Census, a startup that helps businesses sync their customer data from their data warehouses to their various business tools like Salesforce and Marketo, today announced that it has raised a $16 million Series A round led by Sequoia Capital. Other participants in this round include Andreessen Horowitz, which led the company’s $4.3 million seed round last year, as well as several notable angles, including Figma CEO Dylan Field, GitHub CTO Jason Warner, Notion COO Akshay Kothari and Rippling CEO Parker Conrad.
The company is part of a new crop of startups that are building on top of data warehouses. The general idea behind Census is to help businesses operationalize the data in their data warehouses, which was traditionally only used for analytics and reporting use cases. But as businesses realized that all the data they needed was already available in their data warehouses and that they could use that as a single source of truth without having to build additional integrations, an ecosystem of companies that operationalize this data started to form.
The company argues that the modern data stack, with data warehouses like Amazon Redshift, Google BigQuery and Snowflake at its core, offers all of the tools a business needs to extract and transform data (like Fivetran, dbt) and then visualize it (think Looker).
Tools like Census then essentially function as a new layer that sits between the data warehouse and the business tools that can help companies extract value from this data. With that, users can easily sync their product data into a marketing tool like Marketo or a CRM service like Salesforce, for example.
“Three years ago, we were the first to ask, ‘Why are we relying on a clumsy tangle of wires connecting every app when everything we need is already in the warehouse? What if you could leverage your data team to drive operations?’ When the data warehouse is connected to the rest of the business, the possibilities are limitless.” Census explains in today’s announcement. “When we launched, our focus was enabling product-led companies like Figma, Canva, and Notion to drive better marketing, sales, and customer success. Along the way, our customers have pulled Census into more and more scenarios, like auto-prioritizing support tickets in Zendesk, automating invoices in Netsuite, or even integrating with HR systems.“
Census already integrates with dozens of different services and data tools and its customers include the likes of Clearbit, Figma, Fivetran, LogDNA, Loom and Notion.
Looking ahead, Census plans to use the new funding to launch new features like deeper data validation and a visual query experience. In addition, it also plans to launch code-based orchestration to make Census workflows versionable and make it easier to integrate them into enterprise orchestration system.
TigerGraph, a well-funded enterprise startup that provides a graph database and analytics platform, today announced that it has raised a $105 million Series C funding round. The round was led by Tiger Global and brings the company’s total funding to over $170 million.
“TigerGraph is leading the paradigm shift in connecting and analyzing data via scalable and native graph technology with pre-connected entities versus the traditional way of joining large tables with rows and columns,” said TigerGraph found and CEO, Yu Xu. “This funding will allow us to expand our offering and bring it to many more markets, enabling more customers to realize the benefits of graph analytics and AI.”
Current TigerGraph customers include the likes of Amgen, Citrix, Intuit, Jaguar Land Rover and UnitedHealth Group. Using a SQL-like query language (GSQL), these customers can use the company’s services to store and quickly query their graph databases. At the core of its offerings is the TigerGraphDB database and analytics platform, but the company also offers a hosted service, TigerGraph Cloud, with pay-as-you-go pricing, hosted either on AWS or Azure. With GraphStudio, the company also offers a graphical UI for creating data models and visually analyzing them.
The promise for the company’s database services is that they can scale to tens of terabytes of data with billions of edges. Its customers use the technology for a wide variety of use cases, including fraud detection, customer 360, IoT, AI, and machine learning.
Like so many other companies in this space, TigerGraph is facing some tailwind thanks to the fact that many enterprises have accelerated their digital transformation projects during the pandemic.
“Over the last 12 months with the COVID-19 pandemic, companies have embraced digital transformation at a faster pace driving an urgent need to find new insights about their customers, products, services, and suppliers,” the company explains in today’s announcement. “Graph technology connects these domains from the relational databases, offering the opportunity to shrink development cycles for data preparation, improve data quality, identify new insights such as similarity patterns to deliver the next best action recommendation.”
Trello, the Kanban board-centric project management tool acquired by Atlassian in 2017, today launched what is likely one of its most important updates in recent years. With significantly more than 50 million users, Trello is one of the most popular project management tools around and in many ways, it brought digital Kanban boards to the mainstream. That focus doesn’t change with today’s release, but the team is now adding a slew of new board views and new capabilities to the individual cards that make up those views, with a special focus on bringing more data from third-party tools right into those cards. That’s in addition to a number of changes to the overall look and feel of the service.
