic Ventures. The startup helps
brands produce various merchandise and transform physical merchandise to virtual character in mobile game.
Users get rewarded digitally for their actions in the real world - be it purchasing merchandise, going to a
companys booth at a show, or anywhere where people can interact physically with a brand. Users simply
scan the PowerCore tag with their mobile device and they are rewarded immediately. PowerCores offline-toonline (O2O) digital activation solution includes digitally--tagged merchandise production, digital reward
management and developer kit integration.
Singapore
Mobile banking app builder raises US$9M to ride Asias fintech boom
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On May 10 , Singapore-based mobile banking app specialist Tagit announced it has raised US$9 million from
Japans SRA group through its Singapore subsidiary SRA IP Solutions Asia Pacific. Tagit is mostly known for
its Mobeix platform, which enables banks and enterprises to build digital applications. Several regional and
international banks have created apps using the platform, including CIMB, Citibank, DBS, POSB, Standard
Chartered, UOB, and Maybank. Tagit will use the funding to staff up in Malaysia and Indonesia, where the
company says there is growing demand for its services. Tagits strategic investor SRAs expertise in Japan will
also allow the firm to expand to that market and acquire new clients. In addition, it will boost its products to
tackle more fintech and financial applications.
Ninja Van is ready to expand across Southeast Asia with US$30M series B
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On April 19 , Last-mile logistics startup Ninja Van announced it has secured US$30 million for its series B
round of funding. The round is led by the Abraaj group, an international private equity investor that operates in
Africa, Asia, Latin America, the Middle East, and Turkey. Existing investors Monks Hill Ventures and new
investors B Capital Group and Yahoo Japan Capital also joined in. The startups edge in its logistics offering
lies in algorithms that allow its delivery personnel to optimize their routes and offer faster and more reliable
services. The startup says it supports over 3,000 clients and delivers about 15,000 parcels per day across
Singapore, Malaysia, and Indonesia. The fund raised will be used exclusively for growth. The startup plans to
expand its service to Thailand, Vietnam, and the Philippines. It will also work on improving its services across
the region, which includes training personnel and smoothing out customer support processes.
Singapore startup TabSquare raises $2.6M series A to make restaurants more efficient
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On April 14 , Singapore-based TabSquare announced it has raised its series A round worth US$2.6 million.
The round is led by Walden International and is joined by Infocomm Investments, Philip Private Equity, and
Raging Bull, the Singapore-based investment company started by Thai Express restaurant chain founder Ivan
Lee. TabSquare allows restaurants to offer tablet menus. Customers can use them to order, redeem
promotions, and pay, while the restaurant can update the menus in real time via a content management
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system that includes a cloud-based data warehouse and analytics engine. The app offers restaurants data to
better understand customer behavior and spending patterns. Tabsquare will use the funding to strengthen its
position in the Singapore market, further develop its technology platform, and expand to regional markets.
Singapore-based e-commerce startup EZBuy raises US$20M series B

