Weekly Round Up: 9/18/20

At Greenspring we believe in venture capital's ability to propel innovation, job creation and positive societal change. We celebrate those who think differently, take measured risk and challenge perceptions. Here's what's trending in VC this week:

Airtable, a spreadsheet-centric and user friendly business management tool, has raised $185 million in Series D financing with participation from Greenspring primary manager Benchmark. Read more here. 

Klue, an AI-powered competitive enablement platform, has raised $15 million in Series A financing led by Greenspring primary manager Craft Ventures. Read more here. 

PicnicHealth, a company that provides patients access to their medical records with the ability to contribute to scientific research, has raised $25 million in Series B financing led by Greenspring primary manager Felicis Ventures. Read more here.

Greenspring manager High Alpha is just a few days away from Alloy 2020, a virtual conference from 9/30 – 10/1 on building lasting innovation through the venture studio model. Register and see the agenda here.

Congratulations to Greenspring primary manager Lightspeed Venture Partners for their launch of Southeast Asia Operations! Read more about the team involved here. 

From product owner to partner at Greenspring primary manager Lightspeed Venture Partners, Harsha Kumar talks about her journey to get to this point. Read more here.

Snowflake's IPO this week marked a watershed moment for the cloud vertical as the largest software IPO in history, raising $3.4 billion and closing at $253.93, nearly 112% above the IPO price. Redpoint initially invested in Snowflake in 2014, when it led the Company's $26 million Series B financing round, and now owns a little over 9% of the company - or a staggering $5 billion in value, assuming a current trading price of around $230. Founded in 2012 and based in San Mateo, California, Snowflake offers a cloud data platform that allows enterprise customers to move their legacy workloads into the cloud. The company is differentiated from other data warehousing companies like Oracle due to its "off-premise" model. Off-premise data services have gained recent popularity due to their flexibility in using capital efficient remote resources, unlike "on-premise" models that require capital investment in servers and other equipment. Read more here. #SNOW

Online events hosting platform Airmeet has raised $12 million in Series A financing led by Greenspring primary manager Redpoint Ventures. Read more here.

American-Israeli DevOps platform JFrog made its Nasdaq debut this week, closing its first day of trading at around $65, 47% percent above its IPO price, for a market cap of $5.8 billion. The Company priced its shares well above the anticipated range it had set, raising about $352 million in the offering. Scale first invested in JFrog as part of its Series C round in January 2016. Founded in 2008 and based in Sunnyvale, California, JFrog provides technology tools that enable continuous updates, empowering developers to code high-quality applications that securely flow to end-users with zero downtime. The top 10 largest technology firms in the Fortune 100 are among the 5,000+ companies that use JFrog to manage binaries for their mission-critical applications and better engage with customers. Read more here. #FROG

"A commitment to diversity and positive change plays a strong role in the company attracting strong leadership and building a supportive and inclusive team culture." We are so proud of Greenspring direct investment Outdoorsy, the worlds largest RV rental company, whose recent new hires have resulted in women now comprising 40% of their executive leadership team! Read more here.

Congrats to all the CEOs that were recognized by The Software Report as the Top 50 SaaS CEOs of 2020, including Greenspring direct investment One Login. Take a look at the full list here. 

“I love the camaraderie within my department, especially! The fact that we are able to work remote so efficiently really blows my mind. That takes total commitment, dedication and trust within your team to make that happen, and we do that so well! There is no ceiling and your potential growth is uncapped.” #HumansOfGreenspring

Forbes just put out their Top 100 Cloud Companies list of 2020! Congratulations to all of the companies featured, including Greenspring direct investment Walk Me and Greenspring secondary investments UiPath, Cohesity, TripActions and Canva. Check out the full list here. 

❗ Join the NVCA on September 23rd for a discussion with industry experts on the new reforms to the Volcker Rule. Released in June, the reforms create an exemption for bank investment into venture capital funds that will go into effect on October 1st and benefit entrepreneurship, innovation and American communities. This reform is especially important to small and regional VC funds who have greater challenges raising the capital needed to build businesses, and will put capital to work building startup communities around the country. Register for the webinar here. 

Greenspring primary manager Redpoint Ventures recently led Silk and Sonder’s seed round, enabling the company to further its mission of making daily self-care easy and fun for women with its subscription-based mental wellness offerings. Read more on how the San Francisco-based company is helping women find authenticity, wellness and productivity here. #VCforGood

The content here is for informational purposes only and should NOT be taken as legal, business, tax, or investment advice. It does NOT constitute an offer or solicitation to purchase any investment or a recommendation to buy or sell a security. In fact, the content is not directed to any investor or potential investor and may not be used to evaluate or make any investment.