Weekly News of 09th of May
Colombia’s TuHabi, latest property tech ‘unicorn,’ touts $200 million funding
Colombia’s TuHabi became the country’s first property technology “unicorn,” or company with a $1 billion valuation, after announcing a fresh $200 million funding round, reports Reuters.
The company is just the second Colombian startup to reach unicorn status, following delivery application Rappi, which hit $1 billion valuation in 2018.
The proptech startup allows buyers to sell their home through a website and receive payment within 10 days. It often takes a year and a half on average for homeowners in Mexico and Colombia to sell a home and receive payment.
TuHabi, short for “Tu Habitacion” or “Your Room” in Spanish, buys homes directly and sells them through local brokers. Due in part to a lack of easily accessible sales records in Mexico and Colombia, TuHabi uses an algorithm to calculate a home’s value.
TuHabi was founded in Colombia in 2019 and expanded to Mexico two years later following a $100 million funding round. So far this year the firm has bought two Mexican real estate companies: Tu Canton and the parent company of Propiedades.com, Okol.
The startup will use the majority of its so-called Series C funding to focus on its Mexican expansion, and will primarily buy properties.
Chainalysis raises $170 mln in 6th funding round with $8.6 bln valuation
Chainalysis, the New York-based blockchain data platform company, had raised $170 million of new funding, bringing its valuation to $8.6 billion, reports Reuters.
The company plans to extend to regions such as Europe and Asia-Pacific.
Crypto’s increasing adoption and acceptance have also led to greater regulatory scrutiny, furthering demand from institutional users for Chainalysis services.
Fintech startup TIFIN raises funds at $842 mln valuation
Fintech platform TIFIN had raised $109 million in fresh capital in a late-stage funding round, with investments from Franklin Resources and J.P. Morgan Asset Management, reports Reuters.
TIFIN, founded in 2018, runs an artificial intelligence powered financial platform geared towards investors to help them manage their wealth and bridge the gap with asset managers.
The company intends to use the funds from the round to fuel its growth by adding additional products and expand outside the United States into new markets.
Battery maker Amprius Tech to go public via $939 mln SPAC merger
Battery maker Amprius Technologies is going public by merging with a blank-check firm in a deal that values it at $939 million, reports Reuters.
Founded in 2008, Fremont, California-based Amprius produces silicon anodes for lithium-ion batteries. The company says its cells provide more energy and power with much less weight and volume.
The deal with Kensington Capital Acquisition Corp will fetch $430 million in proceeds for the combined entity, which will list on the New York Stock Exchange after the deal closes in the second half of this year.
Of the $430 million, $200 million will be raised as part of an additional equity financing and the rest will be provided by the special-purpose acquisition company’s (SPAC) trust account.
DigitalBridge buys data center company Switch for $11 billion
DigitalBridge Group will buy data center operator Switch for $11 billion, including debt, marking the latest deal in the digital asset sector that has attracted large private equity firms and infrastructure funds, reports Reuters.
The data center industry has emerged as a hotbed of consolidation activity thanks to its key role in cloud computing infrastructure and a strong growth outlook underpinned by the increasing digital presence of businesses.
Switch is among the last remaining major data center operators listed on U.S. stock exchanges after several others including CyrusOne and QTS Realty Trust were acquired over the past few quarters.
Switch has more than 1,300 customers and operates and designs data centers in cities such as Atlanta. Its revenue rose by a quarter in the first three months of 2022 to $164.6 million.
The Switch deal is expected to close in the second half of 2022, after which the company will be closely held by an affiliate of IFM Investors and DigitalBridge.