“Over the years, we’ve built this huge, passionate audience of people,” Michael Pryor, Trello’s co-founder and now Atlassian’s head of Trello, told me ahead of today’s announcement. “We have way over 50 million signups — and that 50 million numbers is from 2018 or something, they won’t let me yet give out the current number. […] Then last year, the pandemic hits. We talked about future of work, right? And then, all of a sudden, it was like: nope, that’s just work. That’s how everyone works. Now, it’s all distributed. We just compressed it all at once. And we had this overnight shift. So we would talk previously about this explosion of apps, we would talk about all the browser tabs, people getting lost in information sprawl. Now, it’s just turned up to eleven.”
The behind a lot of the new features was to make it easier for users to do more work inside of Trello and to get better macro views of what teams are working themselves, but also what is happing across teams and inside an organization. In addition, the new Trello adds more ways to see data from other tools natively inside the service, without having to switch tools.
In practice, that means Trello is adding five new views to Trello (and making it easy to switch between them): team table view for tracking cross-company or cross-project work in a spreadsheet-like fashion; timeline view for managing roadblocks and making data adjustments; calendar view for tracking deadline and time-sensitive tasks; map view for users who have location-based projects; and finally dashboard view for better visualizing success metrics and building reports.
For the most part, the names here are self-explanatory. What’s maybe the most interesting feature here, though, is that the new team table view is Trello’s first view that brings in multiple boards.
“It raises your perspective up to the portfolio level — not just at a single board level,” Pryor said. “Eventually, all the views will do that same thing and so we will essentially have this ability that if you’re on a board, you can pivot your cards and look at them depending on what the project is and how you need them.” The idea here, he explained, was to use Trello’s existing visual language and add these shared perspectives.
What’s also important here is that Trello plans to open this feature to third parties that may want to build their own views as well. The Trello team itself, for example, built a slide view that automatically creates slides for all of the cards in a project to make it easy for somebody to present them in a meeting, for example.
Pryor argues that what Trello is doing with its new cards, though, is maybe even more important. The team is essentially adding over 30 new card types where, just by adding a URL that links to YouTube, Google Drive, Figma, JIRA or even other Trello boards, you’ll be able to see previews of what you linked to right inside of Trello.
“What that does, I think, is that it elevates what that card represents from just being a thing that exists only within Trello to represent work that’s happening across all these other tools,” Pryor explained. “So now your JIRA tickets can exist alongside your Trello cards. And you’re categorizing that and moving and talking about it in a way that’s independent of what’s happening in JIRA — it could be connected to it, but it adds this ability to create a dashboard that brings all that work into one place.”
Pryor noted that the team wanted to leverage the simplicity and visual language that Trello’s users already love and then apply that to other tools. “We could get into a race and just build project management-type features. We’re really trying to build a project management app, instead of building an app that helps you manage all your projects. That’s distinct from going down this road where we’re just like: feature, feature, feature.” That approach, he argues, would just lead to bloat. Instead, the team wants to take its card metaphor, expand on that and allow its users to build new solutions inside of Trello, using a visual language they are already familiar with.
Another new feature that’s coming soon — and one that the Trello community has been expecting for a while — is mirror cards, which essentially allow you to share the same card between boards. All you have to do is link from a source card to a card on a card on another board and that new card will look just like the original card.
This morning Citadel ID announced a combined $3.5 million raise for its income and employment verification service. The startup provides an API to customer companies, allowing them to rapidly verify details of consumer employment.
The capital came from a blend of venture firms and angels. On the firm side, Abstract and Soma VC were in there, along with ChapterOne. Brianne Kimmel put capital in as well, according to the startup. And denizens with work histories at companies like Zynga (Mark Pincus), Stripe (Lachy Groom), Carta (Henry Ward), and others also put cash into the fundraise.
Citadel was founded back in June of 2020, before raising capital, snagging its first customer, and shipping its product all inside of the same year.
The idea for Citadel ID came when co-founder Kirill Klokov worked at Carta, the cap-table-as-a-service startup that recently built an exchange for the trading of private stock. Klokov discovered while working on the tech side of the company how hard it was to verify certain data, like employment and income and identity.
As Carta deals with money, stock, and the collection and distribution of both, you can imagine why having having a quick way to verify who worked where, and since when, mattered to the company. But Klokov came to realize that there wasn’t a good solution in the market for what Carta needed, sans building integrations to a host of payroll managers by hand and dealing with lots of data with varying taxonomies. That or using an in-the-market product, like Equifax’s The Work Number, which the founder described as expensive and offering relatively low coverage.
