Category: free software

Chilean fintech Xepelin secures $230M in debt and equity from Kaszek, high-profile angels



Chilean startup Xepelin, which has created a financial services platform for SMEs in Latin America, has secured $30 million in equity and $200 million in credit facilities.

LatAm venture fund Kaszek Ventures led the equity portion of the financing, which also included participation from partners of DST Global and a slew of other firms and founders/angel investors. LatAm- and U.S.-based asset managers and hedge funds — including Chilean pension funds — provided the credit facilities. In total over its lifetime, Xepelin has raised over $36 million in equity and $250 million in asset-backed facilities.

Also participating in the round were Picus Capital; Kayak Ventures; Cathay Innovation; MSA Capital; Amarena; FJ Labs; Gilgamesh and Kavak founder and CEO Carlos Garcia; Jackie Reses, executive chairman of Square Financial Services; Justo founder and CEO Ricardo Weder; Tiger Global Management Partner John Curtius; GGV’s Hans Tung; and Gerry Giacoman, founder and CEO of Clara, among others.

Nicolás de Camino and Sebastian Kreis founded Xepelin in mid-2019 with the mission of changing the fact that “only 5% of companies in all LatAm countries have access to recurring financial services.”

“We want all SMEs in LatAm to have access to financial services and capital in a fair and efficient way,” the pair said.

Xepelin is built on a SaaS model designed to give SMEs a way to organize their financial information in real time. Embedded in its software is a way for companies to apply for short-term working capital loans “with just three clicks, and (Read more...)

Iterative raises $20M for its MLOps platform



Iterative, an open-source startup that is building an enterprise AI platform to help companies operationalize their models, today announced that it has raised a $20 million Series A round led by 468 Capital and Mesosphere co-founder Florian Leibert. Previous investors True Ventures and Afore Capital also participated in this round, which brings the company’s total funding to $25 million.

The core idea behind Iterative is to provide data scientists and data engineers with a platform that closely resembles a modern GitOps-driven development stack.

After spending time in academia, Iterative co-founder and CEO Dmitry Petrov joined Microsoft as a data scientist on the Bing team in 2013. He noted that the industry has changed quite a bit since then. While early on, the questions were about how to build machine learning models, today the problem is how to build predictable processes around machine learning, especially in large organizations with sizable teams. “How can we make the team productive not the person? This is a new challenge for the entire industry,” he said.

Big companies (like Microsoft) were able to build their own proprietary tooling and processes to build their AI operations, Petrov noted, but that’s not an option for smaller companies.

Currently, Iterative’s stack consists of a couple of different components that sit on top of tools like GitLab and GitHub. These include DVC for running experiments and data and model versioning, CML, the company’s CI/CD platform for machine learning, and the company’s newest product, Studio, its SaaS (Read more...)

Iterative raises $20M for its MLOps platform



Iterative, an open-source startup that is building an enterprise AI platform to help companies operationalize their models, today announced that it has raised a $20 million Series A round led by 468 Capital and Mesosphere co-founder Florian Leibert. Previous investors True Ventures and Afore Capital also participated in this round, which brings the company’s total funding to $25 million.

The core idea behind Iterative is to provide data scientists and data engineers with a platform that closely resembles a modern GitOps-driven development stack.

After spending time in academia, Iterative co-founder and CEO Dmitry Petrov joined Microsoft as a data scientist on the Bing team in 2013. He noted that the industry has changed quite a bit since then. While early on, the questions were about how to build machine learning models, today the problem is how to build predictable processes around machine learning, especially in large organizations with sizable teams. “How can we make the team productive not the person? This is a new challenge for the entire industry,” he said.

Big companies (like Microsoft) were able to build their own proprietary tooling and processes to build their AI operations, Petrov noted, but that’s not an option for smaller companies.

Currently, Iterative’s stack consists of a couple of different components that sit on top of tools like GitLab and GitHub. These include DVC for running experiments and data and model versioning, CML, the company’s CI/CD platform for machine learning, and the company’s newest product, Studio, its SaaS (Read more...)

From bootstrapped to a $2.1B valuation, ReCharge raises $227M for subscription management platform



ReCharge, a provider of subscription management software for e-commerce, announced today that it has raised $227 million in a Series B growth round at a $2.1 billion valuation. 

Summit Partners, ICONIQ Growth and Bain Capital Ventures provided the capital.

Notably, Santa Monica, California-based ReCharge was bootstrapped for several years before raising $50 million in a previously undisclosed Series A from Summit Partners in January of 2020. And, it’s currently cash flow positive, according to company execs. With this round, ReCharge has raised a total of $277 million in funding.

Over the years, the company’s SaaS platform has evolved from a subscription billing/payments platform to include a broader set of offerings aimed at helping e-commerce businesses boost revenues and cut operating costs.

Specifically, ReCharge’s cloud-based software is designed to give e-commerce merchants a way to offer and manage subscriptions for physical products. It also aims to help these brands, primarily direct to consumer companies, grow by providing them with ways to “easily” add subscription offerings to their business with the goal of turning one-time purchasers “into loyal, repeat customers.”

The company has some impressive growth metrics, no doubt in part driven by the COVID-19 pandemic’s push to all things digital. ReCharge’s ARR grew 146% in 2020, while revenue grew over 136% over the same period, according to co-founder and CEO Oisin O’Connor, although he declined to reveal hard numbers. The startup has 15,000 customers and 20 million subscribers across 180 countries on its platform. Customers include Harry’s, Oatly, Fiji (Read more...)

Gillmor Gang: Shaken, not stirred



With one day to go to the election, our thoughts are with those who look forward to talking about something else. Difficult as it might be to imagine, there must be other things to work on. One thing that comes to mind is the impact of the virus on how we manage our days and nights in a digital environment. Mobile devices have already propelled much of the change, but the pandemic has accelerated the move to a hybrid distributed lifestyle.

The election has mandated our attention to the political situation in ways that have expanded early voting and legal efforts to slow it down. Regardless of the outcome, the pressure to adapt to this new collaborative workflow will intensify. People have already seen significant shifts from commuting to time switching in a home context. Podcasting, which had emerged from a hackerish geeky hobby in recent years, has morphed into a more commercial adjunct to mainstream media.

In the process, new formats such as newsletters and live streaming have attracted investment from companies including Spotify and Audible, related technologies like Otter (transcription), Substack, Medium, new bundles of services (Apple One) and cable network disrupters, digital-first publishers like The Recount may have started out as traditional takes on political commentary, but in the windup of the campaign they are reaching audiences via notifications rather than repetitive cable talking heads and panels.

This roll up of breaking notifications and user-controlled editorial access have major implications for the near future post-election, however long (Read more...)