This post is by Russ Garland from Venture Capital Dispatch
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Fixt, an app for on-demand smartphone repair services, has raised $1.4 million in seed funding. The Baltimore company, incorporated as Asurvest Inc., performs one-time on-demand repairs for consumers, which typically range from $125 and $150, and offers enterprise customers a monthly insurance plan costing $3 to $6 per covered employee. For enterprise subscribers, the company can also permanently replace a phone. Fixt Chief Executive Luke Cooper said customers can usually get a repair within an hour of their request. He said the company plans to eventually expand to other devices of all kinds, as he expects demand for repair services to grow as connected Internet-of-Things technologies become more prevalent.
ALSO IN TODAY’S VENTUREWIRE (subscription required):
Quanterix Corp., which provides its molecular-testing technology to scientists and drug and diagnostics companies, said it has closed a $46 million Series D round that brought its post-money valuation more than $200 million.
LifeBEAM Technologies Ltd. grabbed $16 million in Series A funding as it prepares to release a wearable focused on exercise.
Medical-device company EndoStim Inc., which recently withdrew its registration to go public, has gathered $11 million toward a $20 million in financing, according to a regulatory filing.
Zeel Networks Inc., an on-demand massage provider, has closed $10 million of a $12 million Series A round.
OneRent Inc., a startup bringing a national model to the traditionally mom-and-pop industry of property management, has raised $4 million in Series A funding from Chinese social-networking company Renren Inc.
Boom Technology Inc. wants to take passengers from Tokyo to San Francisco in less than 5 hours, at the same price as business class. The supersonic aerospace company, backed by Y Combinator, on Wednesday announced a deal with Virgin Group Ltd.
Early-stage firm True Ventures has set out to raise up to $295 million for its fifth investment fund, according to a regulatory filing. If the Palo Alto, Calif., firm raises the full amount, the new fund would be slightly larger than its predecessor, which closed at $290 million in 2014.
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ELSEWHERE AROUND THE WEB:
Innovation Sputters as a Chinese Engine. Some experienced incubator executives, venture capitalists and tech entrepreneurs in China fear the rapid growth of incubators risks causing overcapacity of startup-friendly space—much like the ghost cities and now-deserted steel mills that were built with the government stimulus funds after the 2008 financial crisis. “So many incubators, so few startups,” is a common refrain among veteran incubator and startup founders.
Uber-Ola Rivalry Takes Nasty Turn in India. An already-bitter battle between Uber Technologies Inc. and its main local competitor for dominance of the Indian market has hit a new level of ferocity.
Pay-Per-Article Startup Blendle Signs Up U.S. Partners. Blendle. a Dutch startup that allows users to pay for news stories on a per-article basis, launches in the U.S. Wednesday and has signed on a handful of top publishers in a bid to create a journalism “micropayment” platform.
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