Tracking Tiger Global (Week 3) | 17.01-23.01.22
14 announced deals ranging from a $17m Seed round to $620m Series C
Dear subscribers,
Welcome to the latest edition of Tracking Tiger Global, a newsletter that provides weekly updates on Tiger Global’s latest investments. This Substack started as a “joke” but has turned into an interesting learning opportunity for me as I get to learn about awesome tech companies across sectors and geographies while tracking Tiger Global. Please note that the newsletter is not affiliated with Tiger Global and any of its portfolio companies and other entities mentioned below.
14 new deals with Tiger’s involvement were reported in the w/c 17 Jan. Tiger Global has now announced 28 deals this year and Jan still has one more week to go…
1Password (Canada | $620m Series C | SaaS | Tiger participated)
Spenddesk (France | €100m Series C extension | Fintech | Tiger led)
6Sense (US | $200m Series F | SaaS | Tiger participated)
Lattice (US | $175m Series F | SaaS | Tiger participated)
Wheel (US | $150m Series C | Healthtech | Tiger led)
Moss (Germany | €75m Series B | Fintech | Tiger led)
Lummo (Indonesia / India | $80m Series C | SaaS | Tiger co-led)
INDmoney (India | $75m Series D | Fintech | Tiger co-led)
Virtru (US | $60m Series C | SaaS | Tiger participated)
Milkrun (Australia | $75m Series A | E-commerce | Tiger led)
The Graph (global | $50m Series B | Crypto | Tiger led)
Alaiko (Germany | $30m Series A | Logistics | Tiger participated)
TradeSquare (Australia | $28m Series A | Marketplace | Tiger led)
Float (Ghana | $17m Seed | Fintech | Tiger co-led)
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1Password (Canada | $620m Series C | SaaS | Tiger participated)
Founded in 2005 and headquartered in Canada, 1Password is a passport manager. It raised a $620m Series C round, led by ICONIQ Growth with participation from investors including Tiger Global.
1Password provides a password manager, digital vault, form filler and secure digital wallet for consumers and businesses. The company's password management and credentials security platform is trusted by over 100,000 businesses, including IBM, Slack, Snowflake, Shopify, and Under Armour. 1Password protects the most sensitive information of millions of individuals and families across the globe.
Sources: Press release
Spenddesk (France | €100m Series C extension | Fintech | Tiger led)
Founded in 2016 and headquartered in France, Spendesk is an all-in-one expense claim management solution. It raised a €100m Series C extension at a unicorn valuation, led by Tiger Global.
“The 7-in-1 platform frees businesses and people from the complicated and bureaucratic process of spending and managing money at work. The platform includes corporate cards, invoice payments, expense reimbursements, budgets, approval, reporting, compliance, and pre-accounting in one simple, scalable solution.”
“With the new funds, Spendesk plans to heavily invest in growing headcount. The goal is to hire 300 new people in 2022”
Sources: Press release
6Sense (US | $200m Series E | SaaS | Tiger participated)
Founded in 2013 and headquartered in the US, 6Sense is a leading Account Engagement platform to help B2B organisations achieve predicatable revenue growth. It raised $200m in Series E funding at a $5.2bn valuation, co-led by Blue Owl and MSD Partners. Existing investors including Tiger Global participated as well.
According to Venturebeat, “6sense looks at several signals — including anonymous website activities, sales insights, campaigns, and buyers’ intent — to help marketing and sales teams figure out when there will be demand for certain products.”
This latest round of funding follows a banner year with run-rate revenue exceeding $110 million and a net retention rate over 125%.
Source: Press release, Venturebeat
Lattice (US | $175m Series F | SaaS | Tiger participated)
Founded in 2015 and headquartered in the US, Lattice is a leading people management platform for businesses. It raised $175m in Series F funding at a $3bn valuation, led by Thrive Capital, Elad Gil, Tiger Global and Dragoneer.
By combining continuous performance management, employee engagement, development, and growth in one solution, HR and People teams get powerful, real-time analytics that leads to actionable insights turning managers into leaders, employees into high-performers, and companies into the best places to work.
