Friday Funding: Bitpanda, Nuvemshop, DistroKid
Digital Investment Platform Raises $263 Million
Bitpanda, a digital investment platform which started out with crypto trading but has expanded into free stock trading, raised $263 million in venture funding. The Series C round was led by Valar Ventures and included participation from REDO Ventures, LeadBlock Partners, and Jump Capital. The fundraising round gives Bitpanda a valuation of $4.1 billion. The new valuation is striking given Bitpanda just achieved unicorn status in March.
While there are many digital-investment platforms, what makes Bitpanda stand out is its focus on the European markets. In addition to enabling users to buy stocks commission-free, it also lets them buy precious metals without any charges. Proceeds from the funding round will be used to expand and increase its workforce, which now stands at more than 500 people.
Brazilian Ecommerce Platform Operator Now Valued at $3.04 Billion
Nuvemshop, a Brazilian ecommerce operator, raised $500 million in venture funding, giving it a valuation of $3.04 billion. Insight Partners and Tiger Global led the round. Investor interest in the ecommerce platform has been rising as online sales in Latin America surge. Some forecasts call for the online retail market to grow by four times its current size in the coming years.
Nuvemshop operates a network of around 90,000 merchants located in Brazil, Mexico, and Argentina. Unlike Amazon (AMZN), Nuvemshop lets merchants on its platform select delivery and payment partners. It plans to expand into Colombia, Chile, and Peru with some of the proceeds from the latest fundraising round.
Music Distributor Reaches Unicorn Status With Funding Round
DistroKid, a music distributor startup, has raised venture funding from Insight Partners, pushing the startup into unicorn status. While DistroKid did not disclose how much it raised from Insight Partners, it did say it is valued at $1.3 billion as a result. With the new capital, DistroKid becomes one of the most valued music distributors in the world. It is also a leader in enabling DIY artists to release their songs.
Customers pay $19.99 per year to access tools including distribution across music-streaming services. Everyone pays the rate regardless of how much money they make from their music.
DistroKid’s platform is used by millions of artists annually, with 15,000 to 25,000 songs uploaded daily. The startup plans to use the venture funding to build more tools for the artists on its platform.
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