To fill the market void Klokov helped found Citadel ID, quickly building integrations into payrolls managers where there were hooks for code, and working around older login systems when needed. Citadel ID’s service allows regular folks to provide access to their employment data to others, allowing for the verification of their income (a rental group, perhaps), or employment (Carta, perhaps) quickly.
Per the startup the market demand for such verifications is in the hundreds of millions every year in the United States. So, Citadel should have plenty of market space to grow into. Citadel ID has around 20 customers today, it told TechCrunch, and charges on a per verification basis.
Finally, while Citadel also offers data via its website and not merely through its API, the startup still fits inside the growing number of startups we’ve seen in recent quarters foregoing traditional SaaS, and instead offering their products via a developer hook (sometimes referred to as a ‘headless’ approach). API-delivered startups are not new, after all Twilio went public years ago. But their model of product delivery feels like its gaining momentum over managed software offerings.
Let’s see how quickly Citadel ID can scale before it raises its Series A.
TechCrunch is embarking on a major project to survey the venture capital investors of Europe, and their cities.
Our survey of VCs in Copenhagen and Denmark will capture how the country is faring, and what changes are being wrought amongst investors by the coronavirus pandemic.
We’d like to know how Denmark’s startup scene is evolving, how the tech sector is being impacted by COVID-19 and, generally, how your thinking will evolve from here.
Our survey will only be about investors, and only the contributions of VC investors will be included. More than one partner is welcome to fill out the survey. (Please note, if you have filled out the survey already, there is no need to do it again).
The shortlist of questions will require only brief responses, but the more you can add, the better.
Obviously, investors who contribute will be featured in the final surveys, with links to their companies and profiles.
What kinds of things do we want to know? Questions include: Which trends are you most excited by? What startup do you wish someone would create? Where are the overlooked opportunities? What are you looking for in your next investment, in general? How is your local ecosystem going? And how has COVID-19 impacted your investment strategy?
This survey is part of a broader series of surveys we’re doing to help founders find the right investors.
For example, here is the recent survey of London.
You are not in Denmark, but would like to take part? That’s fine! Any European VC investor can STILL fill out the survey, as we probably will be putting a call out to your country next anyway! And we will use the data for future surveys on vertical topics.
Thank you for participating. If you have questions you can email email@example.com
(Please note: Filling out the survey is not a guarantee of inclusion in the final published piece.)
eSports “total solutions provider” VSPN (Versus Programming Network) has closed a $60 million Series B+ funding round, joined by Prospect Avenue Capital (PAC), Guotai Junan International and Nan Fung Group.
VSPN facilitates esports competitions in China, which is a massive industry and has expanded into related areas such as esports venues. It is the principal tournament organizer and broadcaster for a number of top competitions, partnering with more than 70% of China’s eSports tournaments.
The “B+” funding round comes only three months after the company raised around $100 million in a Series B funding round, led by Tencent Holdings.
This funding round will, among other things, be used to branch out VSPN’s overseas esports services.
Dino Ying, Founder, and CEO of VSPN said in a statement: “The esports industry is through its nascent phase and is entering a new era. In this coming year, we at VSPN look forward to showcasing diversified esports products and content… and we are counting the days until the pandemic is over.”
Ming Liao, the co-founder of PAC, commented: “As a one-of-its-kind company in the capital market, VSPN is renowned for its financial management; these credentials will be strong foundations for VSPN’s future development.”
Xuan Zhao, Head of Private Equity at Guotai Junan International said: “We at Guotai Junan International are very optimistic of VSPN’s sharp market insight as well as their team’s exceptional business model.”
Meng Gao, Managing Director at Nan Fung Group’s CEO’s Office said: “Nan Fung is honored to be a part of this round of investment for VSPN in strengthening their current business model and promoting the rapid development of emerging services and the esports streaming ecosystem.”
Released in 2011 “Start-up Nation: The Story of Israel’s Economic Miracle” was a book that laid claim to the idea that Israel was an unusual type of country. It had produced and was poised to produce, an enormous number of technology startups, given its relatively small size. The moniker became so ubiquitous, both at home and abroad, that “Israel Startup Nation” is now the name of the country’s professional cycling team.
But it’s been hard to argue against this position in the last ten years, as the country powered ahead, famously producing ground-breaking startups like Waze, which was eventually picked up by Google for over $1 billion in 2013. Waze’s 100 employees received about $1.2 million on average, the largest payout to employees in Israeli high tech at the time, and the exit created a pool of new entrepreneurs and angel investors ever since.
Israel’s heady mix of questioning culture, tradition of national military service, higher education, the widespread use of English, appetite for risk and team spirit makes for a fertile place for fast-moving companies to appear.
