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The Week鈥檚 10 Biggest Funding Rounds: CleverTap Raises $105M To Help Companies Retain Customers, Overtime Scores Big

Illustration of gardener holding a rake. Venture

This is a weekly feature that runs down the week鈥檚 top 10 funding rounds in the U.S. Check out last week鈥檚 biggest funding rounds here.

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Another slow week on the funding front as far as large rounds go. Only two rounds broke the $100 million mark, and it didn鈥檛 take too big of a raise to crack the top 10 this week. Investment was also all over the place, from analytics to sports to smart water coolers. August has been a slow, sleepy month so far in the venture capital world. Perhaps the second half of the month will see an uptick.

1. , $105M, analytics: While getting customers can be hard, retaining customers is the key to any sustainable growing business. Investors know that. That鈥檚 why investors such as , Tech Fund, and poured $105 million into Mountain View, California-based CleverTap this week. The startup offers cloud-based customer engagement and retention tools that not only help companies keep customers, but also increase their spend. While the company was founded in India, it has steadily moved into the U.S. market, bolstered by its acquisition of San Francisco-based in June. The new round values the company at $775 million, . Founded in 2013, the company has raised more than $181 million, according to SA国际传媒 data.

2. , $100M, sports: Sports fans have a lot of alternatives as to where they get their fix. However, a lot of big backers are putting their cash behind New York-based startup , which closed a $100 million Series D valuing the company at $500 million. The round was led by and included participation from聽 , , , and . The company is also backed by several pro sports stars, including and . The startup is trying to create a large sports community鈥攎ainly focused on Gen Z and millennials鈥攁round sports video and highlights on social media channels. The company also has recently started to launch its own sports leagues鈥擮vertime Elite (basketball) and OT7 (football). Overtime says it currently has more than than 65 million followers and its content receives more than 2 billion video views each month. The new cash brings the total amount raised by the 6-year-old company to more than $250 million, per the company.

3. (tied) , $70M, software: Keeping track of appointments can be a nightmare for any business. However, that can be especially true for appointment-based personal care businesses, such as spas, salons and barbershops. Many are small, with only a handful of employees, and have to manage appointments and payments on pen and paper. Boulevard is one of a few tech startups that have emerged in recent years to help digitize that market and bring it into the 21st century. The Los Angeles-based startup closed a $70 million Series C led by Private Investments to help self-care shops digitize booking appointments, messaging clients and even accepting payments. The company will use the new cash to expand its product and move deeper into the wellness and beauty sector. Founded in 2016, Boulevard has now raised $108 million, per SA国际传媒.

3. (tied) , $70M, food and beverage: The pandemic has forced many to work from home, so the time-honored tradition of gathering around the water cooler has somewhat been lost. However, that didn鈥檛 stop Boston-based Bevi from locking up a $70 million Series D from . The company makes smart water coolers that provide filtered, flavored and sparkling water on demand. In addition to the choices it offers, it also is an environmentally sustainable alternative to bottled water. Bevi says it has helped customers save over 300 million single-use bottles and cans to date. Founded in 2013, the company has raised more than $130 million, according to SA国际传媒 data.

5. , $53.5M, biotech: Watertown, Massachusetts-based Disc Medicine had a busy week. The clinical-stage biotechnology firm announced it would merge with 鈥嬧媝ublicly traded and start trading on after shareholders approve the deal. However, the company also announced it secured a $53.5 million round led by . The company focuses on treatments for serious hematologic diseases. Founded in 2017, Disc Medicine has raised more than $193 million, according to SA国际传媒 data.

6. , $50M, fintech: San Francisco-based income and employment verification platform Truework raised a $50 million Series C led by . Founded in 2017, the company has raised nearly $95 million, per SA国际传媒.

7. , $45M, medical devices: San Diego-based medical device maker REVA Medical closed a $45 million Series B led by strategic investor . Founded in 1998, the company has raised more than $146 million, according to SA国际传媒.

8. (tied) , $40M, crypto: New York-based smart contract platform Injective raised a $40 million funding round led by . Founded in 2017, the company has raised nearly $57 million, per SA国际传媒.

8. (tied) , $40M, cloud data services: San Francisco-based cloud data-loss prevention platform Nightfall AI closed a $40 million Series B led by . Founded in 2018, the company has raised more than $60 million, per SA国际传媒.

10. , $37M, software: New York-based Superblocks raised $37 million in a round led by , , and . Founded last year, the company has created a platform for developers to build custom internal tools. This is the company鈥檚 first funding, according to Crunchabse.

Big global deals

With few large rounds going to U.S.-based startups, the largest round went to a Korea-based company this week.

  • Seoul-based cloud optimization startup raised more than $345 million in a Series C.

Methodology

We tracked the largest rounds in the SA国际传媒 database that were raised by U.S.-based companies for the seven-day period of Aug. 6 to Aug. 12. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration: Dom Guzman

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