Lattice serves over 3,550 customers including Slack, Cruise, and Reddit
Sources: Press release
Wheel (US | $150m Series C | Healthtech | Tiger led)
Founded in 2018 and headquartered in the US, Wheel is a health tech company empowering virtual care. It raised $150m in Series C funding.
According to Mobile Health News, “Wheel provides two main services: telehealth staffing opportunities for clinicians and a scalable virtual care platform for companies. Providers can use Wheel to get trained, credentialed and matched to virtual care employment opportunities with its “highly vetted” customer companies. The platform offers employment opportunities for physicians, nurse practitioners, registered nurses, physician assistants and behavioural health specialists.
For companies interested in providing virtual care, Wheel provides them with its network of clinicians and a white-label technology platform. It works with digital health companies, tech companies, retailers, labs and medical device companies.”
“Coming out of 2020 with 300% company growth, this investment will enable Wheel to continue growing, according to the announcement.”
Sources: Press release
Moss (Germany | €75m Series B | Fintech | Tiger led)
Founded in 2020 and headquartered Germany, Moss is a spend managemen platform. It raised €75m in Series B funding at a €500m valuation, led by Tiger Global.
According to Siliconcanals, “The platform enables startups, tech companies and SMEs to issue employee and team credit cards, and manage all company spending using the Moss software platform that is powered by a proprietary card issuing and risk engine.”
“The product currently offers four modules that companies can deploy either as a complete integrated solution or individually. Moss enables flexible issuing of virtual and physical credit cards, digital entry and approval of invoices, processing and reimbursement of employee expenses, and reliable liquidity management.”
“Moss claims that the proceeds from this round will help it to enter the UK market, enhance the product, and further increase its workforce”
Sources: Silconcanals, Techcrunch
Lummo (Indonesia / India | $80m Series C | SaaS | Tiger co-led)
Founded in 2019 and headquartered in India and Indonesia, Lummo is a Shopify-like plaform for MSMEs in Indonesia. It raised $80m in Series C funding, co-led by Tiger Global and Sequoia.
According to Techinasia, “after starting out with its bookkeeping business, the company expanded to ecommerce with LummoShop in November 2020. It is a software-as-a-service solution that can help entrepreneurs and brands to build their own websites and sell their products directly to consumers via WhatsApp and other social media platforms. Lummo plans to add more capabilities to the app, such as chat commerce, custom domains, and the ability to manage shops in marketplaces like Tokopedia and Shopee.
In a statement, the company said that the gross merchandise value of LummoShop grew 11x from December 2020 to December”
Sources: Techinasia, Economic Times
INDmoney (India | $75m Series D | Fintech | Tiger led)
Founded in 2028 and headquartered in India, INDmoney is an investment management platform. It raised $75m in Series D funding from Steadview Capital, Tiger Global and Dragoneer Investment Group.
According to livemint “the company operates a financial advisory platform that uses AI and ML to allow users to manage their investments, liabilities, future cash flows and taxation. The company markets itself as “your private CFO for your family”.
The company has c.2m registered users that track over $15bn investments with 20% m-o-m growth in users through organic channels.
Source: Livemint
Virtru (US | $60m Series C | SaaS | Tiger participated)
Founded in 2012 and headquartered in the US, Virtru is a provider of a data protection and privacy solution. It raised $60m in growth financing from Iconiq Growth and Foundry Capital. Tiger Global and others participated in the round.
"According to Venturebeat, “Virtru’s product encrypts data as it’s moved or shared using email applications, file-sharing platforms, SaaS apps, and cloud environments. Integrations include Google Workspace, Microsoft 365, Salesforce, Zendesk, and more than 100 SaaS applications in total.
Underpinning the product is an open standard for data protection — the Trusted Data Format (TDF) — which was actually invented by Will Ackerly, chief technology officer and cofounder of Virtru (and brother of John Ackerly). Another key issue that Virtru addresses is making access to secure data a “seamless” experience for end users, John Ackerly said. The Virtru platform works entirely behind the scenes, and has taken out all the extra steps usually involved with getting access to secure content.”
