Friday Fundings: Cockroach Labs, NYDIG, Course Hero
Enterprise Software Startup Raises $278 Million
Enterprise software startup Cockroach Labs raised $278 million in venture funding. The Series F round, which was led by Greenoaks Capital, gives Cockroach Labs a $5 billion valuation. That is more than double the company’s valuation from earlier in 2021. Other investors participating in the round include Coatue, FirstMark, Redpoint, Tiger Global Management, and Alphabet (GOOGL).
Cockroach makes database software in the cloud that enables companies to quickly develop apps. The startup counts eBay (EBAY), Nubank, and Comcast (CMCSA) among its customer base. Many companies relied on Cockroach’s software during the pandemic. The funding will be used to support growth, accelerate its research and development investments, and work on new features and functionality.
Bitcoin Platform Now Sports a $7 Billion Market Cap
Bitcoin platform company NYDIG raised $1 billion in venture funding, giving it a valuation of more than $7 billion. The fundraising round was led by WestCap and included participation from Bessemer Venture Partners, FinTech Collective, and existing investors.
NYDIG, which is expanding access to Bitcoin (BTC), has seen record growth during 2021. NYDIG is the platform powering Upgrade’s Bitcoin Rewards Card. The company is betting its roster of partners and strategic investors positions it to be a leading provider of Bitcoin solutions for businesses.
Proceeds from the fundraising round will be used to continue to develop NYDIG’s Bitcoin platform and to beef up its staff.
Online Study Material Company Raises $380 Million
Online study materials provider Course Hero raised $380 million in a round of venture funding. The Series C round, which was led by Wellington Management, gives the startup a valuation of $3.6 billion. The new capital raise comes at an acquisitive time for Course Hero. It recently purchased education materials companies CliffsNotes, LitCharts, QuillBot, and Symbolab. Combined these four account for over half of Course Hero’s traffic.
With the fresh capital, Course Hero plans to make more buys. Course Hero is looking to expand into course materials for professionals. Other investors in the round included Sequoia Capital Global Equities, OMERS Growth Equity, D1 Capital, and GSV Ventures, among others.
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