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On March 23 , EzBuy announced it has raised a series B round worth US$20 million. The round was led by
Shanghai-based private equity fund Vision Knight Capital and was joined by existing investors IDG Ventures
and China Growth Capital. Through their website, the startup allows users to shop for items available in
overseas online stores, which are cheaper or easier to find than in domestic stores. It currently sources
products from China, the US, and Taiwan. Acting as a middleman between overseas ecommerce retailers and
consumers, EZBuy takes care of everything from purchasing the items to shipping and importing them. The
startup will use the cash for the rebranding as well as for expanding further into Southeast Asia. It plans to
introduce items from South Korea, which is famed for its beauty products. The funds will go toward improving
the website behind the scenes. EZBuy is currently operating in Singapore, Australia, Indonesia and Thailand.
Indonesia
Indonesian news app Kurio raised $5M series B from Japanese counterpart Gonosy
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On March 15 , Indonesian news reader app Kurio announced it closed a US$5 million series B round from its
Japanese counterpart Gunosy. Gunosys investment in Kurio is part of its efforts to expand to Southeast Asia.
Indonesia is a good starting point for them, given its 100 million internet users and fast-growing smartphone
adoption. Also, Kurio founder David Wayne believes Gunosys experience with big data and machine learning
will help his engineering team to grow. Founded in 2014, Kurio has tie-ups with hundreds of online publishers
in Indonesia. Kurios closest rivals in Indonesia are BaBe and GNews, while international news apps like
Google Play Newsstand and Apple News are indirect competitors. Prior to Gunosy, Kurio received its series A
funding from Japans Cyberagent Ventures. Indonesian VC GDP Ventures also backs Kurio through Merah
Putih Incubator.
Thailand
Thai startup Wongnai scores series B funding for big O2O push
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On April 27 , Intouch Holdings announced that it injected an undisclosed amount of series B funding into Thai
food and beauty salon review portal Wongnai. The investment was made through Intouchs venture capital
arm, InVent. Wongnai features over 200,000 restaurants, beauty salons, and spas across Thailand on its
platform, with detailed information about each merchant and user reviews. Its over two million registered users
can search for whats top rated in Bangkok, follow their friends, upload photos, and do quick write-ups about
the places they visit. Wongnai also provides location-based services through users mobile phone GPS, so
they can enjoy the most recommended local businesses nearby or within their proximity. The startup will use
the fund raised to finance Wongnais new O2O (online-to-offline) services and its expansion into other lifestyle
verticals.
Taiwan
Taiwanese SaaS company Kdan Mobile raises US$1.2M pre-series A funding

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On April 19 , Taiwanese Software as a Service (SaaS) company Kdan Mobile has raised more than US$1.2
million in pre-Series A funding from VenTek Ventures. Adonit Co-founder and CEO Ian Kung and GMobi CEO
Paul Wu also participated in the round. The company has also announced that it has reached more than 60
million mobile downloads worldwide. Established in 2009, Kdan was started out as a mobile app developer.
Currently, Kdan has five applications meshed into its cloud service offerings: NoteLedge, Animation Desk,
PDF Mark-up, Write-on Video, and Pocket Scanner. As per a statement, more than 30 per cent of Kdans
users now come from Android devices. At the current pace, it expects its total downloads to exceed 100
million at the end of the first quarter of 2017. Despite the fact that a majority of the companys current sales
comes from the West, it will be eyeing growth in its home market in Asia.
Philippine
Manilas riderhsaring app U-Hop gets US$7.4M funding for Asia rollout
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On March 22 , U-Hop has closed seed investments worth a total of US$7.4 million. The company has
received US$2 million from a Philippine corporation with diversified interests. The remaining US$5.4 million is
from boutique investment banking firm Asian Alliance Investment Corporation, also based in Manila. U-Hop is
an Uber for shuttle vans thats fast growing in Manila. The capital is known for having the worst urban traffic in
the world, and it doesnt need any more cars on the road than it currently has. Ride hailing apps Uber and
Grab are just adding to the gridlock by catering to only one user at a time. U-Hops answer is to put more
commuters in vans, which can seat about seven people per trip. The company claims to serve 550,000
passengers who regularly take its shuttle service. The startup will use the funds to expand their operations in
the Philippines, to launch in other Asian markets, to develop their IT infrastructure and to hire additional staffs.
Vietnam
Fintech startup Momo raises US$28M from Standard Chartereds VC arm and Goldman Sachs
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On March 17 , Vietnam-based fintech startup Momo today announced it obtained US$28 million in series B
funding from Standard Chartered Private Equity and global investment bank Goldman Sachs, which is an
existing backer. Launched in 2014, Momo is an ewallet and payments app that allows users to pay online and
transfer money to each other digitally. At selected stores, the app can be used for cashless payments. The
company also has a physical network of over 4,000 over-the-counter agents where people can remit money
and avail of other financial services through Momo. According to CEO Pham Thanh Duc, the startup will use
the fresh investment to accelerate Momos growth by continuing to invest in the launching of new products and
services, expanding bank and merchant connectivity, and extending the nationwide installation of Momo pointof-sale terminals at retail outlets.
India
Indian e-pharmacy startup 1mg raises US$15M series B

