Funding refers to the process of raising funds for the purpose of business growth and these days funding has become a very important part of the business and startup world. Without funding, it is quite impossible to think about the growth of a business.
The last week was quite eventful in terms of funding activities and thus, we have a list of the top five funding activities of the week. The largest amount that was raised this week was $350 million by One Medical.
Lets now dig into the details and have a look at the other funding activities as well.
1) ELARA TECHNOLOGIES
Elara Technologies, the owner of Housing.com, PropTiger.com and Makaan.com that is based in Singapore has reportedly raised an amount of $35 million in a fresh funding round.
The round was led by Citi Singapore and these funds are being planned to be used for business growth. The investment will be made in the brand building, product & technology, sales force and geographic expansion.
With this, the company is planning to bring in and launch a range of new products this year with an aim to strengthen its customer offerings.
2) FINZY
Bengaluru-based P2P lending company Finzy has reportedly secured an amount of $2.3 million in funding, which included the first tranche of $1.3 million raised in March this year. In this tranche, the company raised the remaining $1 million.
The names of the investors have not been revealed, however, the company stated that senior professionals of the banking and financial services industry and successful entrepreneurs took a part in the funding round.
These funds raised by the P2P firm are being planned to be deployed in the geographical expansion, technology investment and stronger distribution networks.
3) GETAROUND
San Francisco-based Getaround, a car-sharing platform that provides instant and keyless car sharing has raised an amount of $300 million in the latest Series D funding round. The particular funding round was led by Japan’s SoftBank Group.
The other investors that were a part of this funding round included Toyota Motor and some other existing investors.
The funds raised by the company are being planned to use in the expansion process in areas of North America and around the world. Also, a part of the funds will be utilized to develop partnerships with automakers.
4) ONE MEDICAL
Alphabet-backed One Medical has reportedly announced that it has secured an amount of$350 million in a funding round. This round was led by the Carlyle Group.
The company is planning to utilize these funds in an aggressive expansion plan for the company, which will include doubling its 72 offices throughout the seven states.
Along with this, the funds will also assist the company in taking on dinosaur incumbents in the medical field as well as newer startups with a similar technology offering such as Forward, an AI-based “medical office of the future.”
Also, the funding will provide an opportunity for One Medical to boost up its human medical team. It has plans of investing highly in the clinical team and doubling its provider numbers.
5) REVV
New Delhi-based car-sharing platform Revv has reportedly secured funds amounting to Rs 100 Crore in a Series B funding round. This particular round was led by the popular South Korean car maker Hyundai Motor.
The other investors that participated in this round included Edelweiss and Beenext that are the company’s existing investors. Along with this, fresh investors like Dream Incubator, Sunjay Kapoor of Sona BLW and Telama Investment were also a part of it.
These company is planning to use the funds so raised for the expansion of its product offerings for both long-duration and on-demand use cases.
Also, a part of the funds will be used to strengthen its technology team and build brand awareness. The company is also looking to increase its existence to 30 cities in the next 12 months.