Teeth straightening startup SmileDirectClub files for IPO | Round brings in $23M for modular smart-home startup Blokable | Round brings in $70M for budget hotel booking startup RedDoorz
August 19, 2019
NVCA SmartBrief
News for the startup ecosystem
The Lead
Teeth straightening startup SmileDirectClub files for IPO
SmileDirectClub, a startup that sells at-home teeth-straightening devices to the public, has filed for an initial public offering. The company was valued at $3.2 billion in October 2018.
TechCrunch (8/16) 
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Capital Call
Round brings in $23M for modular smart-home startup Blokable
Blokable, a startup that manufactures modular smart-home units that are assembled at the building site, raised $23 million in its most recent funding round. With the new capital it plans to develop its second manufacturing facility.
GeekWire (8/19) 
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View from Abroad
Round brings in $70M for budget hotel booking startup RedDoorz
RedDoorz, a Singapore-based hotel booking and management startup focused on budget properties, raised $70 million in its most recent funding round. The company will use the new capital to build a second technology hub and enter new markets.
Reuters (8/19) 
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File sharing startup WeTransfer completes $39M secondary round
Several shareholders of the Amsterdam-based file-sharing and presentation technology startup WeShare sold some or all of their holding in a $38.9 million secondary funding round. None of the new capital ended up on the startup's balance sheet.
TechCrunch (8/19) 
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China's STAR Market offers VCs new path to exits
The US-China trade war has made initial public offerings on China's STAR Market a more attractive option than Nasdaq IPOs for some venture capitalists looking for ways to exit from the startups they back. A downside to that approach is that VCs typically are required to wait for one year after listing on the market before selling their shares.
Reuters (8/16) 
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Corporate Venture Capital
Google buys homework assistance software startup Socratic
Google has made public is acquisition of Socratic, a startup that developed an app that answers questions for students working on their homework. Google announced the transaction last week, but the deal closed last year.
TechCrunch (8/16) 
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SoftBank employees could get stakes in next Vision Fund
SoftBank plans to make loans totaling as much as $20 billion to its own employees who would then reinvest the money in the next Vision Fund, sources said. The company made the same offer for its first Vision Fund.
TechCrunch (8/17) 
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Sector Spotlight: Life Sciences
Biotech startup SpringWorks files for $115M IPO
SpringWorks, a biotech startup that was spun out from Pfizer, has filed for an initial public offering of up to $115 million. The company said the new capital will be used in part to press ahead with further testing on several drugs it has under development.
Xconomy (8/16) 
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Biotech startup Satsuma readies $86M IPO
Satsuma Pharmaceuticals, a startup working on a treatment for migraines, filed for an initial public offering to raise $86 million. It expects to have data available from its latest testing on a combination drug and nasal delivery device during the second half of 2020.
Nasdaq/Renaissance Capital (8/16) 
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NVCA provides model term sheets and other legal documents
Every year, the venture industry closes thousands of financing rounds with early- and growth-stage companies, creating tens of thousands of pages of legal documents. To save the industry time and money, NVCA has developed a set of model legal documents to serve as templates so that investors and entrepreneurs can spend less time focused on process and more time focused on growing their companies. The template model legal documents were put together by a group of leading venture capital lawyers. Each document is intended to serve as a starting point only, and should be tailored to meet your specific requirements. Visit NVCA's model legal document library.
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