Poshmark Was Acquired, SingleStore Got $146M, and More SF Tech News

Catch up on the latest develpments from the San Francisco tech sector.

Written by Ashley Bowden
Published on Oct. 10, 2022
Poshmark Was Acquired, SingleStore Got $146M, and More SF Tech News
poshmark app
Photo: Poshmark

The Bay Area tech scene saw several new funding rounds, a high-profile acquisition and more growth developments during a busy week. Read more to catch up on the latest. This is the Built In SF Weekly Refresh.

Poshmark to be acquired by Naver. Social e-commerce platform Poshmark will join the ranks of Korean internet company Naver in a $1.2 billion deal. Naver added Poshmark to its team because the companies’ strengths align in terms of content, community and empowerment, according to the companies. Naver provides digital content and cloud services to a global community while Poshmark operates a sustainable marketplace for secondhand clothing and home items. [Business Wire]

SingleStore pulled in $146M. The company equips organizations with a distributed SQL database for their data-intensive applications. SingleStore closed a round of F-2 financing led by Goldman Sachs with plans to continue hiring to meet increased demand for its solutions. SingleStore has doubled its headcount over the past 12 months and has expanded into offices in Ireland, Singapore and Australia. [Business Wire]

SF Tech Quote of the Week

“Credit cards are designed to trap people in a cycle of debt. Our debt-free system helps consumers pay off credit cards faster, empowering them to take control of their finances and make real progress towards their financial goals.” — Jason Brown, co-founder and CEO of Tally

Tally secured $80M. Offering a solution to help users pay down their debts, Tally announced a Series D funding round last week. The company analyzes a user’s finances and offers them a low-interest line of credit to help alleviate them from credit card debt. With its fresh capital, Tally wants to grow its business and further expand its automated debt pay-down system. [Built In SF]

Iterable expanded and hired new executives. Iterable helps power communication between brands and their customers based on real-time data. The company recently expanded into Australia and New Zealand to accommodate its growing customer base. It also made new executive appointments. Bobby Jaffari joined as chief revenue officer, Sejal Patel Daswani came on as chief people officer and Vasu Kohli was promoted to chief information security officer. [Globe Newswire]

In other VC funding news: Golden pulled in a $40 million Series B led by a16z crypto to build a decentralized system for getting data into a new protocol for knowledge compilation, generation and storage. [Golden]

Enabling people to accept their paychecks as digital tokens, Web3 banking platform Juno pulled in an $18 million Series A led by ParaFi Capital to offer a new tokenized loyalty program. [TechCrunch]

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