And while Israel doesn’t have a Silicon Valley, it named its high-tech cluster “Silicon Wadi” (‘wadi’ means dry desert river bed in Arabic and colloquial Hebrew).
Much of Israel’s high-tech industry has emerged from former members of the country’s elite military intelligence units such as the Unit 8200 Intelligence division. From age 13 Israel’s students are exposed to advanced computing studies, and the cultural push to go into tech is strong. Traditional professions attract low salaries compared to software professionals.
Israel’s startups industry began emerging in the late 19080s and early 1990s. A significant event came with acquisitor by AOL of the the ICQ messaging system developed by Mirabilis. The Yozma Programme (Hebrew for “initiative”) from the government, in 1993, was seminal: It offered attractive tax incentives to foreign VCs in Israel and promised to double any investment with funds from the government. This came decades ahead of most western governments.
It wasn’t long before venture capital firms started up and major tech companies like Microsoft, Google and Samsung have R&D centers and accelerators located in the country.
So how are they doing?
At the start of 2020, Israeli startups and technology companies were looking back on a good 2019. Over the last decade, startup funding for Israeli entrepreneurs had increased by 400%. In 2019 there was a 30% increase in startup funding and a 102% increase in M&A activity. The country was experiencing a 6-year upward funding trend. And in 2019 Bay Area investors put $1.4 billion into Israeli companies.
By the end of last year, the annual Israeli Tech Review 2020 showed that Israeli tech firms had raised a record $9.93 billion in 2020, up 27% year on year, in 578 transactions – but M&A deals had plunged.
Israeli startups closed out December 2020 by raising $768 million in funding. In December 2018 that figure was $230 million, in 2019 it was just under $200 million.
Late-stage companies drew in $8.33 billion, from $6.51 billion in 2019, and there were 20 deals over $100 million totaling $3.26 billion, compared to 18 totaling $2.62 billion in 2019.
Top IPOs among startups were Lemonade, an AI-based insurance firm, on the New York Stock Exchange; and life sciences firm Nanox which raised $165 million on the Nasdaq.
The winners in 2020 were cybersecurity, fintech and internet of things, with food tech cooing on strong. But while the country has become famous for its cybersecurity startups, AI now accounts for nearly half of all investments into Israeli startups. That said, every sector is experiencing growth. Investors are also now favoring companies that speak to the Covid-era, such as cybersecurity, ecommerce and remote technologies for work and healthcare.
There are currently over 30 tech companies in Israel that are valued over $1 Billion. And four startups passed the $1 billion valuation just last year: mobile game developer Moon Active; Cato Networks, a cloud-based enterprise security platform; Ride-hailing app developer Gett got $100 million ahead of its rumored IPO; and behavioral biometrics startup BioCatch.
And there was a reminder that Israel can produce truly ‘magical’ tech: Tel Aviv battery storage firm StorDot raised money from Samsung Ventures and Russian billionaire Roman Abramovich for its battery which can fully charge a motor scooter in five minutes.
Unfortunately, the coronavirus pandemic put a break on mergers and acquisitions in 2020, as the world economy closed down.
M&A was just $7.8 billion in 93 deals, compared to over $14.2 billion in 143 M&A deals in 2019. RestAR was acquired by American giant Unity; CloudEssence was acquired by a U.S. cyber company; and Kenshoo acquired Signals Analytics.
And in 2020, Israeli companies made 121 funding deals on the Tel Aviv Stock Exchange and global capital markets, raising a total of $6.55 billion, compared to $1.95 billion raised in capital markets in Israel and abroad in 2019, as IPOs became an attractive exit alternative.
However, early-round investments (Seed + A Rounds) slowed due to pandemic uncertainty, but picked-up again towards the end of the year. As in other countries in ‘Covid 2020’, VC tended to focus on existing portfolio companies.
Covid brought unexpected upsides: Israeli startups, usually facing longs flight to Europe or the US to raise larger rounds of funding, suddenly found that Zoom was bringing investors to them.
Israeli startups adapted extremely well in the Covid era and that doesn’t look like changing. Startup Snapshot found that 55% startups profiled had changed (or considered changing) their product due to Covid-19. Meanwhile, remote-working – which comes naturally to Israeli entrepreneurs – is ‘flattening’ the world, giving a great advantage to normally distant startup ecosystems like Israel’s.
Via Transportation raised $400 million in Q1. Next Insurance raised $250 million in Q3. Seven exit transactions with over the $500 million mark happened in Q1–Q3/2020, compared to 10 for all of 2019. These included Checkmarx for $1.1 billion and Moovit, also for a billion.
