Pandora to acquire Rdio for $75 million; Ola raises $500 million; ShopandBox raises $1 million seed round
It has been another busy week across the global startup space, with Pandora announcing that it is to acquire Rdio for $75 million, India’s Uber rival Ola raising $500 million, and US fintech startup Earnest raising $275 million in debt and equity financing. Closer to home, online lender zipMoney secured a $100 million debt facility and $1 million in funding, while ShopandBox raised a $1 million seed round.
A few months after partnering, recruitment startups Greenhouse and Parklet have taken their relationship a step further, with Greenhouse acquiring Parklet. The partnership saw Greenhouse, a recruiting platform, integrate Parklet’s employee training technology into its own platform to give clients a more complete offering.
Music discovery platform Pandora is set to acquire music streaming platform Rdio’s key assets for $75 million in cash, which Pandora said will “accelerate the company’s plan to offer fans greater control over the music they love, strengthening Pandora’s position as the definitive source of music.” Pandora will acquire Rdio’s technology and intellectual property, with members of the Rdio team to be offered roles at Pandora.
Lightspeed POS, a point of sale platform for retailers and restaurants, has acquired Amsterdam ecommerce software startup SEOShop. As part of the acquisition, Lightspeed will be launching a new ecommerce platform. Dax Dasilva, CEO of Lightspeed POS, said in a statement, “With the industry rapidly digitizing, online-only merchant demand has grown exponentially. Bringing SEOshop into the Lightspeed family gives us additional scale, and allows us to help store owners create a global shopping experience and sell smarter- all from an iPad- no matter how their customers choose to shop.”
ShopandBox raises $1 million seed round
Melbourne startup ShopandBox, which lets consumers shop like a local anywhere around the world by linking them up with a personal shopper who then boxes up and sends them their goods, has raised AUD$1 million in seed funding from 500 Startups and a group of angel investors. The funding will go towards strengthening existing ShopandBox shopping routes, and to accelerate expansion into new countries.
zipMoney secures $100 million debt facility and $1 million in equity
Australian online lender zipMoney, which provides loans between $1000 to $10,000 to spend on goods and services at partner retailers, has secured a $100 million debt facility and $1 million in equity funding from US-based fund Victory Park Capital.
Indian Uber rival Ola has raised $500 million at a valuation of $5 billion from existing investors including Tiger Global and SoftBank Group Corp, and new investors including Baillie Gifford and Didi Kuaidi. This brings the total raised by the company to date to $1.4 billion, with TechCrunch reporting that Ola is now seeing almost 1 million booking requests through its app each day.
Earnest, a startup that helps people refinance their student loans, has announced that it has closed $275 million in total financing, coming in the form of a $75 million Series B equity round led by Battery Ventures, with participation from investors includingAdams Street Partners and Maveron, and $200 million of lending capital from institutions including New York Life.
Data backup and recovery company Datto has raised $75 million in a Series B round led by Technology Crossover Ventures, with Ted Coons, general partner at TCV, joining the Datto board. The funding will go towards global expansion and accelerating product innovation. It brings the total raised by the startup to date to over $100 million.
PlanGrid, a platform that allows users in the construction industry to store blueprints and other documents, has raised $40 million in a Series B round led by Tenaya Capital, with participation from Sequoia Capital, Founders Fund, YC Continuity and Northgate. The funding will be used to continue building out its product.
Smart fitness apparel startup Athos has raised $35 million in a Series C round led by Social+Capital, with participation from investors including MAS Holdings, Lightspeed Venture, Felix Capital, and Golden State Warriors managing partner Joe Lacob. This fresh funding brings the total raised by the startup to date to $51 million and will go towards developing new products.
Indian startup Craftsvilla, which has created an online marketplace for ethnic goods, has raised $34 million in a Series C round led by existing investors Sequoia and Lightspeed Ventures, with participation from Nexus Venture Partners and Global Founders Capital, also existing investors, and Apoletto Asia.
UrbanClap, India’s largest services marketplace, has raised $25 million in a Series B round led by Bessemer Venture Partners, with participation from existing investors SAIF and Accel Partners. It comes just a few months after the startup raised $12 million across two rounds from SAIF and Accel Partners.
Cybersecurity startup ProtectWise has raised $20 million in a Series B round led by Tola Capital, with participation from Crosslink Capital, Trinity Ventures, Paladin Capital Group, and Arsenal Venture Partners. Sheila Gulati, managing director at Tola Capital, is joining the ProtectWise board. This brings the total raised by the startup to date to over $37 million, with this fresh funding to go towards supporting the company’s growth, tech innovation, and expansion.
APX Labs, the company behind the Skylight smart glasses development platform, has raised $13 million in a round led by NEA, with participation from investors including CNF Investments, GE Ventures, Salesforce Ventures, and more.
Indian fashion marketplace Styletag, which focuses on emerging designers, has raised $7.5 million in angel funding from Jitu Virwani, chairman and managing director of real estate company Embassy Group. The funding will go towards expanding the site’s range of labels, and acquiring more designer brands.
Free streaming service Tubi TV has raised $6 million in a Series B round led by Cota Capital, with participation from existing investor Foundation Capital, and Hollywood studios MGM and Lionsgate. This brings the total raised by the startup to date to $10 million.
Image: ShopandBox founders Xin-lung Tai and Rebecca Chia. Source: Provided.