Friday Fundings: Beta Technologies, Klaviyo, and Pine Labs
Vertical Aircraft Startup Raises $368 Million
Beta Technologies, an electric vertical aircraft startup, raised $368 million in a round of fundraising led by Fidelity and Amazon’s (AMZN) Climate Fund. The Series A round, which was oversubscribed, gives Beta Technologies a $1.4 billion valuation.
Beta Technologies’ electric vertical aircraft can carry 1,500 pounds of cargo and up to six people. The vehicles take off like a helicopter and operate like a plane once they are in flight. These vehicles could be used in the healthcare industry, for ecommerce delivery, and for passenger travel. The company will use its fresh funding to further develop its technology and to construct manufacturing facilities. Looking ahead, Beta Technologies plans to seek FAA certification for its aircraft.
Fundraising Round Values Email Marketing Startup at $9.15 Billion
Klaviyo, an email marketing startup, raised $320 million in funding led by new investor Sands Capital. The Series D round also included participation from Counterpoint Global, Whale Rock Capital Management, ClearBridge Investments, and Lone Pine Capital, among others. Klaviyo is now valued at $9.15 billion. Business is booming with the company more than doubling its customer count over the past 12 months.
Klaviyo’s AI and machine learning email marketing platform generates audience insights and automates email, advertising, and marketing campaigns. Funding will be used for product development, marketing, and expansion into new markets and verticals. Klaviyo added 800 employees to its roster during 2020 and plans to hire an additional 500 this year.
Merchant Commerce Platform Raises $285 Million
Pine Labs, a merchant commerce platform serving Asia and the Middle East, raised $285 million in funding led by Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures, and Ward Ferry Management. The funding values Pine Labs at $3 billion.
The company operates a cloud-based commerce platform which offers a range of payment acceptance and merchant commerce services. Pine Labs has more than 150,000 merchants on its platform. It recently launched a “buy now, pay later” feature in Malaysia, which it plans to introduce to new markets in Southeast Asia. Pine Labs will use its new capital to expand its online payments gateway.
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