Tech.Co Deals Roundup: Funding Doesn’t Guarantee Success

September 23, 2015

3:00 pm

In today’s Tech.Co deals roundup we’ve got our expected funding announcements for a handful of companies spanning everything from big data analytics all the way to SaaS offerings. I’m constantly hearing a warning from entrepreneurs that getting funding doesn’t get your startup success, and today’s roundup is proof positive of this notion: despite massive funding, Quirky had to file for bankruptcy.

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Funding

Atigeo Raises $18.4 Million

The big data analytics platform Atigeo announced that they’ve officially raised $18.4 million in growth funding from Ascension Ventures. According to the team, the funds will help them utilize all data types at scale to provide illuminating analysis and enable rapid application deployment

Blue Jeans Network Brings in $76.5 Million

Blue Jeans Network provides cloud based video conferencing services, and they raised a $76.5 million Series E funding round led by New Enterprise Associates, with participation from Accel Partners, Battery Ventures, Glynn Capital, Norwest Venture Partners, and Quadrille Capital. There was also participation from Jeter Ventures, a new fund launched recently by MLB great Derek Jeter.

NoviCap Snares a $1.7 Million Seed

NoviCap is a London based marketplace that invites small businesses to sell their invoices to professional investors at a discount in return for working capital. Their work caught the eyes of Partech Ventures, Techstars Ventures, and Cabiedes & Partners, who all participated in a seed round to fund them $1.7 million.

SevOne Raises $60 Million in New Funding

Coming out of Boston was news that SevOne, an infrastructure software company, is currently raising as much as $60 million in new funding, which would reportedly put their valuation around the $1 billion mark. To date the company has raised $153.5 million and secured backing from Westfield Capital Management, Bain Capital Ventures, Brookside Capital, Osage Venture Partners, and HarbourVest Partners.

ScribbleLive Raises $35 Million

ScribbleLive, a digital content marketing platform, today announced the closing of a $35 million round of funding. The OpenText Enterprise Apps Fund (OTEAF) led round along with contributions from Emerillon Capital, Blue Cloud Ventures, Northleaf Venture Catalyst Fund, along with participation from all current, existing ScribbleLive venture investors.

New Funds

Ignite Farm Commits to Raising $50 Million Fund

Ignite Farm tends to target consumer packaged goods and digital media opportunities, and the team announced that they’re looking to raise $50 million for their second fund, per a recent SEC filing. Their debut fund last year targeted $10 million total, so this is a pretty big leap for them.

Acquisition

Quirky Files for Bankruptcy

Quirky is based in New York and produces new consumer products by pairing their online global community with product design staff. While the company had raised $185 million from investors, they unfortunately had to file for bankruptcy despite securing interest from Andreessen Horowitz, KPCB, and General Electric, to name a few.

Image Credit: Gameshow Wiki

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Will is a Senior Writer with Tech.Co, based out of America’s Finest City: San Diego. He covers all territory West of the Mississippi river, digging deep for awesome local entrepreneurs, companies, and ideas. He’s the resident Android junkie and will be happy to tell you why you should switch to the OS. When he’s off the clock, Will focuses his literary talent on the art of creative writing…or you might find him surfing in Ocean Beach.

Follow Will on Twitter @WJS1988

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