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On April 20 , 1mg, a startup that lets people order medicine and diagnostics online, announced a series B
round of US$15 million. The round was led by Maverick Capital Ventures and included previous investors
Sequoia Capital and Omidyar Ventures. The startup lets consumers look up information about medicine, find
cheaper substitutes, and order what theyd like online. In order to change consumer behaviors and replace
offline pharmacies, 1mg is designed to be pretty easy to use. The app asks consumers to upload a
prescription. If a pharmacist from the 1mg team verifies it, the prescription is digitized. Details like frequency
and duration of a prescription are also taken into account. This digitized version then gets verified again, and
then once more after it reaches offline pharmacies. The funding will be used to expand to new cities theyre
currently at 13 and want to get to 30 by the end of the year.
Startup that gets business loans approved in 24 hours raises US$25M funding
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On May 12 , Capital Float, a leading online lending platform for small and medium businesses (SMBs) in India,
has raised US$25 million (INR 170 crore) in Series B financing round, led by Creation Investments Capital
Management. The round also saw significant participation from existing investors SAIF Partners, Sequoia
India, and Aspada. Capital Float is a digital finance company that provides loans to underserved small
businesses in India via a technology-led loan origination and credit underwriting platform. Businesses can
apply online in minutes and get funds in less than 24 hours. The fresh funds will be used to expand the
companys lending footprint to over 20,000 SMBs in 100-plus cities, and continue to introduce new,
transformational financial products online. It will also enable the company to widen capital sources on the
platform.
Lenskart gets US$60M series D led by IFC

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On May 5 , Indian eye-wear e-tailer Lenskart has secured US$60 million in Series D round of funding led by
IFC (a member of the World Bank Group) which invested US$17 million. The round also saw participation
from TPG Growth, Adveq Management and IDG Ventures. Ratan Tata and Infosys Co-founder Kris
Gopalakrishnan also co-invested in their personal capacity. Founded in 2010, Lenskart is a leading online
retailer of premium quality and stylish eyewear, offering over 10,000 different styles to suit all pocket sizes
and diverse consumer needs. It also offers services like Free Home Eye check-up, 3D Try On, Free Home
Trial and First Frame Free. The company conducts over 1,500 eye exams daily through its home eye exam
service which it intends to make available for every home in urban and rural India. The funding will be used to
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strengthen its technology, supply chain, lens manufacturing, and expand reach of its eyewear products
across 400 cities.
Digital payments firm TranServ closed US$15M series C to launch micro-credit products
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On April 26 , TranServ, a digital payments company in Mumbai, has closed US$15 million in Series C round
of investment, co-led by IDFC SPICE Fund (a domestic VC fund managed by IDFC Asset Management
Company) and leading handset manufacturer Micromax Informatics. Existing investors Nirvana and Faering
Capital India Evolving Fund also participated. Started in 2011, TranServ offers Udio wallet a platform of
choice for P2P transactions, including social gifting, ability to split bills and make group payments. TranServs
API stack is being used by both merchant partners and corporates to scale, collect and disburse payments to
individual customers, employees, vendors or suppliers in an efficient manner. The company will utilize the
capital to accelerate business growth and invest in new product lines, including micro credit.
Byjus raises US$75M in the largest edtech investment in India

