Friday Fundings: Noom, Bowery Farming, and Forter Raise VC Funding
Health and Wellness App Raises $540 Million
Healthy habit app Noom raised $540 million in a Series F round of venture funding. Silver Lake led the investment round, which also included participation from new investors Oak HC/FT, Temasek, and Novo Holdings. Noom uses psychology-based processes to help users monitor and change their daily habits. Demand for Noom’s services surged during the pandemic as people looked for ways to stay healthy and build structure into their days. The startup had $400 million in revenue last year, nearly double its 2019 revenue.
Noom plans to use the money to expand its platform to help users deal with stress and anxiety, diabetes, hypertension, and sleep issues. Noom will also use the money to expand into new markets and to develop employee benefits programs.
Vertical Farming Company Raises $300 Million
Bowery Farming, a vertical farming company, raised $300 million in venture funding. The Series C round was led by Fidelity Management & Research and included many existing investors like GV, General Catalyst, and Temasek. The latest round gives Bowery Farming a valuation of $2.3 billion.
Bowery Farming is among a crop of startups finding creative ways to farm indoors. The company’s produce is currently in 850 grocery stores including Walmart (WMT) and Whole Foods (AMZN). Bowery Farming will use the funding to open more indoor vertical farms across the country and to hire more staff. The startup is constructing a new site in Bethlehem, Pennsylvania, which will be its largest yet.
Ecommerce Fraud Prevention Startup Raises $300 Million
Forter, an ecommerce fraud prevention startup, raised $300 million in venture funding led by Tiger Global Management. The Series F round gives Forter a $3 billion valuation. The startup completed a Series E round in November, raising $125 million. Third Point Ventures, Adage Capital Management, and Bessemer Venture Partners were among the other investors to take part in the round.
Forter applies AI to identify fraud when customers check out online. The startup will use the money to expand into new areas and markets either organically or via acquisitions. One area Forter could pursue with the cash is remediation after ecommerce fraud takes place. Demand for Forter’s services has surged during the pandemic as businesses have grown their ecommerce operations. Analysts expect that many ecommerce patterns are here to stay. This may fuel more growth for Forter.
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