The last week has been full of significant announcements. Be it the acquisition of Mailchimp by Intuit at $12billion or Australia-based Canva becoming one of the world’s most valuable startups – we have lots to unpack in this edition. So without any further ado, let’s begin.
Table of Contents
News of the week
Intuit to buy email marketing company Mailchimp for $12billion in cash and stock
Intuit – yes, the company behind TurboTax, QuickBooks, and Mint – has acquired popular bootstrapping success, Mailchimp. Started by Ben Chestnut and Mark Armstrong, the email marketing software has continued to grow over the years despite the giants in the space. So its acquisition worth $12billion surely sounds like a big deal.
Salesforce rival Freshworks aims for nearly $9billion valuation in U.S. IPO
With a valuation of $9billion, IPO-bound Freshworks will be selling 28.5million shares. The shares would be priced between $28 and $32, which would help the company raise $912million at the top end of the range.
Restaurant-payments firm Toast seeks up to $717million in IPO
Toast helps restaurants in handling payments, and it’s aiming to raise $717million in its IPO. The company behind the POS software will be selling 21.7million Class A shares between $30 and $33, valuing it at $16.5billion.
Oracle falls short on revenue as it ramps up cloud investment
Oracle also announced its quarterly results last week, though the market didn’t respond favorably. Its revenue increased by 4 percent year-on-year to $9.73billion, but its shares fell as much as 3 percent. That said, the software is increasingly transitioning towards the cloud, which should be more profitable in the longer run.
Zoom aims for video contact centers, whiteboard and collaboration improvement
We’ve been highlighting how Zoom is aiming to become more than just a video conferencing platform. Now it has introduced video support for contact centers, and whiteboard collaboration technology among other things. There’s also Zoom Rooms Smart Gallery which gives everyone in a conference their own frame.
Salesforce adds more tools for real-time personalization to Marketing Cloud
Leading CRM company Salesforce is adding new features to its Marketing Cloud. Powered by AI, it now offers extended personalized messages, personalized web mobile and portal experiences, and more. By integration with CRM, sales and service teams can also get real-time visibility into customer behavior and segmentation.
Snowflake launches Financial Services Data Cloud, touts big customer wins
Database management software Snowflake has introduced Financial Services Data Cloud. It already has partnered with 600 leading players like BlackRock and Western Union.
SaaS companies that got the funding this week
Chat app Discord is worth $15billion after new funding
Messaging software Discord is continuing to scale new heights. It’s now valued at $15billion as it has raised $500million led by Dragoneer Investment Group. The amount will be used to introduce new features and tools, and expand the workforce.
SpotOn raises $300million at a $3.15billion valuation and acquires Appetize
In May this year, payments company SpotOn had raised $125million in Series D funding. And within such a short span of time, it has closed a $300million Series E funding round. Led by A16z, it’s now valued at $3.15billion.
The company also announced the acquisition of Appetize, a payments platform for sports and entertainment venues for $415million.
Papaya Global raises $250million at $3.7billion valuation
Israel-based payroll software Papaya Global has nabbed $250million in funding at a valuation of $3.7billion. Co-led by Insight Partners and Tiger Global, the startup mentioned that it’s planning to IPO in the next 24 months depending upon the market conditions.
Canva raises at $40billion valuation — its founders are pledging away most of their wealth
Graphic design software Canva has become among the world’s most valuable startups as it has raised $200million. The company is now valued at $40billion, it’ll be doubling the employee base. What’s even more interesting is that the co-founders have already pledged to give away their wealth.
Payments firm Melio raises funds at $4billion valuation
The past week seems to be for the payments companies only. Melio Payments, a startup focusing on small businesses, received $250million in Series D funding. Led by Thrive Capital and General Catalyst, it’s now valued at $4billion.
Sendcloud nabs $177million led by SoftBank to double down on SaaS — shipping as a service
Dutch startup Sendcloud has created a service to help retailers choose shopping services from a wide range of carriers and other options. It has gotten $177million in funding led by Softbank Vision Fund 2.
Cloud directory service JumpCloud raises $159million as remote work booms
After raising $100million funding in January, JumpCloud has announced $159million Series F funding at a $2.56billion valuation. The company enables companies to connect their employees with the relevant IT resources.
Founders Fund values identity startup Persona at $1.5billion
There’s a lot of action happening in the identity and access management space. Persona, a San Francisco-based firm in this category, has now raised $150million led by Founders Fund.
Must reads
What is Data as a Service (DaaS)?
Listen to
Cloud-first clarity: evolving infrastructure for enterprise with Asana’s Head of Engineering, Prashant Pandey
In this podcast, Asana’s Head of Engineering Prashant Pandey discusses what all to keep in mind for creating a tech infrastructure for a cloud-based business. He also shares how one should think about security and scale from the get go.
Moving from ‘Piecemeal’ to repeatable scalable marketing that works
Forget the Funnel’s Georgiana Laudi and Claire Suellentrop talks about their journey, and how companies should be thinking about repeatable, scalable marketing.
Watch
Why SaaS founders must charge more: Patrick McKenzie, Stripe
Stripe’s Patrick McKenzie is a serial entrepreneur. In this video, he talks about how founders should think about the value and pricing of their SaaS businesses. He also discusses marketing strategies and ensures that customers should continue to subscribe to your product.