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On March 22 , Byjus, a Bangalore-based edtech startup creating a learning app for K12 students, has raised
US$75 million from Sequoia Capital India and Belgium-based Sofina, which is also an investor in Flipkart. This
is the largest ever funding round by an Indian edtech startup till date. Founded by Byju Raveendran in 2011,
Byjus offers learning programmes that are effective and engaging for class 6-12 and test preparations. Byjus
learning approach combines teachers, proven pedagogical methods, data sciences and Machine Learning to
deliver personalized instruction, feedback and assessment for each student. Since its launch eight months ago,
the app has clocked 2.5 million downloads and more than 120,000 paid annual subscribers, claims the firm.
The funding will allow the startup to deliver content in a new format, aggressively expand its product pipeline,
launch into new markets, and hire people.
United States
Bolt Threads raises US$50M to brew spider silk, inks deal with Patagonia
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On May 11 , Bolt Threads announced they raised $50 million in a Series C round of venture funding.
Formation8 led the investment joined by Hong Kong-based Nan Fung and Innovation Endeavors. Earlier
backers of Bolt, including Alafi Capital, East West Capital, Foundation Capital and Founders Fund also
participated. A startup called Bolt Threads has developed a means of brewing spider silk and other insect
fibers and spinning then into yarn, making them accessible to makers of apparel, upholstery and more. Given
the funding, Bolt Threads is planning to make its bio-fabricated silks available in mainstream products by
2018. On the same day, the startup also announced that they inked a deal with Patagonia to begin developing
and designing products with their new threads.
Medical billing startup Simplee collects US$20M from Social Capital, Amex Ventures and others
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On May 10 , Social Capital and American Express Ventures backed Simplee, a startup that aims to facilitate
medical bill payments, in its latest US $20 million funding round. 83North and Heritage Group also participated
in the investment. Founded in 2010 by CEO Tomer Shoval, COO Roberto Rabinovich, and CTO Tom Tsarfati,
Simplee offers providers a financial engagement platform that engages patients with a unified experience
across the healthcare journey. From pre-service to billing to financing, Simplee focuses on building rapid trust
and paving a path to payment. Simplee says it works with over 900 hospitals and physicians and helps
process over $1 billion in annual payments in the U.S. On average, Simplee customers achieve net promoter
scores 4x the healthcare norm for billing and payment experience, a 50% higher adoption of digital
engagement benefiting revenue cycle and marketing initiatives, and a 3x return on investment driven by lower
costs and higher net collections.
Appboy lands US$20M to fast-track worldwide growth and focus on the mobile marketer
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On May 4 , Appboy announced that it has raised $20 million in Series C financing. The round is led by Battery
Ventures, with all previous investors participating, and brings Appboys total funding to just over $45 million.
Appboy is the global leader in Mobile Marketing Automation. The company is empowering marketers to
increase mobile engagement through intelligent, data driven decisions. Its suite of services empowers brands
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to solve app abandonment and manage the customer life cycle beyond the download. Also, employing robust
user profiles, rich customer segmentation, and multi-channel messaging (push notifications, in-app messages,
email, News Feed), brands can effectively cultivate relationships with their customer base. The company says
it will use the funds raised to further develop products that allow marketers to provide utility, value, and
relevance with every customer interaction in our increasingly connected world.
GotIt raises US$9M to help slacking teens do their homework

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On April 28 , GotIt, a chat service that connects users with experts for 10 minutes, announced today that it
has raised over $9 million for its series A and seed rounds. Capricorn Investment Group and eBay cofounder
Jeff Skoll led the series A investment, while Fosun Groups Brad Bao participated in the seed round. GotIt
guarantees its algorithmic marketplace to match people who are looking for responses with underemployed
experts. In the background, GotIts technology collects the information generated from the question-andanswer matches to build a knowledge base of millions of problems and corresponding chat sessions to fuel a
future of chatbot-assisted learning. Company CEO Peter Relan wrote in a blog post that the company
currently targets high school and college students, and insists it will fire experts for life if they just provide
answers, or provide wrong explanations, or exchange personal information.
Helium raises US$20M for smart industrial sensors

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On April 25 , San Francisco-based Helium has raised $20 million in a new round of funding for its smart
industrial sensor business. The round was led by GV (formerly Google Ventures), with participation from
Khosla Ventures, FirstMark, and Munich RE/Hartford Steam Boiler Ventures. GV general partner Andy
Wheeler will also join Heliums board. The Helium Green sensor can monitor temperature, humidity,
barometric pressure, light, and motion. Helium also has its Helium Pulse application for the Web and for
mobile devices. It enables remote monitoring and alerts so that companies can control Helium smart sensors,
program alert parameters, and take other actions based on those insights. Helium Pulse is designed to save
companies money, improve their efficiency, and increase customer satisfaction. The startup is planning to use
its funds to transform multiple industries by introducing the Helium IoT platform at scale.
Paypal, others plunge US$30M into mobile investing app Acorns

