M1 Finance closes $45M Series C mere months after it raised its $33M Series B

Just months after it announced a $33 million Series B, Chicago-based M1 Finance today disclosed a $45 Series C.

The new financing event was led by Left Lane Capital, the same investor that led M1’s Series B. Bear in mind that so-called inside rounds are now a bullish sign in 2020, as opposed to in prior VC eras when they were viewed more cooly. Other M1 investors include Jump Capital, Clocktower Technology Ventures and Chicago Ventures, though only the first two appear to have taken part in this round.

Per M1, the Series C comes just 120 days after it raised a Series B. A good question is why M1 has raised more capital, and why Left Lane Capital wanted to lead two rounds for the consumer-focused fintech provider. Going back to our prior coverage, we can figure it out.

In February, we reported that M1 Finance had reached the $1 billion assets under management mark, or AUM.

The startup combines three different traditional fintech services into one (roboadvising, neobanking and lending), allowing it to price the package aggressively. The model appears to be working. When M1 raised its Series B a few months later in June, it had reached the $1.45 billion AUM, or about 45% growth in just over a quarter. That’s very good.

Today, the company announced that it has surpassed the $2 billion AUM mark, up more than 38% in the last four months.

M1 posted slower AUM growth in percentage terms and greater growth in raw AUM over a similar time frame heading into its Series C. But regardless of that nuance, the company’s AUM grew quickly.

That fact helps explain its new round. If you were Left Lane Capital, had just led a round into the company, and then watched it keep growing rapidly,

Wingman Ventures: Swiss VC fund closes $83 million for startups

  • Swiss VC fund Wingman Ventures has closed an $83 million early-stage fund to invest in Swiss startups.
  • Wingman only invests in pre-seed and seed stage startups out of Switzerland, where it believes there is a significantly underserved tech ecosystem.
  • “Swiss founders have traditionally been funded by risk averse, corporate backers and don’t understand the broader tech ecosystem,” Wingman Ventures partner Alex Stöckl said.
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Swiss VC fund Wingman Ventures has closed a 76CHF million ($83 million) early-stage fund.

Wingman invests in pre-seed and seed stage startups out of Switzerland, where it believes there is a significantly underserved tech ecosystem.

The country of just 8 million people is one of the wealthiest nations in the world, but has a certain insularity which has prevented its growth as a tech ecosystem, according to Wingman Ventures founding partner, Alex Stöckl. 

“Swiss founders have traditionally been funded by risk-averse, corporate backers and don’t understand the broader tech ecosystem,” Stöckl said. “There are good universities, talent, and technical innovation here we just need to open the door for founders.”

In fact, 2019 saw a record 2.3CHF billion ($2.5 billion) invested in tech startups, which albeit tiny compared to the UK, Germany, or France, was an 85% uptick on the previous year, according to StartupTicker.ch. The number of startups getting investment is going up too.

The first-time fund closed its initial round last October at 36CHF million ($39 million) and has now finalized a second close which it believes is the largest ever first raise, early-stage fund in Europe. 

“We are fairly unique in our positioning but we believe there is a great opportunity here,” Stöckl added. He said that the fund’s deal-flow had been sky-rocketing in recent months and that the fund has already invested in 14 companies, and

Zynga Closes Acquisition of Istanbul-Based Rollic, a Leader in the Fast-Growing Hyper-Casual Games Business

  • Entry into One of the Largest and Fastest Growing Mobile Game Categories

  • Expands and Diversifies Zynga’s Advertising Business

  • Adds a Highly Talented Team and Extensive Network of External Developers

Zynga Inc. (Nasdaq: ZNGA), a global leader in interactive entertainment, and Rollic, an Istanbul-based mobile games developer and publisher with an exciting portfolio of popular hyper-casual games that have been downloaded more than 365 million times, announced today that the companies have closed the transaction under which Zynga acquired 80% of Rollic for a total purchase price, including working capital adjustments, of approximately $180 million in cash. Over the next three years, Zynga will acquire the remaining 20% in equal installments at valuations based on specific topline and profitability goals.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201002005010/en/

Zynga Closes Acquisition of Istanbul-Based Rollic, a Leader in the Fast-Growing Hyper-Casual Games Business (Photo: Business Wire)

The Rollic acquisition marks Zynga’s entrance into the fast-growing hyper-casual market and brings a highly talented team with a substantial network of external developers to Zynga. Rollic also meaningfully increases Zynga’s audience while growing its advertising business. Rollic will continue to be led by founder and Chief Executive Officer Burak Vardal and its current management team. Additionally, the company plans to maintain its headquarters in Istanbul, Turkey.

