Irish Fintech Startup Fenergo Raises $80M


This post is curated by Keith Teare. It was written by Sophia Kunthara. The original is [linked here]

Irish fintech startup Fenergo has raised $80 million in a new funding round, the company announced Wednesday.

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The fresh cash brings Fenergo to about an $800 million valuation, according to the Irish Times. ABN AMRO Ventures and DXC Technology led the round for the company, which was founded in 2009 and is based in Dublin.

Fenergo makes “lifecycle management software” and handles compliance for banks and other financial institutions. It last raised nearly $72 million in an investment from DXC Technology in July 2019, according to Crunchbase. Now, the company has nearly $155 million in total funding.

“We are delighted to join ABN AMRO Ventures and DXC Technology’s investment portfolio. Their pedigrees, deep experience and industry knowledge make them both ideal investment partners for Fenergo,” CEO Marc Murphy said in a statement. “ABN AMRO joins BNP Paribas on our list of clients that are also investors. Ultimately, we only exist to serve the needs of our customers. Our goal is to ensure they can digitally transform, be regulatory assured and able to deliver award-winning customer experiences.”

ABN AMRO Ventures and DXC Technology join firms like Insight Venture Partners and BNP Paribas as investors.

The new funding will be used for more “product enhancement” and potentially for acquisitions of businesses that fit into Fenergo’s strategy.

Fenergo clients include Banc of California, Royal Bank of Canada, and First Abu Dhabi Bank. The company grew its revenue by 21 percent in 2019, according to a statement.

Illustration Continue reading “Irish Fintech Startup Fenergo Raises $80M”

WeWork Aims To Be Free Cash Flow Positive By 2022


This post is curated by Keith Teare. It was written by Sophia Kunthara. The original is [linked here]

WeWork laid out a five-year plan on Tuesday, including goals to be free cash flow positive by 2022 and have $1 billion of free cash flow by 2024.

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The announcement comes as the company closes a $1.75 billion credit line from Goldman Sachs and soon after WeWork appointed a new CEO, real estate executive Sandeep Mathrani.

As part of the five-year plan, the company said it expects to post its first-ever quarter with $1 billion in revenue this year. In 2021, it’s aiming to be adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) positive, and in 2022 WeWork’s goal is to be free cash flow positive.

Put simply, free cash flow means a company is “generating more cash than is used to run the business and reinvest to grow the business,” according to Investopedia.

When WeWork filed its S-1 document with the Securities and Exchange Commission, it was clear the company was burning cash. You can read more about the state of WeWork’s finances when it filed to go public here. But the summary of its cash situation is that its operations were consuming a lot of cash ($198.7 million in H1 2019), and the company’s investing cash was even more negative ($2.36 billion in H1 2019).

Looking ahead, WeWork is also aiming for 1 million memberships in 2023, and having $1 billion of free cash flow in 2024. The company had more than 662,000 total memberships by the end Continue reading “WeWork Aims To Be Free Cash Flow Positive By 2022”

Casper Prices Shares Between $17 And $19 With Valuation Below $1B


This post is curated by Keith Teare. It was written by Sophia Kunthara. The original is [linked here]

Mattress startup Casper is expected to price its shares between $17 and $19 each, according to an updated regulatory filing with the U.S. Securities and Exchange Commission.

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The company is aiming to raise $182.4 million if its shares price at the top of the range, bringing Casper’s valuation to up to about $768.2 million if underwriters exercise their options.

Casper’s maximum valuation is considerably below what it was last valued at privately. After the company raised its $100 million Series D in March 2019, it was valued at about $1.1 billion.

Questions about private valuations have been floating since WeWork’s IPO flop in the fall. WeWork had a private valuation as high as $47 billion (following its $1 billion Series H in January 2019) but saw its valuation slashed by tens of billions as it went through the IPO process.

In its S-1 filing, the company reported net revenue of $312.3 million for the first nine months of 2019, an increase of 20.3 percent from $259.7 million during the same period in 2018. Its losses came out to $67.4 million for the first nine months of 2019, which was about 5 percent higher than losses during the same period in 2018.

Casper reported having 1.4 million customers who have purchased at least one of the company’s 27 sleep products, which include mattresses, pillows, and bedding.

As a private company, Casper raised $339.7 million Continue reading “Casper Prices Shares Between $17 And $19 With Valuation Below $1B”