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Airbnb Stock More Than Doubles In Nasdaq Debut

Airbnb’s stock opened at $146 on Thursday, 114 percent above its IPO price.

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Airbnb’s stock closed its first day of trading at $144.71 on Thursday, nearly 113 percent above its IPO price.

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The San Francisco-based company raised about $3.5 billion by selling 51.3 million shares of its stock for $68 apiece. It initially set a price range of between $44 and $50, later increasing it to between $56 and $60, and then settling at $68. The company’s stock opened at $146 on Thursday, 114 percent above its IPO price.

Prior to the COVID-19 pandemic, Airbnb was privately valued at around $31 billion. At its IPO price, the company was valued at about $47 billion. By Thursday morning, its valuation had surpassed the $100 billion mark and the company ended the day with a valuation at $100 billion.

By raising $3.5 billion and coming to a $100 billion market cap, Airbnb’s IPO is now the largest tech IPO of the year, surpassing companies like DoorDash and Snowflake.

Airbnb’s public debut comes after a rollercoaster year for the company. While Airbnb said last year that it planned to go public in 2020, the COVID-19 pandemic initially hit the company hard. Airbnb laid off a quarter of its staff and raised emergency funding from Silver Lake and Sixth Street.

Among the largest shareholders of the company are Sequoia Capital and Founders Fund.

The company was able to begin recovering by focusing on local travel, and it pushed forward with its plans to go public this year. Airbnb’s IPO caps off a busy year for tech companies coming to the public markets, and follows DoorDash’s public debut on Wednesday.

DoorDash, also a Y Combinator company like Airbnb, closed its first day of trading 85 percent above its IPO price and raised about $3.37 billion.

— This story will be updated with Airbnb’s closing price later today.

Illustration: Dom Guzman

Airbnb’s public debut comes after a rollercoaster year for the company. While Airbnb said last year that it planned to go public in 2020, the COVID-19 pandemic initially hit the company hard. Airbnb laid off a quarter of its staff and raised emergency funding from Silver Lake and Sixth Street.

Source: https://news.crunchbase.com/news/airbnb-stock-more-than-doubles-in-nasdaq-debut/

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Sweden’s Einride Raises $110M For Autonomous And Electric Freight

Electric and autonomous freight tech company Einride has raised $110 million in a Series B round, the company announced Thursday.

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Electric and autonomous freight tech company Einride has raised $110 million in a Series B round, the company announced Thursday.

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The Stockholm, Sweden-based company, which was founded in 2016, makes autonomous and electric freight trucks for the transportation of goods, as well as provides a freight mobility platform.

The company decided to focus on freight transportation for a few reasons. Freight lends itself well to autonomous transportation because it’s predictable, repetitive and generally happens outside of cities, CEO Robert Falck said in an interview. For the founding team, it was obvious that the transition to autonomous would happen first for freight transportation, Falck said.

“I think the most important part of that is there is a very clear business case for freight compared to taxi services, robotic taxis, things like that,” Falck said.

Freight transportation also contributes to global CO2 emissions, which makes it a prime candidate for electrification.

“We think electrification will be the big theme for the next 10 years or so,” Northzone General Partner Jessica Schultz said in an interview. “It’s more sustainable and cheaper.”

Electrification — and autonomous vehicles — are both big themes in the world of transportation, though much of the attention is given to passenger vehicles. But the company’s stance is that the freight transport industry could benefit more immediately from the trends.

“When it comes to freight, most contracts are for three to five years and it’s repetitive and predictable,” Falck said.

The new funding will be used to invest in the company’s technology, continue delivering to customers, grow revenue and expand internationally. Einride counts companies like Coca-Cola, Oatly and Electrolux among its customers.

Last year, the company doubled its team and plans to grow its revenue tenfold in the next year or so.

New investors Temasek, Soros Fund Management LLC, Northzone, Build Capital and Maersk Growth all participated in the round, as did existing investors EQT Ventures, Plum Alley, Norrsken VC, Ericsson, and NordicNinja VC.

