While you were spending your weekend hitting the beach or (like me) sitting directly in front of your air conditioner, New York City tech was hard at work, closing deals and dreaming big. In the past few days alone, some of the city’s biggest names raised more than $815 million. Yep. In one weekend.
Built In NYC has the funding details you need to know to start your Monday. Dive in below:
What they do: Portion uses the decentralized ledger of the cryptocurrency Ethereum to enable users to buy and sell art and other collectibles.
The funding: In its Seed Round, Portion closed $5.5 million. Institutional investors have not yet been named, nor have plans for the fund been revealed.
What they do: Rent the Runway allows individuals to rent designer womenswear and accessories — offering luxury and style for special occasions, without the major investment of buying designer clothes.
The funding: A $200 million debt financing is on the books for Rent the Runway, who plan to use the funds to scale its new subscription service and expand its logistical scope. The financing comes from Temasek, a Singapore-based investment firm.
What they do: Namely is the developer of an all-in-one, cloud-based, human resources-management platform. The Namely platform works to optimize total office performance through team building, retention and culture-shaping, as well as streamline administrative tasks like payroll.
The funding: In its Series E round, Namely closed $60 million. GGV Capital and Tenaya Capital co-led the round, which was also joined by existing investors Sequoia Capital, True Ventures, Matrix Partners and Scale Venture Partners. The funding also coincides with the appointment of Namely’s new CEO, Elisa Steele.
What they do: Peloton develops cutting-edge fitness hardware and software that allows users to connect to indoor cycling and running classes from the comfort of their homes.
The funding: Showing no signs of slowing down, Peloton locked in a $550 million Series F funding round. Leading the round was TCV, with participation from returning investors Tiger Global, True Ventures, Wellington Management, Fidelity, NBCUniversal, and Kleiner Perkins, as well as new investors Felix Capital and Winslow Capital. The funding will be used to continue the brand’s international expansion.