New yorkbased 110m series ttv capital1/21/2024 The funding round was led by venture capital firm Accomplice with other repeat participants including FirstMark, Revolution, First American and Juxtapose. Sumo Logic, a cloud data analytics and log analysis company, announced a 110 million Series G investment today. Per the company’s press release, a group of new investors also partook. The company indicated that its valuation was north of a billion dollars, but. Unicorn is a term popularized in Silicon Valley to describe a company that achieves a valuation of $1 billion or more. “We are excited to once again back Court and the Orchard team, and as insiders, we are in the best position to lead this round,” Jeff Fagnan, a founding partner of Accomplice, said in a statement. “Over the last four years we have witnessed Orchard’s strong growth and inspired customer focus. We actively seek the best places to concentrate our capital, and we are confident in Orchard’s position as a long-term winner in the space.”Īs Inman previously reported, the company serves as a dual-track for consumers who are buying and selling a home at the same time. Through a buy-before-sell guarantee, Orchard guarantees to sell a consumer’s home in 120 days. The consumer is then able to use the capital promised in the guarantee to buy a new home before the sale of their old one. Since its start, Orchard has introduced several new tools including Orchard Dashboard, Orchard Insurance, and Concierge - a service that repairs and updates homes before the sales with no upfront costs. “We’re proud to have built a business that gives the consumer unparallelled convenience, certainty, and control when buying a home.“ Cunningham said in a statement. This funding will allow Orchard to continue to innovate for our customers and expand geographically to offer our services to millions more homeowners across the country.” “We’ve had a year of hyper growth, but at Orchard it’s still day one for transforming residential real estate in favor of the customer. In addition to its headquarters in New York City, Orchard is available to consumers in Colorado, Georgia, Texas, North Carolina, Maryland and Virginia. Per the release, in 2022, Orchard plans on expanding to four new market. #New yorkbased 110m series ttv 1b series.SmartAsset, a marketplace that connects consumers to financial advisors, announced today that it has raised $110 million in a Series D round of funding. The financing values New York-based SmartAsset at over $1 billion, and brings its total raised since its 2012 inception to just over $161 million, according to Crunchbase. TTV Capital led SmartAsset’s Series D, which also included participation from Javelin Venture Partners, Contour Venture Partners, Citi Ventures, New York Life Ventures, North Bridge Venture Partners and CMFG Ventures. The company last raised in June of 2018 – a $28 million Series C led by Focus Financial Partners. Since then, it says it has grown revenue “by 10 times” and is now on the cusp of reaching $100 million in ARR (annual recurring revenue). It recently made its one millionth consumer/advisor match on its SmartAdvisor platform. Image Credits: SmartAsset CEO and co-founder Michael Carvin / SmartAsset Also in 2020, SmartAsset says it referred $10 billion in new, closed assets under management (AUM) to financial advisors and firms across the U.S. The company plans to use the new capital to invest in new product offerings, technology infrastructure and data partnerships. It also plans to boost its current headcount of 202 by more than 75% this year. by providing an incredibly valuable resource for both consumers and financial advisors alike.” TTV Capital Partner Mark Johnson said the company “is quickly expanding its lead in one of the largest markets in the U.S. The funding and its flashy valuation comes with a certain weight, even in the growing world of unicorn companies. The company claims that, with today’s news, co-founder Michael Carvin now becomes the third Black founder and CEO of a company valued at over $1 billion. Others include Compass CEO and founder Robert Reffkin, whom we recently profiled here, and Calendly CEO and founder Tope Awotona, who we have also profiled. While exciting, the unfortunate rarity of Black-led unicorns is a symptom of historical underfunding in Black or African-American startup founders. Crunchbase estimates that in 2020, 1% of total venture capital funding, or $1 billion, went to this cohort of founders.
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