Friday Fundings: Bolt, Hopin, and Human Interest
European Ride-Hailing Startup Raises $713 Million
Bolt, a European ride-hailing startup, raised $713 million in venture funding, giving it a $4.75 billion valuation. It was valued at roughly $2 billion in March. Sequoia, Tekne, and Ghisallo led the round, which also included participation from existing investors G Squared (GSQD), D1 Capital, and Naya.
Bolt wants to use the proceeds to expand into the online grocery-delivery market. It already delivers food for restaurants and is making a big push into delivery for grocery stores, promising to get food to customers in 15 minutes. Bolt is aiming to enter 10 European countries this year. But to become a leader in the super-competitive European market, Bolt expects to need even more capital over the coming years.
Virtual Events Startup Raises $450 Million
Hopin, a virtual events startup, raised $450 million in venture funding led by Arena Holding and Altimeter Capital. The latest funding round gives the startup a valuation of $7.75 billion, making it one of the most valuable tech startups in Europe. Hopin was valued at $5.65 billion in March.
Hopin’s platform enables companies to host online events with as many as 100,000 people. It has more than 100,000 customers and 17 million registered users. Proceeds will be used in part to prepare the company for a hybrid world in which events are held online and offline simultaneously. The startup is also eyeing an IPO in two to four years.
Digital Retirement Platform for Small Businesses Raises $200 Million
Human Interest, a startup which operates a digital retirement platform, raised $200 million in venture funding, propelling it to unicorn status. The funding round, which gives Human Interest a $1 billion valuation, was led by TPG’s The Rise Fund and SoftBank’s Vision Fund 2. (SoftBank is also an investor in SoFi.) The financing also included new and existing investors. So far this year Human Interest has raised $305 million.
The startup’s platform enables small businesses to launch a retirement plan in minutes. Demand for its services is surging with Human Interest tripling sales in 2020. The funding will be used to expand its integrations and partnerships with financial advisers, brokers, and payroll firms.
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