There are three main hubs for the Israeli tech scene, in order of size: Tel Aviv, Herzliya and Jerusalem.
Jerusalem’s economy and therefore startup scene suffered after the second Intifada (the Palestinian uprising that began in late September 2000 and ended around 2005). But today the city is far more stable, and is therefore attracting an increasing number of startups. And let’s not forget visual recognition company Mobileye, now worth $9.11 billion (£7 billion), came from Jerusalem.
Israel’s government is very supportive of it’s high-tech economy. When it noticed seed-stage startups were flagging, the Israel Innovation Authority (IIA) announced the launch of a new funding program to help seed-stage and early-stage startups, earmarking NIS 80 million ($25 million) for the project.
This will offer participating companies grants worth 40 percent of an investment round up to $1.1 million and 50 percent of a total investment round for startups in the country or whose founders come from under-represented communities – Arab-Israeli, ultra-Orthodox, and women – in the high-tech industry.
Investments in Israeli seed-stage startups decreased both absolutely and as a percentage of total investments in Israeli startups (to 6% from 11%). However, the decline may also be a function of large tech firms setting up incubation hubs to cut up and absorb talent.
Another notable aspect of Israel’s startups scene is its, sometimes halting, attempt to engage with its Arab Israeli population. Arab Israelis account for 20% of Israel’s population but are hugely underrepresented in the tech sector. The Hybrid Programme is designed to address this disparity.
It, and others like it, this are a reminder that Israel is geographically in the Middle East. Since the recent normalization pact between Israel and the UAE, relations with Arab states have begun to thaw. Indeed, Over 50,000 Israelis have visited the United Arab Emirates since the agreement.
In late November, Dubai-based DIFC FinTech Hive—the biggest financial innovation hub in the Middle East—signed a milestone agreement with Israel’s Fintech-Aviv. Both entities will now work together to facilitate the cross-border exchange of knowledge and business between Israel and the United Arab Emirates.
Perhaps it’s a sign that Israel is becoming more at ease with its place in the region? Certainly, both Israel’s tech scene and the Arab world’s is set to benefit from these more cordial relations.
Our Israel survey is here.
Lucile Cornet has been appointed Partner with Eight Roads Ventures Europe, a firm focusing on startups in Europe and Israel. Cornet is its first female Partner. Eight Roads is backed by Fidelity and has over $6 billion assets under management globally.
Cornet will be focusing on the software and fintech sectors and previously led a number of investments for the firm, having risen from Associate to Partner within five years. It’s an out of the ordinary career trajectory when VC is notorious for having a ‘no succession’ culture, unless partners effectively buy into funds.
Cornet commented: “I am hugely optimistic about what is to come for European technology entrepreneurs. We are seeing more and more amazing founders and innovative businesses across the whole European region with ambitions and abilities to become global champions, and I look forward to helping them scale up.”
Speaking with TechCrunch, Cornet added: “I feel so, so fortunate because I think we’ve been living during a once in a lifetime transformation in general in tech and also in Europe. To build some of those companies, and just be part of the ecosystem has been fantastic. I know how much more exciting things are going to be in the next couple of years.”
Cornet previously led investments into Spendesk, the Paris-based spend management platform; Thinksurance, the Frankfurt-based B2B insurtech; and Compte-Nickel, one of the first European neobanks which was successfully acquired by BNP Paribas in 2017. She also sits on the boards of VIU Eyewear, OTA Insight and Fuse Universal.
France-born Cornet’s previous career includes investment banking, Summit Partners, and she joined Eight Roads Ventures in 2015. She was a ‘rising star’ at the GP Bullhound Investor of the Year Awards 2020.
Commenting, Davor Hebel, managing partner at Eight Roads Ventures Europe, said: “We are delighted with Lucile’s success so far at Eight Roads. She has made a huge impact in Europe and globally since joining the firm. She has a tremendous work ethic and drive… identifying the best European companies and helping them scale into global winners. Her promotion also speaks to our desire to continue to develop our best investment talent and promote from within.”
Speaking to me in an interview Hebel added: “We always believed in a slightly different approach and we say when we hire people, even from the start, we want them to have judgment, and we want them to have that presence when they meet entrepreneurs. So it was always part of the model for us to say, we might not hire many people, but we really want them to have the potential to grow and stay with us and have the path and the potential to do so.”
In 2020, Eight Roads Ventures Europe invested in Cazoo, Otrium, Spendesk, Odaseva and most recently Tibber, completed eight follow-on investments and exited Rimilia. The firm also saw its portfolio company AppsFlyer reach a $2 billion valuation.