The Daily Startup: Etsy’s IPO Could Be the Largest for a N.Y. Startup

dailystartup_D_20090806101628.jpgArt by Mike Lucas

The craft marketplace Etsy said its initial public offering could raise more than $300 million, The Wall Street Journal’s Lisa Beilfuss reports. If the company eventually raises that much or more for the offering, it would be the largest IPO for a New York-based venture-backed company since 1992, according to data from Dow Jones VentureSource. The largest IPO for a New York City-based startup was FXCM’s $210.8 million offering in December 2010, according to the VentureSource data. More recently, OnDeck Capital raised $200 million in its offering. The Etsy IPO could give the New York tech scene the large exit investors have been looking for as they funnel more money into startups in the city. Etsy’s  investors include Accel Partners, Index Ventures, Tiger Global Management and Union Square Ventures. Combined those investors own about a 62% stake in the startup.

ALSO IN TODAY’S VENTUREWIRE (subscription required):

Spruce Health, a company using mobile technology to cut long wait times to see a dermatologist, has added $15 million to the Series A round that the company began raising last year.The funding was led by Kleiner Perkins Caufield & Byers, which was joined by new investor Google Ventures and returning investors Cowboy Ventures and Baseline Ventures.

Noom, whose weight-loss and behavior-modification applications have occupied the top spot in the health category of the GooglePlay storefront for the past couple of years, has raised a $16.15 million Series B round. The round was led by new InterVest Co., a South Korea-based venture capital firm, joined by new investor Hanmi IT, which is a subsidiary of Hanmi Pharmaceutical Co. Ltd. Also joining the funding were return investors RRE Ventures, TransLink Capital and Qualcomm Ventures.

Thrasos Therapeutics has raised a $21 million Series D financing to make acute kidney injury a less-common complication of heart surgery. New investor BDC Capital and return backer SR One led this financing for Thrasos. Other previous investors participating included Advanced Technology Ventures, Fonds de solidarité FTQ, Lumira Capital, MP Healthcare Venture Management, Pappas and SW Co.

DroneDeploy, which provides Web-based software for commercial drone operators, has raised $9 million in Series A funding. Emergence Capital led the round, which included Angelpad, Data Collective and SoftTech VC.

(VentureWire is a daily newsletter with comprehensive analysis of all the investments, deals and personnel moves involving startups and their venture backers. For a two-week trial, visit, scroll to the bottom and click “try for free.”)


Sprinklr Joins the Billion-Dollar Club With New Funding. The startup Sprinklr, which helps large companies manage their social-media presence, has raised a new round of funding that values the company at $1.17 billion, The Wall Street Journal’s Yuliya Chernova reports. Battery Ventures, Iconiq Capital and Intel Capital co-led the $46 million round.

Ellen Pao’s Supporters Launch a New Campaign to Thank Her. The gender-discrimination case against Kleiner Perkins Caufield & Byers is over, but some have stepped forward to thank Ellen Pao for bringing the case against the venture capital firm, the WSJ’s Jeff Elder reports. The group started with an ad with the words “Thanks Ellen” in a Palo Alto, Calif., newspaper. The group also created a Facebook page and has T-shirts for sale.

Philips Sells Majority Stake in LED Components, Automotive Business. The publicly traded company Philips said it plans to sell a majority stake in its lighting components and automative-lighting operations, the WSJ’s Maarten Van Tartwijk reports. The deal would sell the business for about $3.3 billion in cash to Go Scale Capital, a fund led by venture-capital firms GSR Ventures and Oak Investment Partners. Go Scale Capital would own an 80.1% stake in the combined Philips business, with Philips retaining the rest.

Write to Mike Billings at Follow him on Twitter at @mbillings