Friday Fundings: Meesho, Multiverse, and Alloy
India Social Commerce Startup Raises $570 Million
India-based social commerce startup Meesho raised $570 million in venture funding. The Series F round, which was led by B Capital Group and Fidelity, values the company at $4.9 billion. Facebook (FB), an existing investor, also participated in the round of fundraising.
Meesho has been benefiting from an increase in social commerce driven by the pandemic. Over the last five months the company has seen order volume more than double. Proceeds from the fundraising round will go to hire employees across its technology and product teams and to expand its online offerings to 50 million items.
UK Apprentice Tech Startup Raises $130 Million
Multiverse, a UK startup which connects companies with people looking for apprenticeships, raised $130 million in venture funding. The Series C round, which was led by D1 Capital Partners and BOND, values Multiverse at around $875 million.
The startup’s CEO Euan Blair is the son of the former UK prime minister, Tony Blair. In January, Multiverse raised $44 million in funding. It aims to address socioeconomic gaps by providing people who did not go to college with access to professional apprenticeships which meld training with paid work. Proceeds from the round will go to fund the startup’s expansion in the US and to add more programs to its roster.
Identity OS Startup for Banks and Fintechs Raises $100 Million
Alloy, a startup which created an identity operating system for banks and fintech companies, raised $100 million in venture funding. The Series C round, which was led by Lightspeed Venture Partners, values Alloy at $1.35 billion. Alloy has raised $150 million in venture funding since launching in 2015.
Alloy operates a platform which enables banks and fintechs to confirm the identity of their existing customers and prospective customers. Alloy has expanded its offerings to include transaction monitoring. Alloy also plans to offer automated credit underwriting in the future. In the last year it has grown to over 200 clients from 90 clients a year ago.
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