The Week’s 10 Biggest Funding Rounds: Genesis Receives Cash Infusion After FTX Implosion, Zenas Raises Big

This is a weekly feature that runs down the week’s top 10 funding rounds in the U.S. Check out last week’s biggest funding rounds here.

The week’s top 10 is a little delayed due to the holiday last Friday, but here are the biggest rounds of last week. Perhaps not surprisingly, even this list couldn’t avoid the FTX collapse fallout, as a crypto startup that had its assets on the exchange frozen takes the top spot.

1. Genesis, $140M, crypto: The effects of FTX’s dramatic collapse will reverberate through the crypto and startup worlds for months — maybe longer — and Genesis is a good example. The New York-based brokerage sent a letter to its clients letting them know it was able to secure an equity infusion of $140 million from parent company, Digital Currency Group, after having about $175 million of assets locked away on FTX’s exchange. Genesis also had significant exposure to Singapore crypto hedge fund Three Arrows Capital (3AC) which filed for bankruptcy in the summer and led the crypto market into turmoil in July. After what happened to FTX and 3AC, access to cash may be critical to a lot of crypto startups.

2. Zenas BioPharma, $118M, biotech: The first week of November was big for biotech, and last week another biotech startup saw a large round. Massachusetts-based Zenas BioPharma closed a $118 million Series B led by Enavate Sciences. The firm will use the new cash to start a phase 3 trial by the end of the year for obexelimab, a bispecific antibody for patients with IgG4-related disease, a chronic illness that can affect multiple organs and sites. The startup also will use the new cash to push other autoimmune disease programs into clinical development next year.

3. Ordergroove, $100M, ecommerce: Subscription-based consumer models can be tricky, as society’s tastes constantly change. However, that did not stop New York-based e-commerce platform Ordergroove from locking up $100 million in funding led by growth equity firm Primus Capital Partners. The startup works with consumer goods giants like The Honest Company, La Colombe, L’Oréal and PetSmart to create subscription strategies, trying to help those companies create loyal, long-term customers. Founded in 2010, the company has raised $130 million, per Crunchbase.

4. TRM Labs, $70M, blockchain: Funding to crypto and blockchain startups has not been what it was last year, but that did not stop San Francisco-based startup TRM Labs from grabbing another $70 million for its Series B last week led by Thoma Bravo. The company originally announced its $60 million Series B last December led by Tiger Global. The startup’s “blockchain intelligence” solution can investigate and analyze crypto-related fraud and financial crimes, making it valuable to everyone from law enforcement agencies to regulators and banks. Perhaps it makes sense then that the extension participation came from the likes of Goldman Sachs. Founded in 2018, the company has raised nearly $150 million.

5. (tied) Island, $60M, cybersecurity: Dallas-based Island has raised a lot of cash quickly even in this down market. The company announced a $100 million Series A and came out of stealth in February. Then in March, the startup — which develops enterprise browsers it says enhances both security and worker productivity — raised a $115 million Series B at a $1.3 billion valuation led by Insight Partners. Now the company is adding a Georgian-led $60 million to that round. The company’s valuation did not increase and it says the new money “adds to Island’s already considerable cash reserves.” Let’s hope they are considerable. That’s a lot of money to raise in a short amount of time in any market, let alone one some are comparing to 2008.

5. (tied) Kyte, $60M, fleet management: San Francisco-based Kyte has been busy, even in a down market. In March, the company took in $200 million in debt financing — an option that is becoming more enticing to startups as markets slow. Then last week, the on-demand car company closed a $60 million Series B led by InterAlpen Partners. The company is looking to become the world’s largest operator of EV fleets and will use the new cash to expand beyond the current 14 cities in which it operates. Through its app, customers can book a car and choose an exact time and location for their vehicle delivery. Founded in 2019, Kyte has raised approximately $300 million, according to the company.

7. (tied) Athletic Brewing Co., $50M, brewing: Stratford, Connecticut-based Athletic Brewing Co., a nonalcoholic brewer, closed a $50 million funding round led by Alliance Consumer Growth and TRB Advisors. Founded in 2017, the brewer has raised approximately $200 million, per Crunchbase.

7. (tied) Laika, $50M, compliance: New York-based compliance platform developer Laika closed a $50 million Series C funding led by Fin Capital. Founded in 2019, Laika syas it has raised $98 million.

9. Fathom, $46M, health care: San Francisco-based medical coding automation startup Fathom raised a $46 million Series B led by Alkeon Capital and Lightspeed Venture Partners. Founded in 2016, Fathom has raised $61 million in total, the company said.

10. (tied) Elemental Machines, $41M, data: Cambridge, Massachusetts-based Elemental Machines, a developer of a data and intelligence platform for labs, raised a $41 million Series B led by Sageview Capital and co-led by Omega Venture Partners. Founded in 2015, the company has raised nearly $58 million, per Crunchbase.

10. (tied) Juvena Therapeutics, $41M, biotech: Redwood City, California-based secreted proteins biotech startup Juvena Therapeutics closed a $41 million Series A co-led by Mubadala Capital and Horizons Ventures. Founded in 2017, Juvena has raised a total of $50 million, per the company.

Big global deals

If the largest deal for any given week doesn’t occur in the U.S., it usually happens in Europe or Asia. But last week offered a curveball:

• Algeria-based on-demand service provider Yassir landed one of Africa’s largest raises of the year with a $150 million Series B.

Methodology

We tracked the largest rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of Nov. 5 to 11. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration: Dom Guzman

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