#FundingWire is your quick daily dose of notable investments made in the technology space. The firms covered in this segment include Droom, Machadala, Visit, Twiggle & Spine Wave
Droom Raises Series B Led By BEENEXT and Digital Garage
Gurgaon: Droom, online automobile transactional marketplace, has announced the closing of its Series B funding in a round led by BEENEXT from Singapore and Digital Garage from Japan. Majority of existing investors participated in the current round including Lightbox and BEENOS. The funds will further be used to strengthen the position in the online market for automobile in India, continue to make platform more scalable and functionally rich, and expand internationally. The amount raised for the new round of funding is significantly higher than the Series A, Droom raised in July 2015.
Founded in April 2014 in Silicon Valley, Droom is an online marketplace to buy and sell new and used automobiles and automobile services.
Edtech Startup Machadalo Raises $175k
Mumbai: Machadalo, Mumbai-based edtech startup, has raised $175,000 in seed round of funding from IIT alums, serial entrepreneurs, angels, and some fund managers. Founded by Nitin Jain, Anupam Sorabh, Pankaj Kandhari and Naveen Sharma in June 2015, Machadalo aims to disrupt the space of advertising and marketing technology. The founders have varied experience in the startup space, having worked with the likes of: Flipkart, Oyo Rooms, Mu Sigma, and others.
The company enables hyperlocal expertise in identifying the target groups for its clients. It claims to capture around 200 data points from residential societies, non-traditional advertising spaces like Corporate Parks, Gyms, Salons, Retail outlets, Food joints, etc. Read More
MapmyIndia Invests in Healthcare Startup Visit
New Delhi: Visit, Delhi-based healthcare service provider, has raised an undisclosed amount of seed funding from MapmyIndia. The healthcare portal was founded by BITS Pilani alumni, Anurag Prasad, Vaibhav Singh, Chetan Anand and Shashvat Tripathi in 2015.
“With the new funding, we plan on investing heavily in improving our technology. We are also aiming at increasing the number of doctors on the app to 500 over the next 3 months. The vision is to bring m-Health to a billion Indians over the next 5 years,” said Vaibhav. Visit aims to eliminate frictions in the delivery of healthcare, like in-clinic waiting, and inability to get in-house doctor visits, etc. It connects patients with practitioners across multiple disciplines through a smartphone or computer. Read More
Twiggle Raises Follow-up Investment From Alibaba
Tel Aviv: Israel-based startup Twiggle, just after they announced raising Series A, has announced that they have secured an additional investment from eCommerce giant Alibaba. Though the amount remains undisclosed, the second follow-up investment is believed to be around $5 million. When added to the $2.2 million seed and the $12.5 million from the first part of the round that came from strategic investor Naspers, along with State of Mind Ventures and Sir Ronald Cohen, their total funding comes to $20 million.
The company was co-founded by Dr. Amir Konigsberg in December 2013, one of the early members of Google’s emerging markets operations and former managing director of MySupermarket.com, and Dr. Adi Avidor, a former engineering tech lead at Google. The company’s groundbreaking technology works with e-commerce giants to make the online shopping experience more natural, allowing consumers to describe what they are looking for in real human language and receive results that are actually relevant. Read More
Spinewave Secures $11M From New Enterprise Associates & Acadia Woods
Shelton: Spine Wave has announced the closing of an $11M round of new financing. The round was led by existing investors New Enterprise Associates (NEA) and Acadia Woods LLC. the round also saw participation from Compass Global Fund, Industry Ventures, Collinson, Howe and Lennox, California Technology Partners and MB Ventures.
Spine Wave, works for the commercialization of innovative, high-quality medical devices for the treatment of spinal disorders. The company is focused primarily on novel, less invasive solutions with a heavy emphasis on expandable technologies.
“This is a very exciting time for Spine Wave as we are rapidly evolving and expanding our product portfolio. In the coming months we will be introducing a series of highly differentiated technologies that leverage our proven expertise with expandable and other less-invasive solutions. We appreciate the ongoing support from NEA and from all of our investors. This financing positions the Company to fully capitalize on the most significant product portfolio expansion undertaken by Spine Wave since its inception,” said Mark LoGuidice, Spine Wave Chairman and CEO. Read More