NYC scores big this week: 6 startups report fundings worth a total of $206M

by John Siegel
May 12, 2017

E-commerce company Spring was in the money this week as it and six other New York startups reported a burst of investment. Together, they amassed more than $200 million to move forward on a variety of initiatives.

 

 

Music streaming has turned into a flood, and it’s lifting Kobalt’s fortunes. The European startup, which has a New York office, devised a platform to help creators collect royalties even when a listener streams only a sample of their song. That spin helped Kobalt attract another $75 million this week. Hearst Entertainment led the Series D funding round, with buy-in from previous investors Balderton and MSD. The infusion will be used to cast an even wider net on Kobalt’s platform, CEO Willard Ahdritz told TechCrunch, positioning Kobalt to add more streaming sources, artists and labels to an already impressive roster. The Chainsmokers, Zayn Malik, Kelly Clarkson and Sam Smith are among the 25,000 songwriters, 600 publishers and 20,000 independent artists on Kobalt’s list. [TechCrunch]

 

 

 

Broadway Technologies, an NYC company that offers financial trading solutions for global banks and hedge funds, raised $42 million this week to accelerate into new markets and expand its product and service offerings. With offices in New York, Austin, London, and Waterloo, the company's products are capable of handling over $100 trillion of trading volumes annually. The minority investment was led by Long Ridge Equity Partners. [FinExtra]

 

 

 

Spring, the e-commerce startup that sells a wide range of items, announced this week the close of a $65 million Series C. The average age of a Spring shopper is 28, and the average order size is $150, two figures investors almost assuredly took into account. The round was led by Fidelity Investments, with participation from existing investors BoxGroup, Thrive Capital and Groupe Arnault. The Series C brings Spring’s total amount raised to nearly $90 million. Earlier this year, founder and CEO Alan Tisch was named as one of Built In NYC’s 30 NYC tech leaders under 30. [Recode

 

 

 

Local blockchain startup Axoni, which serves financial institutions and capital markets service providers with distributed ledger technology, got in on the big week with a $20 million Series A. The round included participation from a star-studded cast of investors, including Euclid Opportunities and Wells Fargo, which led the round, as well as J.P. Morgan, Goldman Sachs and Citigroup, among others. [Press release]

 

 

 

Cockroach Labs raised a $27 million Series B this week, but that wasn’t the only news the company had to share. The startup, which develops an open-source database that reduces downtime by replicating itself like an insect, also revealed an enterprise tier for its database. The round was led by Redpoint and included contributions from Benchmark, GV, Index Ventures and FirstMark. The funding brings Cockroach’s total amount raised to around $50 million. [TechCrunch]

 

 

 

New investor RRE joined with existing ones to send another $10 million in Series A funding to “smart” lock maker Latch. The New York company has advanced into new markets, and growth in Los Angeles and Miami calls for new investment to support those customers, co-founder Luke Schoenfelder told TechCrunch. Latch’s  internet-connected locks and subscription digital entry management system allow building owners to offer access codes to delivery companies or to dole out cards for keyless entry to in-building gyms. [TechCrunch

 

 

 

The content data platform Simplereach grasped $9 million in new funding and replaced its former CEO — aka founder Edward Kim  —  this week. Hal Muchnick, formerly of DoubleClick, Kontera, AddThis and LowerMyBills, steps into the role. The funding round, led by Spring Mountain Capital, suggests that advertising/marketing startups may be attracting new interest. Kim will remain active as executive chairman, presiding over product vision. [Fortune]

 

 

Images via social media. 

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