Tech companies in NYC were busy last week pulling in venture funding and growing their platforms. Read more to learn about the latest developments. This is the Built In NYC weekly refresh.
Melio got $110M. The startup rids small businesses of the more arduous tasks involved with transferring and receiving payments. It allows them to add vendors, upload bills and invoices and schedule payments on its digital platform. With the new funding led by Coatue, Melio is now a unicorn with a $1.3 billion valuation and $254 million in funding. [Built In NYC]
OwnBackup secured $167.5M. Based in Englewood Cliffs, New Jersey, this company provides enterprises with automated, daily backups of SaaS and PaaS data with its cloud data protection platform. OwnBackup announced the close of a Series D round led by Insight Partners, Salesforce Ventures and Sapphire Ventures that will enable it to extend its platform and continue its pursuit of global expansion. [BusinessWire]
NYC Tech Quote of the Week
Rhino raised $95M. The insurtech startup allows renters to pay small monthly fees in place of a large cash deposit. Its security deposit insurance solution has seen significant growth during the pandemic, and it’s furthering that momentum with its new funding led by investor Tiger Global. The capital will go toward acquiring more renters and expanding its team to 200 members by the end of the year. [Built In NYC]
MobStac is seeing unprecedented demand. This NYC company creates “proximity marketing” technology like QR codes and has seen huge growth since the COVID-19 pandemic led to new contactless regulations. As we’ve started to see these quick response codes everywhere, the company reported a 55x growth in monthly code scans during the span of last year. We spoke with the company to learn what is next. [Built In NYC]
Latch going public via SPAC. NYC-based smart lock maker Latch just announced it is planning to go public via a merger with property developer Tishman Speyer’s blank check company TS Innovation Acquisitions Corp. The company has seen growth over the past year and has raised $152 million to date. Its valuation reportedly now stands at $1.56 billion. [TechCrunch]
Feather launches in the D.C. area. The SoHo-based furniture delivery service announced its launch into Washington, D.C., Baltimore and Richmond. The expansion adds over 800 new zip codes to Feather’s delivery zone. [Feather]
Vise recruits Andrew Fong as CTO. Fintech company Vise developed an AI-based platform that works to assist financial advisors with maintaining healthy client relationships. In his new position, Fong is responsible for scaling up the company’s early stage tech team. Previously, he worked at Dropbox as VP of infrastructure engineering. [TechCrunch]