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On April 21 , Acorns, the investing app, is announcing a $30 million strategic investment from PayPal, with
participation from the Rakuten FinTech Fund. This brings the teams total funding to $62 million. With 850,000
investment accounts, Acorns works by rounding up purchases and investing the remainder. In other words, if
you buy a latte for $3.99, that penny will go into an ETF. Users trust Acorns with their credit card information,
syncing it with the app for automatic investing. The startup highlights diversified portfolios containing stocks
and bonds. About 75 percent of Acorns users are between the ages of 18 and 34. The app is free and fees
are just a dollar per month for accounts under $5000 and .25% per year for accounts with more. The company
declined to share what, exactly, it plans to do with the $30 million, aside from saying that the cash will enable it
to expand. However, some sort of product tie-up involving PayPal and Acorns seems likely.
Threat Stack raises US$15.3M for its cloud-based security tech

th
On April 19 , Security startup Threat Stack announced that it snagged a $15.3 million investment led by Scale
Venture Partners. Accomplice and .406 Ventures also joined this latest round. Through the deal, Scale partner
Ariel Tseitlin will join the startups board. Threat Stack enables growth-driven companies to scale with by
identifying and verifying insider threats, external attacks and data loss in real-time. Threat Stack provides the
coverage needed to run secure and compliant, in all environments, without sacrificing speed and efficiency
with their fully integrated and cloud-native monitoring solution. The series B funding round will help Threat
Stack double its personnel to further enhance product capabilities and user experience. Also, the startup will
use the capital to open new Boston headquarters later this year. To date, Threat Stack has raised at least
US$26 million.
Invoca lands US$30M to help marketers make sense of 73 billion phone calls
th
On March 30 , Invoca announced that it has secured US$30 million in series D financing. This Series D
financing is led by Morgan Stanley Alternative Investment Partners, with additional participation from existing
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May 16 , 2016
investors Accel Partners, Upfront Ventures, Rincon Venture Partners, Salesforce Ventures, and StepStone.
Invoca helps the modern marketer drive inbound calls and turn them into sales. In other words, their solution
help marketers understand why customers call, who is calling and what is being said in conversations. By
bringing call intelligence to marketers and their existing marketing technology systems, Invocas platform
delivers the visibility required to engage mobile customers beyond the click. The funds will help Invoca expand
its operations and focus on helping Fortune 500 marketers gain intelligence on callers, conversations, and
campaigns.
Hooper raises US$16M to grow its airfare prediction smarts

th
On March 29 , Airfare prediction startup Hopper has nabbed $16 million in a round led by BDC Capital IT
Venture Fund, along with existing investors Omers Ventures, Accomplice, and Brightspark Ventures. This
takes the companys total funding to $38 million. In a nutshell, Hopper tracks millions of flights each day to
predict the optimal time to book a flight, and the company claims it can save you as much as 40 percent on the
cost of a flight. A user simply inputs their planned travel dates to receive alerts via push notifications about
whether the price is likely to rise or fall. The main Hopper app launched on iPhones in early 2015, and it
arrived on Android seven months ago. Together the apps have notched up 3 million downloads so far. With an
extra $16 million in its coffers, Hopper said that it will push for continued growth and will expand its teams in
Montreal and Cambridge.
Europe
Bluebee lands US$11.4M for cloud-based DNA analysis platform

st
On March 31 , DNA analytics startup Bluebee has closed a Series A funding round of 10 million (about $11.4
million) from investors Capricorn ICT Arkiv, Korys, and Biover II. Prior backer Buysse & Partners also
participated in the round. The Dutch company specialises in genomic analysis and provide cloud-based
performance solutions to researchers, labs, and diagnostic companies. According to the startup, the new
funds will be used to further develop its platform. Bluebee has also appointed Annie Vereecken, founder of
AML-Labo Riatol labs and head of Biover II who has invested in this round, to its board of advisors. The Delftbased startup expects to see a growth in demand for genomics, the study and sequencing of an organisms
genome, in the coming year at an industrial scale.
Home24 raises US$22.7M for its online furniture retail service

