Varo Bank Raised $510M, Affinity Grabbed $80M and More SF Tech News

Here's what happened last week in SF tech.

Written by Jeremy Porr
Published on Sep. 13, 2021
Varo Bank Raised $510M, Affinity Grabbed $80M and More SF Tech News
Bay Area tech companies raised a combined total of $900 million in venture capital financing last week.
photo: Affinity

Bay Area tech companies raised a combined total of $900 million in venture capital financing last week. Read on to see how these funding rounds are changing the local tech scene. This is the Built in SF weekly refresh.

Varo Bank raised $510MFounded in 2015, Varo offers customers bank accounts without minimum balance requirements or monthly account fees. In the last 13 months, Varo has doubled the amount of its opened accounts to four million and tripled the size of its revenue. Following the latest raise, the company plans to launch a range of new financial products and hire for its team. Varo is actively hiring for more than 50 positions across its engineering, data, design, marketing and product teams, to name a few. [Built In SF]

Vouch pulled in $90MThe latest round for the business insurance provider was led by Redpoint Ventures and Silicon Valley Bank Capital. In addition to doubling its headcount, Vouch has witnessed 7x customer growth year over year. Following the latest raise, the company will continue to invest in the development of its technical capabilities as well as its business partnerships. In addition to the funding news, the company announced the launch of an expanded line of proprietary products and services for startups. [Business Wire]

Affinity grabbed $80MThe Series C round for the customer relationship management (CRM) platform was led by Menlo Ventures. Affinity uses machine learning to score the strength of customer relationships. The platform tracks over 450,000 deals per month, according to the company. Following the latest raise, Affinity plans to expand its service to cover new sectors including investment banking, private equity, real estate and more. [GlobeNewswire]

SingleStore got $80MSingleStore enables customers to bring together real-time transactions and analytics under a single database. The fresh capital couldn’t have come at a better time. SingleStore has experienced 150 percent year-over-year growth in cloud revenue, according to the company. Following the latest raise, the company plans to invest in the continued development of its platform as well as expand its global footprint. SingleStore is now hiring for nearly 70 remote-based roles across its engineering, sales, product and marketing teams, to name a few. [Built In SF]

ForgeRock set its IPO termsThe identity security platform plans to offer 11 million shares with a goal of raising up to $264 million. The shares will be priced between $21 and $24 and traded under the ticker symbol “FORG.” The pricing values the company at up to $1.91 billion. [MarketWatch]

In more VC funding news: Printify brought in $45 million in a Series A round led by Index Ventures. The on-demand custom printing startup has doubled its headcount over the last year and plans to add 200 more open positions by the end of the year. [TechCrunch]

The $45 million Series B for buy now, pay later startup Wisetack was led by Insight Partners. The latest round comes less than a year after the company closed on its Series A. With the additional capital, Wisetack plans to double its 40-person team over the next year. [TechCrunch]

UnitQ raised $30 million in a Series B round led by Accel. The startup utilizes AI to help businesses determine what is specifically affecting their product quality. UnitQ will use the additional capital to hire for its engineering and go-to-market teams. [TechCrunch]

Work insights platform Fin grabbed $20 million in a Series A round led by Coatue. The company will use the additional capital to accelerate its growth into new markets. Moving forward, Fin plans to invest in its R&D, sales and marketing teams. [PR Newswire]

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