Tracking Tiger Global (Week 37) | 13-19 Sep 21
11 tiger deals this week
Dear subscribers,
Welcome to the fourth edition of Tracking Tiger Global, a newsletter that provides weekly updates on Tiger Global’s latest investments.
11!! new deals with Tiger’s involvement were announced this week. The updated dataset can be accessed here. Given the number of deals, I will keep the company profiles very short in this edition…
SPRING HEALTH (US | $190m Series C | SaaS | Tiger followed-on)
THE ORG (US | $20m Series B | SaaS | Tiger led)
ARCADIA (US | $100m Series D | SaaS | Tiger co-led)
StrongDM (US | $54m Series B | SaaS | Tiger led)
AMBI ROBOTICS (US | $26m Series A | Hardware | Tiger led)
DEEPVISION (US | $35m Series B | Hardware | Tiger led)
LOCUS ROBOTICS (US | 150m Series E | Hardware | Tiger co-led)
MELIO (US | $250m Series D | Fintech | Tiger participated)
OPEN (India | $100m Series C | Fintech | Tiger followed-on)
XENDIT (Indonesia | $150m Series C | Fintech | Tiger led)
PAPAYA GLOBAL (US | $250m Series D | SaaS | Tiger co-led)
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SPRING HEALTH (US | $190m Series C| SaaS | Tiger followed-on)
Founded in 2016, Spring Health is a comprehensive global mental health solution for employees and health plans. It raised $190m in Series C funding at a $2bn valuation. The round was led by Kinnevik, with continued participation from Tiger Global and Northzone.
"Spring Health’s “comprehensive digital platform provides employers and health plans with diverse, inclusive care for individuals and families. Using clinically proven machine learning models, they accurately assess an individual’s needs and then the experienced care navigators guide the individual to the right care, whether it’s coaching, meditation, therapy, medication or more.
Today, Spring Health serves over 150 companies, from start-up’s to Fortune 500 corporations, and is a preferred mental health provider to companies like PepsiCo, General Mills, Bain, and Instacart. More than 2 million employees worldwide currently have access to Spring Health.”
THE ORG (US | $20m Series B | SaaS | Tiger led)
Founded in 2017, The Org is a network of 130,000 public org charts for employees at fast-growing startups. “It raised a $20m Series B led by Tiger Global, with continued participation of Series A investors Sequoia, Founders Fund, and Balderton Capital, as well as new faces joining, including Thursday Ventures, Lars Fjeldsoe-Nielsen, Neeraj Arora, Gavin Baker, and others.”
“The Org is taking the traditional organizational chart and is turning it into an interactive tool for collaboration, adding a professional profile that connects all individuals and teams in one transparent network and real-time professional map of work. Their vision is to build the platform for work powered by a global network of public org charts.”
“In summer 2021, nearly two million professionals used The Org and 5,000 new companies joined. The Org plans on growing from 30,000 daily users to over 300,000, becoming an indispensable tool that top high-growth startups in the U.S. and internationally will use to navigate the hour-by-hour complexities and relationships of work.”
ARCADIA (US | $100m Series D | SaaS | Tiger co-led)
Founded in 2014, Arcadia is a technology company that is unlocking nationwide access to energy data and renewables. It raised a $100 million Series D funding round led by Tiger Global Management and the Drawdown Fund with participation from several new investors.
The company's platform effectively offers homeowners and renters a way to offset their carbon footprint through renewable energy credits and clean power developments.
StrongDM (US | $54m Series B | SaaS | Tiger led)
Founded in 2015, StrongDM is an infrastructure access platform. It raised a $54 million Series B funding round led by Tiger Global, with participation from new and existing investors.
The company provides “an enterprise-grade platform that delivers the secure infrastructure access controls businesses require, while simultaneously providing end-users with a product they love to use. It works with every infrastructure environment, legacy or multi-cloud.” It “combines authentication, authorization, networking, and observability into one platform so that DevOps teams can securely deliver infrastructure access at scale while embracing modern security and compliance requirements.”
AMBI ROBOTICS (US | $26m Series A | Hardware | Tiger led)
Founded in 2018, Ambi Robotics is the pioneer in simulation-to-reality AI for highly-dexterous robotics, primarily deployed to scale e-commerce operations. It raised a $26 million Series A funding round, led by Tiger Global. The company has developed two commercial solutions:
(a) AmbiSort: “A configurable, AI-powered robotic sorting system that handles millions of unique parcels on day-one. AmbiSort can sort boxes, polybags, and envelopes from bulk input flow (chutes, totes, and bins) into destination containers (mail sacks, totes) over 50% faster than manual labour.”
(b) AmbiKit: “A configurable, AI-powered multi-robot kitting system that rapidly builds unique kits from any item set.”
“Both products are powered by AmbiOS, an advanced operating system that leverages proprietary simulation-to-reality technology to teach robots to pick and pack millions of unique items rapidly.”
