Reddit Raised $250M, EA Acquires Glu Mobile, and More SF Tech News

February 16, 2021
photo: reddit

Several companies pulled in new funding rounds and others are making new moves toward growth. Read more of the latest news from the Bay Area tech scene. This is the Built In SF weekly refresh.

Reddit secured $250MThe funds from the online forum platform’s Series E raise brings its total financing to date up to $800 million. After taking the public spotlight for the role it played in increasing the value of certain stocks, Reddit announced the investment that will go toward areas including video, advertising, consumer products and international expansion. [TechCrunch]

Plus pulled in $200MWith its autonomous trucking technology, the Cupertino company is planning to use its new funding to fuel the global commercialization of its product. It aims to improve the lives of truckers by equipping the vehicles with tools including multimodal sensor fusion and deep learning algorithms, The round was led by Guotai Junan International, CPE and Wanxiang International Investment. [Built In SF]

SF Tech Quote of the Week

“If there is one thing we’ve learned from the past year, it’s that prioritizing employee mental health is critical for all companies — no matter the size. We should not have to wait until there is a global pandemic to take action. Business leaders have an imperative to prioritize the well-being of their workforce, because it directly impacts company productivity and performance — and because we care about our employees at work and outside of it.” —Modern Health CEO and founder Alyson Watson

Modern Health got $74MThe company provides an all-in-one mental platform for employees with benefits such as self-service wellness kits and licensed therapists. With mental-health services being in higher demand since the pandemic, Modern Health has seen huge growth. The new funding from Founders Fund will help the startup increase its customer base, headcount and create new tools. [Built In SF]

Electronic Arts is acquiring Glu MobileWith a $2.4 billion transaction underway, EA is purchasing mobile gaming company Glu Mobile in order to improve its interactive experiences for players and further drive business momentum. EA has been looking to emphasize a business model like Glu’s, one that specializes in publishing bigger budget mobile games and free-to-play games that generate revenue from microtransactions. [VentureBeat]

Affirm partnered up with the Black in Fashion CouncilHaving joined the Active Allyship program, credit card alternative Affirm is continuing its commitment to diversity. As part of the program, Affirm will partner with BIFC for several initiatives over the next three years aimed at advancing Black members of the fashion and beauty industries. [Affirm]

Colin Kaepernick launched Mission Advancement CorpThe NFL pro and former San Francisco 49ers’s new special purpose acquisition company (SPAC) was created to acquire a company focused on the “intersection of consumer and impact.” It’s filing for a $250 million IPO to help achieve its goal. [Axios]

Armis raised $125MThe cybersecurity company headquartered in Palo Alto provides customers with an agentless device security platform. With the new capital from Brookfield Technology Partners, Armis is planning to pursue new business opportunities in the healthcare, manufacturing and retail industries as it looks to eventually go public. [CRN]

In more VC funding news: Human Interest pulled in a $55 million Series C from Glynn Capital to continue providing small and medium-sized businesses with 401(k) plans. [Pitchbook]

Vehicle positioning solutions company Swift Navigation pulled in $50 million in a Series C to provide users with more precise positioning services and expand its global coverage. [Globe Newswire]

With $40 million from a Series B raise, Oakland-based construction tech startup Mighty Buildings is planning to scale up business and introduce its new Mighty Kit System. [Crunchbase News]

Labelbox raised a $40 million Series C for its training data platform to further its progress toward delivering workflows that speed up the process of AI iteration. [Labelbox]

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