11 Bay Area Startups, Led by Robinhood and Chime, Raised $1.7B+ Last Week

This is the second week in a row that startups in the Bay Area have raised over $1 billion in new venture capital financing.

Written by Jeremy Porr
Published on Sep. 28, 2020
11 Bay Area Startups, Led by Robinhood and Chime, Raised $1.7B+ Last Week
Coit Tower sits atop a hill in San Francisco.
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Robinhood grabbed $660M. The latest investment is an extension of the Menlo Park fintech giant’s Series G round, announced last month. The round was led by Andreessen Horowitz and Sequoia. The additional funding will be used to support the company’s core product and enhance its customer experience. The fee-free trading platform will also launch new features for cash management and recurring investments. [Reuters]

Chime raised $485M. The massive Series F round for the mobile banking startup brings the company’s valuation to $14.5 billion. Chime provides users with banking accounts, debit cards and ATM access, focusing mainly on individuals who earn between $30,000 and $75,000 a year. Chime is now hiring for dozens of open positions across its marketing, design, engineering, operations and product departments. [Built In SF]

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Next Insurance got $250M. The Series D round for the Palo Alto insurtech startup will be used to hire over 200 new employees over the course of the next year and a half. The Next Insurance platform leverages AI and machine learning to simplify the insurance purchasing process for over 100,000 customers. The latest cash infusion brings the unicorn’s valuation to over $2 billion. [Built In SF]

Nuvia raised $240M. The Santa Clara company was founded by three of Apple’s former chip designers who contributed key technology for iPhones and iPads. The company is looking to make data centers more efficient and less costly to operate by reimagining silicon design. Its fresh Series B funding round was led by Mithril Capital. [TechCrunch]

SpotOn grabbed $60M. The Series C for the payment processing startup was led by DST Global. SpotOn develops hardware and software to help facilitate point-of-sale transactions for small- to medium-sized businesses like restaurants, bars, brick-and-mortar retail shops and salons. The additional cash will be used to further product development. [Built In SF]

Outschool landed $45M. The Series B for the edtech platform will go toward international expansion efforts and expanding its customer base. Outschool offers more than 50,000 online classes taught by 10,000 teachers, which range from one-time lessons to semester-long courses. The company is currently hiring for roles in engineering, operations and product. [Built In SF]

IRL raised $16M. The company’s free-to-use platform provides users with a central space to discover and share virtual events with loved ones. The series B for the social planning app will be used to build out IRL’s web product and expand the company’s global reach. The company is also looking to add three engineers and an illustrator to its team. [Built In SF]

Manticore Games raked in $15M. The latest round for the San Mateo game developer was led by Epic Games. The company’s global community of creators produce a wide array of video games that span genres, artistic styles and aesthetics. The additional capital will be used to support growth efforts. [FinSMEs]

NetData scored $14.2M. The company closed on a Series A round led by Bessemer Venture Partners. NetData’s open-source platform monitors health systems and applications. The latest investment will go toward scaling the platform in order to meet demand, as well as developing products. [ZDnet]

Spectrum Labs got $10M. The company’s patent-pending technology intends to help consumer internet brands identify toxic behavior online. The Series A was led by Greycroft with participation from additional investors. The platform uses AI to recognize over 40 different toxic behaviors, including harassment, hate speech, scams, illegal solicitation, doxxing and more. [Businesswire]

Blueboard raised $9M. The rewards platform helps companies of any size create personalized employee recognition and incentive programs that celebrate their best talent. The Series A round was co-led by Brent Hill and Origin Ventures and will be used to invest in product development and scale the platform in order to meet customer demand. [Built In SF]

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