“We’re thrilled to welcome Rollic and its incredibly talented team, along with its extensive network of developers, to Zynga,” said Frank Gibeau, Chief Executive Officer of Zynga. “Rollic brings Zynga into the world of hyper-casual, which is one of the most exciting and fastest growing mobile gaming categories. Rollic’s large and diversified audience base will also be valuable for Zynga as the mobile games and advertising landscape continues to grow.”

“We are memorably excited to be joining Zynga, a perfect home for Rollic’s culture

Neuromodulation Pioneer WISE Closes EUR 15M Series C Financing Round to Launch Second Product, SCS EXPERT, for Chronic Pain

  • SCS EXPERT is the first expandable percutaneous lead for neuromodulation treatment for chronic pain

  • New investors, led by CDP Venture Capital, and including Indaco Ventures I and EUREKA! Venture, join existing participating investors in financing round

  • Adds to EUR 2.3M grant earlier in 2020 from the European Commission to launch SCS EXPERT

WISE Srl, a medical device company developing next-generation implantable leads for neuromonitoring, neuromodulation and brain-machine interfacing, today announced the closing of a EUR 15 million Series C financing round. New investors, led by CDP Venture Capital SGR, and including Indaco Ventures I Fund and EUREKA! Venture SGR, joined existing investors participating in this round – Principia SGR, New Frontier, Atlante Seed and Atlante Ventures (funds managed by Indaco Venture Partners SGR), High Tech Gründerfonds and F3F.

The proceeds will be partially used to accelerate the development of the Company’s second product, SCS EXPERT (EXpandable PERcuTaneous), a percutaneously implantable multi-column paddle lead for Spinal Cord Stimulation (SCS). The funds will also support the upcoming launch of its first product, WISE Cortical Strip (WCS), a single use medical device for IntraOperative Neurophysiological Monitoring during brain tumor and epilepsy surgeries, which is anticipating the granting of its CE mark.

This financing adds to the recent European Commission grant of EUR 2.3 million given to WISE in July 2020, to support the development and launch of SCS EXPERT within the EIC Accelerator program of Horizon 2020.

We are delighted with the support we have received for our latest funding round and welcome our new investors,” said Luca Ravagnan, CEO at WISE. “With this additional funding, we will be able to accelerate our plans to launch SCS EXPERT, as we make progress toward FDA clearance and market launch.”

He added, “With support from our engaged investors,

Trym Closes $3.1M Seed Round to Advance Cannabis Cultivation Software and Accelerate Growth

7thirty Capital and Delta Emerald Ventures co-led the investment with participation from Welcan Capital, Arcview Collective Fund, and others

NOVATO, Calif., Sept. 29, 2020 /PRNewswire/ — Trym, a pioneering cannabis cultivation software company, is pleased to announce the completion of its $3.1M seed funding round of financing. In addition to an initial friends and family of $1M, 7thirty Capital and Delta Emerald Ventures co-led the preferred round of $2.1M. Welcan Capital, Arcview Collective Fund, and others also participated in the oversubscribed round. The funding will enable Trym to make further software advancements and expand its trusted farm management platform into new markets.

(PRNewsfoto/Trym)
(PRNewsfoto/Trym)

“Our investors are a perfect match with Trym’s DNA,” said Matt Mayberry, CEO and co-founder, Trym. “They understand that connectivity is the future of cannabis agriculture and that to stay in the game, commercial cultivators have to closely track and manage all aspects of their business. A disruption is happening in the market and we’re helping to drive it.”

Trym currently operates in 14 U.S. states and works with more than 80 of the largest cultivators and multi-state operators in the country.

Intense competition in the cultivation supply chain pushes down on prices and forces operators to improve their production efficiency to stay competitive. Trym addresses the needs of scaling organizations and will use the capital to continue improving its cultivation-focused platform. The funds will also be deployed for strategic software integrations with complimentary supply chain software and hardware systems.  

“The growth opportunity in the cannabis cultivation software market is very exciting for us,” said Micah Tapman, Managing Partner at 7thirty Capital. “Trym is disrupting cannabis cultivation with a comprehensive software platform that streamlines business and connects the whole team for more efficient farm management.  We have watched Trym grow since 2019,