The new round brings Einride’s total funding to $150 million. The company last raised money in October 2020, per Crunchbase data.

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

“I think the most important part of that is there is a very clear business case for freight compared to taxi services, robotic taxis, things like that,” Falck said.

Source: https://news.crunchbase.com/news/swedens-einride-raises-110m-for-autonomous-and-electric-freight/

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The Briefing: Wealthsimple Raises $610M, Path Robotics Scores $56M, And More

Crunchbase News’ top picks of the news to stay current in the VC and startup world.

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Wealthsimple pulls in $610M at $4B valuation

Toronto-based Wealthsimple, a provider of tools for managing one’s money and investment portfolio, reportedly raised $610 million in fresh funding at a valuation of around $4 billion.

Meritech and Greylock led the financing, which roughly doubled the company’s valuation since its last round in October. Previously, Wealthsimple had raised around $310 million in known funding, per Crunchbase data.

— Joanna Glasner

Funding rounds

Path Robotics lands $56M: Columbus, Ohio-based Path Robotics, a developer of autonomous welding robots, announced it has raised $56 million in a Series B funding round led by Addition. The company says its AI-enabled robotics product will self-adjust for each part it produces, filling demand in a field facing chronic labor shortages.

— Joanna Glasner

Health care

Bone Health Technologies inks $2.5M: San Francisco-based Bone Health Technologies closed on $2.5 million in an oversubscribed funding round led by Good Growth Capital. Bone Health is developing a new standard of care for treating both osteoporosis and osteopenia, the precursor to osteoporosis. The company was recently granted Breakthrough Device Designation by the U.S. Food and Drug Administration for OsteoBoost, its vibration belt designed for the prevention of osteoporosis. Studies show that one 30-minute treatment with OsteoBoost reduced bone loss activity in all study participants, according to the company.

— Christine Hall

M&A

Dell to sell Boomi for $4B: Dell struck a deal to sell its Boomi cloud computing business to private equity firms Francisco Partners and TPG in a transaction valued at around $4 billion. Berwyn, Pennsylvania-based Boomi makes software that helps applications communicate with each other.

— Joanna Glasner

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Source: https://news.crunchbase.com/news/briefing-5-3-21/

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The Briefing: Darktrace Soars In IPO, Mux Picks Up $105M, And More

Crunchbase News’ top picks of the news to stay current in the VC and startup world.

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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Darktrace shares soar in London IPO

Shares of British cybersecurity company Darktrace surged in first-day trading in London Friday, with the stock up as much as 43 percent in initial trades.

The Cambridge, U.K.-based company priced shares for its offering before trading commenced at a valuation of around $2.4 billion.

Founded in 2013, Darktrace uses AI to detect and respond to threats in companies’ IT systems. Previously, the company raised at least $230.5 million in known funding, per Crunchbase data.

— Joanna Glasner

Funding rounds

Mux raises $105M for video streaming: Video platform Mux has raised a $105 million Series D, bringing its valuation above the $1 billion mark. Mux’s technology helps developers build live and and on-demand video streams, something that became more popular during the COVID-19 pandemic with many people staying home. The round, which was led by Coatue, brings Mux’s total funding to $175 million.

–Sophia Kunthara

PortalOne picks up $15M for hybrid gaming: PortalOne, a startup developing what it describes as “hybrid games,” combining gaming and TV, raised $15 million in a seed round backed by a long list of investors, including Founders Fund, Atari, Twitch co-founder Kevin Lin, and Coatue Mangement. Founded in 2018, the company, which operates offices in Oslo, is looking to popularize a new category of entertainment that mixes games with live shows that are embedded directly inside the games.

OnLume Surgical raises $7M Series A: Madison, Wisconsin-based OnLume Surgical, a medical device company developing novel imaging systems for use during surgery, announced the completion of its Series A funding to assist its plans for a commercial launch.

— Joanna Glasner

Illustration: Dom Guzman

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

Source: https://news.crunchbase.com/news/briefing-4-30-21/

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