Perfect Day, a global leader in the research, development and production of flora-based dairy, announced the closing of $140 million Series C funding round led by Temasek with substantial involvement from past investors. This third round of funding will help accelerate Perfect Day’s business growth—including expanding its production capacity, going deeper with partner opportunities and extending its product portfolio—to further its commitment to bringing consumers the dairy products they know and love, completely animal-free. “In 2019, we showed that our manufacturing process works robustly at commercial scale,” said Ryan Pandya, CEO and co-founder of Perfect Day. “We were able to demonstrate with our ice cream launch—which sold out in a single day—that flora-based protein delivers on the dairy experience, and that people are excited about what we’re doing. Our focus in 2020 will be manufacturing and commercializing the protein in multiple continents, through multiple partnerships spanning different dairy product categories,” the Indian American added. The company plans to announce its first commercial partnerships early in 2020. Energized by the company entering commercial production, and by the successful limited-edition ice cream launch in July, both Temasek and Horizons Ventures—who led Perfect Day’s Series B funding earlier this year—have returned to support the company’s growth, alongside past investors. This round brings Perfect Day’s cumulative funding to over $200 million.
Riversand Secures Additional $10 Million Investment
Riversand, a leading software-as-a-service master data management and product information management solution provider, has received additional funding from Crestline Investors. In 2017, Crestline invested $35 million in Riversand for a Series A round. The additional investment will be used to continue Riversand’s product innovation as a technology leader in the space and fund growth initiatives. The data management market is experiencing rapid growth as companies realize the value of data as a foundational requirement for business success. Riversand’s delivery of its cloud-native data management platform in 2018 fueled demand for its cloud offerings, creating an opportunity for additional investment to support expansion initiatives. Crestline brings investment expertise to the data management market, having invested in several data management opportunities over the past few years, including leading a 2018 investment round for Actifio and exiting its previous investment in SpringCM through a $220 million acquisition by DocuSign. “Crestline Investors is a valued partner and has enabled us to deliver a best-in-class product that is seeing incredible adoption and high levels of customer satisfaction,” said Upen Varanasi, CEO and founder of Riversand. “We will use this additional capital to continuously strengthen our product through innovation, amplify our sales and marketing efforts, and accelerate growth in new geographies and market verticals.”
Zippin Announces $12 Million Series A Financing Round
Zippin, the industry leading startup enabling cashier-less checkout for brick and mortar retail, announced the recent closing of $12 million in Series A funding led by Evolv Ventures, the venture fund backed by Kraft Heinz. Zippin uses a combination of computer vision, AI, and sensor fusion technology to offer consumers a completely checkout-free shopping experience. Launched in 2015, the company is powering four autonomous public stores and several private pilot stores globally. The Series A round was led by Evolv Ventures, which is focused on making investments in emerging and fast-growing technology-enabled companies transforming the food and CPG industry. The Series A funding will help Zippin accelerate new store launches in the coming months, with plans to open new stores for grocery and convenience chains, sports facilities, airports and more. “When we launched the Zippin platform for retailers in 2018, we removed friction from the checkout process. With the Zippin Cube, we are aiming to remove friction from bringing that experience to retail stores,” said Krishna Motukuri, CEO of Zippin. “We obsess about retail operations and physical infrastructure just as much as we obsess about AI and computer vision. That’s why we have more operational public stores than most other startups in the checkout-free space.” This round brings the company’s total funding to $15 million and will allow Zippin to further invest in product innovation, grow its technical team and expand sales and partnership efforts.
Vistara Closes Oversubscribed Technology Growth Debt Fund at $115M
Vistara Capital Partners has announced the oversubscribed final close of its Vistara Technology Growth Fund III LP, reaching its hard cap of $115 million. This quickly follows the fund’s second close of $75 million in July of this year. Vistara has already committed approximately 30 percent of the fund across five companies and will look to invest the balance over the next year. The fund is being deployed into North American, growth-stage technology companies seeking less dilutive financing through flexible growth debt and hybrid debt-equity solutions. “We surpassed our original $100 million goal with support from a number of new investors and significantly increased commitments from returning investors based on our track record and a growing channel of investment opportunities,” said Randy Garg, founder and managing partner of Vistara. “We are very grateful for the confidence shown in our ability to create value for our investors and portfolio companies.” Growth debt and hybrid debt-equity solutions are being increasingly utilized by technology companies looking to accelerate growth. Vistara’s financing is complementary to and often done in partnership with bank lenders and traditional venture capital or growth equity investment. Vistara has also found great success working with founder-owned, bootstrapped companies, which are mindful of preserving ownership and control as they seek expansion financing or partial liquidity prior to an exit.