st
On March 31 , Berlin-based, Rocket Internet-backed online furniture retailer Home24 has raised 20 million
(about $22.7 million) and reinforced its management team to get to profitability and to try and take on IKEA in
Europe. Home24 is Europes largest online furniture store with more than 150,000 products from over 800
manufacturers. The product range includes a unique selection of furniture items, lamps and living accessories
from a wide range of brands and private labels such as Smood, Furnlab, Jack&Alice, and Mrteens. Marc
Appelhoff and Christoph Cordes, the founder and chief executive of Fashion for Home, a German rival that
Home24 bought last year, would now help lead Home24 along with its founder Philipp Kreibohm, while current
CEO Domenico Cipolla would leave the management team in May. The new fund will be used to invest in
system and processes to help the loss-making company achieve profitability.
Rythm raises US$11M for wearable device to measure sleep quality

th
On March 29 , Neurotechnology startup Rythm, based in France, has raised $11 million in funding and
announced a new partnership with Frances biomedical research institute for research into sleep conditions.
The new round of funding comes from biotech investor and entrepreneur Dr Laurent Alexandre, telecoms
investor Xavier Niel, and public grants. Bringing together the worlds foremost experts in hardware, software
and neuroscience, Rythm builds consumer technology that stimulates the brain to enhance human potential.
The funds will be used to further develop its Dreem headband, a wearable device with sensors that collects
brain signals during the night and monitors the wearers sleep quality. Future potential uses include virtual
reality, education, and improving understanding of the human brain. The startup has also built a team of staff
on both the neuroscience and hardware ends of things.

9

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May 16 , 2016
Distribusion hauls in 6M to further develop its product and expand globally

th
On March 24 , Distribusion has announced that they have picked up 6 million Euro in funding from a group of
investors that includes Northzone, Creandum, and HR Ventures, as well as current investor Fruhphasenfonds
Brandenburg and industry-specific angels. Distribusion develops the leading global distribution system (GDS)
for intercity bus and shuttle rides. The Berlin based travel tech startup connects travel resellers such as travel
websites, OTAs, travel agencies and tour operators with intercity bus operators worldwide. With this latest
backing, the startup intends to accelerate product and technology development, increase integration with and
acquisition of new bus operators and resellers, and to expand its geographic focus, first in Europe, and then in
South America and southeast Asia. In order to support this expansion, the company has also announced that
they will be tripling the size of their staff in Berlin and Bonn.
Israel
Global-e raises US$20M to enhance customers shopping experience through localization

th
On May 10 , Israeli startup Global-e, which allows global retailers to provide their customers with a localized
shopping experience, announced that it successfully raised approximately $20 million in a financing round led
by Red Dot Capital Partners. Global-e has developed a system that enables global retailers to appeal to
crowds all over the world by adjusting and customizing their different systems to the target audience in each
country. Among other things, the system adjusts functions such as browsing and searching the website,
matching the systems shopping cart, payment options and local clearance in each country, calculating
exchange rates, customs duties, and other taxes in providing the customer with a final price, localized logistics
and freight forwarding systems, and scam and identity theft protection. It is based on a revenue share model,
which means it collects a certain percentage of all transactions that occur through its platform.
Twiggle raises US$12.5M to challenge Amazons A9 ecommerce search engine

th
On April 7 , Twiggle announced the completion of $12.5 million series A round. The round was led by South
African Internet giant Naspers, with participation from a bunch of new and existing investors, which include
Yahoo Japan, State of Mind Ventures, and Sir Ronald Cohen. In a nutshell, Twiggle is building the backend
smarts to power ecommerce companies search capabilities, using artificial intelligence (AI) and machinelearning techniques, such as natural language processing (NLP). Twiggles technology is centered around
helping ecommerce companies convert potential customers into paying customers by surfacing the most
relevant results based on the keywords used. The company is planning to use the funding to drive their
aggressive global expansion plans.

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Global Funding to Startups Continued to Fall in Q1, 2016