October 27, 2021
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The Lead
Entrepreneurs in the heartland states have an important role in driving the US economy's growth, said Bobby Franklin, president and CEO of the National Venture Capital Association, commenting on research by think tank Heartland Forward. "As shared in Heartland Forward's report, [high growth companies are] very important to our economy as they drive innovation that brings services and technology to market, and undoubtedly, the heartland needs more support in making this happen for entrepreneurs and the region they call home," he said.
Full Story: Talk Business & Politics (Little Rock, Ark.) (10/27) 
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Capital Call
Rent the Runway, a startup that rents women's apparel and other fashion items, raised $357 million in an initial public offering after its shares priced at the top of their $18 to $21 range, giving the company a $1.3 billion valuation. The company's most recent private market valuation was $870 million.
Full Story: BNN Bloomberg (Canada) (10/27),  The New York Times (10/27),  Fortune (tiered subscription model)/Bloomberg (10/27) 
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Stripe has announced a partnership with UK-based investment firm Deep Science Ventures to finance development of carbon removal technology through startups supported by DSV. Stripe's investment ensures it will be the first customer when the technology to scrub carbon dioxide from the atmosphere is eventually developed.
Full Story: The Wall Street Journal (10/26) 
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Coefficient, a startup whose software enhances Google Sheets with data connectivity and automation, raised $6.7 million in its seed round. The company will use the new capital to expand its workforce and begin marketing its product.
Full Story: FinSMEs (10/26),  VentureBeat (10/26) 
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Sonrai Security, a cybersecurity startup for public clouds, raised $50 million in its Series C funding round. The company will spend the new capital on research and development, sales and marketing to foreign customers.
Full Story: VentureBeat (10/26) 
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BackBox, a startup that develops network automation and security software, raised $32 million in its Series A funding round and moved its headquarters from Tel-Aviv to Dallas. The Dallas office will handle company operations, sales and customer service, while its engineering and research and development functions will remain in Tel-Aviv.
Full Story: Dallas Innovates (10/26) 
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Aerial imaging startup DroneBase raised $20 million in its most recent funding round. The company will use the new capital to expand its presence in the renewable energy industry and enter the insurance and commercial real estate sectors.
Full Story: SUAS News (10/26),  VentureBeat (10/26) 
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View from Abroad
Piiano Privacy Solutions, an Israeli startup that helps companies protect the privacy of sensitive information held in clouds, raised $9 million in its seed round and emerged from stealth. The company will use the new capital to fund research and development and launch its go-to-market efforts.
Full Story: SiliconAngle (10/26) 
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How COP26 will shape ESG and impact investing
Simon Puleston Jones, co-founder and CEO of Climate Solutions, explains how COP26 might influence the flow of capital aimed at tackling the climate crisis. Simon also explains the educational journey taking place around ESG and impact investing.
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Sector Spotlight: Life Sciences
Mozart Therapeutics, a biotech startup specializing in treatments for celiac disease and other immune-related ailments, raised $55 million in a Series A funding round that included investments from Eli Lilly & Company, Leaps by Bayer and Merck. The new capital will help the company move forward with preclinical testing and human studies on its lead compound for treating celiac disease.
Full Story: GeekWire (10/26) 
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Venture Capital Culture
How COP26 might change climate finance
With the financial services sector poised to play a key role in how the world tackles climate change, industry veteran Simon Puleston Jones explains how the United Nations' upcoming COP26 gathering might influence the flow of capital aimed at addressing the climate crisis. Puleston Jones, the co-founder and CEO of Climate Solutions, also details the crucial steps policymakers can take at COP26 and outlines educational journey taking place around ESG and impact investing.
Full Story: Modern Money SmartPod (10/27) 
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NVCA News
NVCA's Enhanced Model Term Sheet V2.0
Learn more about the Enhanced Model Term Sheet v2.0, which allows investors to compare terms against strategic market benchmarks. The Enhanced Model Term Sheet is democratizing access to key insights. With significant growth in global VC investment, access to actionable analytics has never been more critical for the private market.
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Each quarter, NVCA and PitchBook publish the PitchBook-NVCA Venture Monitor, the authoritative report on venture capital activity in the entrepreneurial ecosystem. The Venture Monitor provides a complete look at venture capital activity, reporting on fundraising, investments, exits and other relevant industry analysis. Read the latest report.
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