Tracking Tiger Global (Week 41) | 11.10-17.10.21
8 new deals: TradingView, Karat, Mono, Dutchie, M2P Fintech, ResQ, Outschool, Moonpay
Dear subscribers,
Welcome to the 8th edition of Tracking Tiger Global, a newsletter that provides weekly updates on Tiger Global’s latest investments.
8 new deals with Tiger’s involvement were reported last week. Given the number of deals, I will keep the company profiles short in this edition…
TradingView (UK | $298m Series C | Fintech | Tiger led)
Karat (US | $110m Series C | SaaS / Marketplace | Tiger led)
Mono (Nigeria | $15m Series A | Fintech | Tiger led)
Dutchie (US | $200m Series C | SaaS | Tiger led)
M2P Fintech / Yap (India | $35m Series C | Fintech | Tiger led)
ResQ (Canada | $39m Series A | SaaS / Marketplace | Tiger co-led)
Outschool (US | $110m Series D | Edtech | Tiger co-led)
Moonpay (UK | $400m | Fintech | Tiger co-led) - rumoured
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TradingView (UK | $298m Series C | Fintech | Tiger led)
Founded in 2011 and headquartered in the UK, TradingView is a social network and charting platform for traders and investors. They raised $298m in Series C funding at a $3bn valuation, led by Tiger Global.
“The investment follows strong growth for the company, which recently reported a 400% increase in created accounts and a 237% increase in visitors to the platform in the last 18 months.” The company has c.30 million monthly users.
According to Finextra, “the company is also doubling down on its broker relationships and is expecting to partner and integrate with most major platforms over the next few years to allow consumers to trade directly from TradingView.”
Source: Press release, Finextra
Karat (US | $110m Series C | SaaS / Marketplace | Tiger led)
Founded in 2014 and headquartered in the US, Karat is a provider of a technical interviewing as a service platform. They raised $110m in Series C funding at a $1.1bn valuation, led by Tiger Global.
“Karat’s industry-defining human + technology solution delivers live technical interviews on behalf of clients 24/7.” Karat’s global community of Interview Engineers conduct technical interviews, using consistent questions. Furthermore, the Karat Platform integrates with its clients’ recruiting software and gain on-demand access to hiring funnel analytics, candidate recommendations, and interview recordings. Its client base includes tech companies such as Roblox, Indeed, Wayfair, Tesco, Intuit, Coinbase.
“The new capital will allow Karat to rapidly scale its global infrastructure and go-to-market function to accelerate growth. Karat is also investing heavily in data science and interview innovation to unlock insights for companies and accelerate hiring processes for candidates. Karat’s market intelligence will deliver unparalleled benchmarking insights driven by the world’s largest cross-company interview dataset.”
Source: Press release, Techcrunch
Mono (Nigeria | $15m Series A | Fintech | Tiger led)
Founded in 2020 and headquartered in Nigeria, Mono (YC-backed) is an Open Banking platform in Africa. They raised $15m in Series A funding, led by Tiger Global.
I am personally quite intrigued with the long-term mission at Mono, “which is to go beyond banking and access digital accounts across banking, offline channels (e.g. Paga), and traditional entities (e.g. pension, telco, insurance) etc.”
“Mono's first product offering, Mono Connect, launched in 2020. Connect enables our partners to make it possible for their users to securely link their financial accounts to share their data like transactions, bank statements, income, and identity data.”
“Since launch, they have grown to service 200+ customers & partners including Flutterwave, Renmoney, Aella, Credpal, Lendsqr, Float, Payhippo. To date, Mono has delivered over 200 million units of financial data to their partners.”
Source: Press release, Techcrunch
Dutchie (US | $200m Series C | SaaS | Tiger led)
Founded in 2017 and headquartered in the US, Dutchie is a Cannabis tech platform, powering dispensaries in the US. They raised $200m in Series C funding, led by Tiger Global.
Dutchie’s product portfolio includes POS, e-commerce, payments solutions as well as integrations with over 60 technology partners. The company processed +$14bn in cannabis sales annually with 5k+ retail and brand partners using the platform.
The “Series C funds will go toward continuing to add and attract top talent, assist with expansion into new markets, and launch major product developments to support cannabis dispensaries while meeting evolving consumer demand and expectations.”
Sources: Press release
M2P Fintech / Yap (India | $35m Series C | Fintech | Tiger led)
Founded in 2018 and headquartered in India, M2P Fintech (fka YAP) is an API infrastructure platform in India. They raised $35m in Series C funding at a rumoured $350m valuation, led by Tiger Global.
Yap operates an API infrastructure platform that allows other startups to support and build payments services. The platform enable various use cases including (a) payments (“create, manage local and cross border spends”), (b) lending (“OS for new-age lending and credit cards that caters to a variety of lenders”) and (c) banking (“create your own stream of neo-banking and deposit products using M2P’s APIs”)
According to The Times of India, the company claims a 400% YoY revenue growth and is processing more than $10bn in annualized payments volume.
M2P intends to use the funds to enhance its API infrastructure capabilities and expand its reach beyond Asia. According to The Times of India, the company is evaluating international expansion into 8-10 new markets as well as inorganic opportunities.
Sources: The Times of India, Techcrunch
ResQ (Canada | $39m Series A | SaaS / Marketplace | Tiger co-led)
Founded in 2018 and headquartered in Canada, RedQ is an end-to-end repair and maintenance marketplace platform for restaurants. They raised $39m in Series A funding, co-led by Tiger Global and Canvas Ventures.
As a SaaS-enabled marketplace, “ResQ’s core service connects contractors to restaurants, and then provides them with one spot to organize communication, pay bills and establish accountability.” With ResQ, restaurant operators save 20% in annual maintenance costs and reduce equipment downtime, helping them retain an additional $9B of sales revenue." said Kuljeev Singh, CEO and Founder of ResQ.
The company already powers over 4k restaurants for several large brands such as Taco Bell, KFC, Burger King etc.
“With the new capital, ResQ plans to grow its team by 400% to double down on its mission to empower restaurants and service providers to streamline repair and maintenance operations.”
Sources: Press release, Techcrunch, Press release (seed funding,
Outschool (US | $110m Series D | Edtech | Tiger followed-on)
Founded in 2015 and headquartered in the US, Outschool is a marketplace of live online classes for children that connects learners, parents and teachers. They raised $110m in Series D funding, led by Tiger Global (an existing investor) with Bond also participating as a new investor.
“Outschool offers live online education experiences that connect real-life teachers with learners in small-group settings to explore everything from Minecraft, Pokemon and Cooking to Chemistry, Algebra and Literature. With over 100,000 online classes offered by teachers to learners around the globe, Outschool helps supplement what is often missing from a more traditional education. Classes on Outschool range from one-time enrichment lessons to semester-long core courses and weekly social clubs. Classes are offered across all subjects, and learners range from age 3 to 18.”
“This latest round of funding will be used to fuel Outschool's global expansion and ramp up new product offerings for schools and parents.”
Sources: Press release
Moonpay (UK | $400m | Fintech | Tiger co-led) - rumoured
Founded in 2019 and headquartered in the UK, Moonpay allows users to pay by credit or debit card on marketplaces such as OpenSea, Bitcoin.com, Abra etc. They are rumoured to raise $400m at a $3.4bn valuation, co-led by Tiger Global and Coatue Management.
Moonpay is used by 5m+ users with $2bn+ in crypto delivered to date. The platform also supports 80+ digital assets as well as 30+ Fiat currencies.
Sources: theblockcrypto