DEEPVISION (US | $35m Series B | Hardware | Tiger led)
Founded in 2014, Deep Vision is developing an AI processor and comprehensive software development suite for edge computing applications. It raised a $35 million in a Series B financing round, led by Tiger Global.
“Deep Vision’s patented AI processor, named ARA-1, delivers a ground-breaking combination of performance, power, and price for camera-based applications like such as smart retail, driver-monitoring systems, smart city, drones, and factory automation. Although best known for its ability to perform real-time video analytics, the company’s processor also provides natural language processing (NLP) capabilities for a growing market of voice-controlled applications. Deep Vision complements its processing technology with an extremely comprehensive, flexible, and robust set of development tools that allow its customers to easily convert their neural network models into highly optimized computation graphs ready to be deployed on the ARA-1 chip.”
LOCUS ROBOTICS (US | 150m Series E | Hardware | Tiger co-led)
Locus Robotics is a provider of autonomous mobile robots for fulfilment warehouses. It raised a $150m in Series E round, led by Tiger Global and BOND.
According to Venturebeat, “Locus’ autonomous robots — LocusBots — can be reconfigured with virtually any tote, box, bin, or container or with peripherals like barcode scanners, label printers, and environmental sensors designed to expedite order processing. They work collaboratively with human associates, minimizing walking with a UI that recognizes workers’ Bluetooth badges and switches to their preferred language.
On the backend, Locus’ LocusServer orchestrates multiple robots such that they learn efficient travel routes, sharing the information with other robots and clustering orders to where workers are. As orders come into warehouse management systems, Locus organizes them before transmitting back confirmations — providing managers real-time performance data, including productivity, robot status, and more.”
“Locus currently serves more than 40 customers and 80 warehouses around the world with its solution. LocusBots have picked more than 300 million units, including 70 million units during the recent holiday season.”
MELIO (US | $250m Series D | Fintech | Tiger participated)
Founded in 2018, Melio is a leading B2B payments platform for small businesses. It raised a $250m Series D round at a $4bn valuation, co-led by Thrive Capital and General Catalyst.
“Melio provides a single, integrated solution that allows small businesses to quickly and seamlessly transfer and receive payments – helping with cash flow needs, reducing or eliminating late payment costs, and giving businesses back valuable time.”
OPEN (India | $100m Series C | Fintech | Tiger followed-on)
Founded in 2017, Open is a neo-bank based in India. IT raised a $100m Series C round, led by SoftBank.
“The company offers business banking, payments and expense management services to more than a million small and medium enterprises.
It offers three types of accounts – starter, growth and enterprise – which cater to single-ownership companies, slightly larger partnership-based organisations and bigger private limited companies, respectively.”
10. XENDIT (Indonesia | $150m Series C | Fintech | Tiger led)
Xendit is a payments infrastructure platform for Southeast Asia. It raised a $150m Series C round at a $1bn valuation, led by Tiger Global.
“Xendit provides payment solutions and simplifies the payment process for businesses in Indonesia, the Philippines and Southeast Asia, from SMBs and e-commerce startups to large enterprises. Xendit enables businesses to accept payments, disburse payroll, run marketplaces and more, on an easy integration platform supported by 24/7 customer service.
Amidst the fragmented payment landscape in Southeast Asia, Xendit enables businesses to accept payments from direct debit, virtual accounts, credit and debit cards, eWallets, retail outlets, and online instalments.”
PAPAYA GLOBAL (US | $250m Series D | SaaS | Tiger co-led)
Papaya Global is a workforce management platform. It raised a $250m in Series D funding at a $3.7bn valuation, co-led by Tiger Global and Insight Partners.
“The company offers a people, payroll and payment management solution supporting all types of global employment (payroll, EoR, and contractors) in over 140 countries to remove barriers to global hiring, enhance collaboration and engagement, and provide a first-rate employment experience."
“The automated, cloud-based SaaS platform provides an end-to-end solution, from onboarding to ongoing management and cross-border payments. The platform integrates with all existing HRIS management tools, provides real-time business intelligence and eliminates errors. It gathers all employee information into one place, creating a highly visible system for tracking payroll spending. The platform ensures GDPR and SOC compliance to maintain the highest standard of security.”
Author of Tracking Tiger Global
A bit about me aka the author of this fun project: My name is Chirag Modi (Twitter, LinkedIn) and I am a tech investor with a passion for marketplaces, consumer/e-commerce and enterprise software. I am fascinated by tech investing in private as well as public markets and strive to learn from founders, operators and fellow investors.
I find writing to be an excellent tool to structure my thoughts. My main Substack newsletter is “Chirag Modi’s Tech Notes”, where I share my personal learnings from the VC world in Europe as well as tech public equities across the globe. Please feel free to subscribe to it via the link below! :)