Virtru reports it has more than 7,000 customers, and that its platform secures roughly 2 million emails and files every day
Sources: Venturebeat, Pressrelease
Milkrun (Australia | $75m Series A | E-commerce | Tiger led)
Founded in 2021 and headquartered in Australia, MilkRun is a 10-minute grocery delivery service in Australia. It raised a $75m Series A round, led by Tiger Global. It comes on the back of an earlier $11 million seed round in June last year, which took place before the second-time founder had launched the business.
According to AFR, “Milkrun, which currently operates in 35 suburbs around Sydney, has created a network of warehouses dubbed dark stores, which stock up to 2,000 grocery products and enable delivery riders on e-bikes to get groceries to customers in 10 minutes or less.
Sources: AFR
The Graph (global | $50m Series B | Crypto | Tiger led)
The Graph is an indexing and query layer of web3. It is also dubbed as the ‘Google of Blockchains.’ It raised $50m through a strategic GRT sale from its treasury, led by Tiger Global.
“Developers build and publish open APIs, called subgraphs, that applications can query using GraphQL. The Graph currently supports indexing data from 22 different networks including Ethereum, Arbitrium, Avalanche, Celo, Fantom, Moonbeam, IPFS, and PoA with more networks coming soon. A good overview can be found here.
To date, over 31,000 subgraphs have been deployed on the hosted service and now subgraphs can be deployed directly on the network! Over 24,000 developers have built subgraphs for applications, such as Uniswap, Synthetix, Foundation, Zora, KnownOrigin, Gnosis, Balancer, Livepeer, DAOstack, Audius, Decentraland, and many others. The Graph ecosystem also welcomed more developers building and using subgraphs—this number has consistently grown by ~14% MoM (550% YoY) across the hosted service and the network. Dapps that have migrated to the network have generated over 265,000 GRT in query fees to date.”
Sources: Press release
Alaiko (Germany | $30m Series A | Logistics | Tiger participated)
Founded in 2020 and headquartered in Germany, Alaiko is a SaaS provider of a logistic-as-a-service platform for e-commerce brands. It raised a $30m in funding from Next47 and participation from Tiger Global. It should be noted that Tiger Global led Hive’s $34m Series A funding, a similar business in Germany.
The platform enables e-commerce brands to provide to their customers free shipping, next-day delivery, and self-serve order management features.
Alaiko currently has more than 150 customers from the cosmetics, food and fashion sectors.
Source: Press release
TradeSquare (Australia | $28m Series A | Marketplace | Tiger led)
Founded in 2020 and headquartered in Australia, Tradesquare is a wholesale marketplace. It raised $28m in Series A funding led by Tiger Global.
TradeSquare gives small and medium-sized businesses (SMBs) access to more than 150,000 offerings from more than 1,000 suppliers in one space, along with reduced wholesale pricing and low-minimum order quantities.
Founder and CEO Einat Sukenik said the company’s mission is to give Australia’s smaller firms the ability to receive the products they need quickly and easily from a single digital platform, so they can devote more time to helping customers.
Sources: Pymnts
Float (Ghana | $17m Seed | Fintech | Tiger co-led)
Founded in 2020 and headquartered in Ghana, Float provdes credit to businesses in Africa. It raised $7m in equity, co-led by Tiger Global and JAM fund. Cauris provided $10m in debt funding.
Accordng to Techcrunch, “in addition to flexible credit lines for businesses to cover cash flow gaps, Float also has software tools for businesses to manage accounts and wallets in one dashboard, as well as automate bills, vendor or supplier payments and invoice collections. The company aims to serve as the “financial operating system” for Africa’s small and medium businesses.”
“In the seven months since Float’s launch, the cash flow management and spend platform has onboarded hundreds of businesses in a wide range of industries — retail and manufacturing, fintech, e-commerce, media and health.
Float has also hit $10 million in credit spend and cash advances to businesses in that time. The company claims to have seen its payment transaction (invoicing and vendor payments) volume, in eight figures, increase 26x.”
Sources: Techcrunch