Tracking Tiger Global (Week 42) | 18.10-24.10.21
5 new deals: FTX, Scribe, Pomelo, VideoAmp, CRED
Dear subscribers,
Welcome to the 9th edition of Tracking Tiger Global, a newsletter that provides weekly updates on Tiger Global’s latest investments.
5 new deals with Tiger’s involvement were reported last week.
FTX (Bahamas | $420m Series B-1 | Fintech | Tiger participated)
Scribe (US | $22m Series A | SaaS | Tiger led)
Pomelo (Argentina | $35m Series A | Fintech | Tiger led)
VideoAmp (US | $275m Series F | SaaS | Tiger participated)
CRED (India | $251m Series E | Fintech | Tiger co-led)
FTX (Bahamas | $420m Series B-1 | Fintech | Tiger participated)
Founded in 2019, FTX is the owner and operator of FTX.com, a leading global cryptocurrency exchange. They raised $420.69m in Series B-1 funding at a $25bn valuation. The round saw the participation of 69 investors including Tiger Global.
FTX “offers innovative products, including industry-leading derivatives, options and volatility products, tokenized stocks, prediction markets, leveraged tokens and an OTC desk.”
“FTX has grown significantly since its initial $1 Billion Series B round back in July 2021, with the Company's user base growing 48% and its average trade volume increasing 75%, now averaging $14B per day in daily volume.”
As per Linkedin data, the company has 120 employees and 8 job openings. “The additional capital and group of investors will be used for various opportunities including to “address other adjacent market opportunities including equities, prediction markets, NFTs and videogame partnerships.”
Source: Press release
Scribe (US | $22m Series A | SaaS | Tiger led)
Founded in 2019 and headquartered in the US, Scribe is a productivity platform for digital know-how. They raised $22m in Series A funding, led by Tiger Global.
According to Finsmes, “Scribe lets users share how work is done, enabling anyone to automatically create step-by-step guides for any process. The platform captures and shares knowledge workers’ “know-how,” building more productive and collaborative organizations and communities.” Illustrative examples include guides on (a) how to set your Slack status to vacation mode, (b) how to customise your Chrome browser.
“It is used by teams across tens of thousands of organizations, ranging from technology startup unicorns like Human Interest to Fortune 500 companies like LinkedIn.
As per LinkedIn data, the company employs c.20 people and 5 job openings. According to Finsmes, “the company will use the funding to scale its team and invest in the next wave of R&D and product development of the platform.”
Source: Press release, Finsmes
Pomelo (Argentina | $35m Series A | Fintech | Tiger led)
Founded in 2021 and operations in Latin America, Pomelo is fintech as a service platform for Latin America. They raised $35m in Series A funding, led by Tiger Global.
According to Techcrunch,“Pomelo infrastructure aims to allow fintechs and embedded finance players to launch virtual accounts and issue prepaid and credit cards via compliant onboarding processes.
Seven-month-old Pomelo may be in its early stages but it has so far landed four customers, including three fintechs and one embedded finance player. The remote-first fintech started in Argentina and has since launched operations and offices in Brazil and Mexico with plans to also expand to Chile and Colombia. In Argentina, it was granted a Mastercard and payments license.
Presently, Pomelo has 100 employees with the goal to hire another 150 employees by end of 2022. The company also plans to use its new capital to accelerate its product road map and toward business development efforts.”
Source: Techcrunch
VideoAmp (US | $275m Series F | SaaS | Tiger participated)
Founded in 2017 and headquartered in the US, VideoAmp is a media measurement software company. They raised $275m in Series F funding at a $1.4bn valuation, with participation from Tiger Global.
“VideoAmp is a measurement software company creating a more sophisticated data-driven advertising ecosystem that redefines how media is valued, bought and sold. The platform unifies audiences across traditional TV, streaming video and digital media with the ability to connect media exposures to an advertiser’s sales.”
According to TVtechnology, “the investment follows an exponential revenue CAGR (compound annual growth rate) of over 100% for the last five years, VideoAmp said. VideoAmp recently kicked-off currency pilots with six major advertising holding companies, while also announcing a partnership with ViacomCBS who will now use VideoAmp as an alternative currency for TV guarantees.
As per LinkedIn data, the company employs c.290 people and 40 job openings. VideoAmp will also use the new capital to scale its enterprise sales, engineering, data science and client success teams.”
Sources: Press release, TVtechnology
CRED (India | $251m Series E | Fintech | Tiger co-led)
Founded in 2018 and headquartered in India, CRED is a members-only credit card bill payment platform that rewards its members for clearing their credit card bills on time. They raised $251m in Series E funding at a $4bn valuation, co-led by Tiger Global.
According to Techcrunch, “CRED helps people improve their credit score by encouraging them to pay their credit card bills on time. The startup has amassed over 7.5 million members. (India has about 25 million unique credit card users.)” According to Economic Times, “the business has expanded its offering and now includes e-commerce, digital payment, wealth mangement, bank lending and P2P lending. Key incremental products include:
Cred Store (e-commerce): charges partner business a fee for directing its user base to their products. It also charges its bank partners a cut of the fee for improving the fiscal discpline of customers
Lending business: Launched in association with IDFC First Bank in 2020, the loan book has grown to Rs 2,000 crore as of August this year. Its non-performing assets ratio, stood at less than 1%
Credit Mint: Launched in 2021, Credit Mint is the P2P lending platform in partnership with Liquiloans. Those investing in the product earn interest of c.9% while loans will be disbursed at 12-13%.”
As per LinkedIn data, the company employs c.750 people and 8 job openings.
Sources: Techcrunch, Yourstory
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