10 Biggest Earnings of the Week: Pie Insurance Gets Huge Slice, Therabody Massages Huge Round

This is a weekly event that runs through 10 US fundraisers

Big funding also seems to be on the decline this week, as only one US-based startup raised more than a quarter of a billion dollars. The week also reflected the diverse interests of investors, as big moves went to companies in sectors ranging from insurtech to cybersecurity to healthcare—with no real central economic theme emerging.

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1. Pie insurance$315M, insurtech: The numbers for VC-backed startups in insurtech weren’t what they were last year, but Pie Insurance tried to help change that this week. Denver-based workers’ compensation insurance platform for small businesses has closed a $315 million Series D round led by Centerbridge Partners and Allianz X. The round more than doubles Pie’s total funding to $615 million since it was launched in 2017, according to the company. Circle is the second fastest growing insurtech this year—behind only Berlin wefox$400 million raised in July—on Crunchbase. However, the revenue figures are still low, according to Crunchbase numbers. Last year, startups in the space saw more than $8 billion in revenue, but this year similar startups realized less than $3.5 billion in the sector.

2. Therabody$165M, health care: Self-care has come a long way in recent years, and the use of technology in doing so has also increased. Los Angeles-based wellness tech startup Therabody has raised $165 million in funding led by a private equity firm. North Castle Partners. The company is best known for its massage guns, which are said to help with physical activity, pain, stress and sleep. Therabody announced the funding in connection with the launch of eight new products. The new raise and product launch comes as the company sees significant growth—increasing its revenue more than 13x between 2018 and 2021. Previously, the company announced that it would raise an undisclosed amount of capital in February 2021.

3. Opinions of the company Opto Investments$145M, financial services: The private markets have become a popular destination as many investors are looking for opportunities to acquire other assets. However, that access is often limited, and private markets make up about 10th of the investment market compared to public markets. This is where New York-based Opto Investments comes in. The startup has created a platform that provides business market opportunities for independent consultants. The company came out of the blue this week and announced that it has closed a $145 million Series A led by Tiger Global. Opto has already partnered with more than 80 subscription advisors and will use the new funding to grow that number.

4. Stream Pharmaceuticals$132M, modern science: Earlier this year, Charlottesville, Virginia-based Rivus Pharmaceuticals announced that it had seen positive results in human clinical trials for the drug to treat cardio-metabolic disease and obesity. It is not surprising that the news seems to have brought investors, since the drug startup raised $ 132 million Series B led by RA Capital Managementand the participation of others such as Bain Capital Life Sciences and Company profile BB Biotech AG. The new funding will be used to advance the candidate drug, HU6, through clinical trials. Studies have shown that this drug can help lose weight while maintaining muscle—unusual for this drug. Founded in 2019, the company has now raised $167 million, per Crunchbase.

5. Malwarebytes$100M, cybersecurity: It has been going on for 30 days in Santa Clara, California based Malwarebytes. The cybersecurity company cut 14% of its workforce last month – approx 125 employees-and this week received a $100 million investment from a private equity firm The cost of Vector Capital. No details have been released about the product, but it seems reasonable to assume that Malwarebytes could use a cash injection. Founded in 2008, the company has received $180 million in funding, according to Crunchabse.

6. Quickly$100M, sales: Quick is the right name for a startup that has now raised $200 million in six months. The Seattle-based tech startup closed a $100 million Series B in March, and this week closed a $100 million Series C led by BRV Capital Management at a cost of over $1 billion. The startup provides a technology-based marketing platform for brick-and-mortar retailers to compete in the growing online marketplace. Founded in 2018, the company has now raised more than $210 million, according to the company.

7. Kate Farms$75M, physical food: Santa Barbara, California-based plant-based shake- and formula-maker Kate Farms has raised a $75 million Series C led by Opinions of the company Novo Holdings. Founded in 2010, the company has raised $188 million in total funding, according to Crunchbase.

8. SpinLaunch$71M, astronomical: Long Beach, California-based space tech firm SpinLaunch has closed a $71 million Series B led by ATW Partners. Founded in 2014, SpinLaunch has raised $150 million in venture capital.

9. Deep Knowledge$62.5M, cybersecurity: New York-based Deep Instinct received $62.5 million in new funding led by funds and accounts managed by BlackRock. Founded in 2015, the company has raised more than $320 million, according to Crunchbase.

10. AccessFintech$60M, fintech: AccessFintech closed a $60 million Series C round led by WestCap. The company, which provides risk management services, has headquarters in New York, as well as Israel and the UK AccessFintech is said to have raised $97 million since 2018.

Great global action

Despite the big rounds of US startups, the biggest round of the week went to startups in India.

  • From New Delhi Hero Future Powerindependent power producer, closed a private equity financing of approximately $442 million.

The way

We tracked the biggest trends in the Crunchbase database uploaded by US companies over the seven days of Sept. 17 to 23. Although most of the announced trips are represented in the database, there may be less time like other trips. it is said at the end of the week.

Image: Name Guzman

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