Select deals from last week:
๐ฎ๐ฉ GoTo Group (different from GoTo Global), the merged entity of Indonesia's largest marketplaces Tokopedia and GoJek, raised $1.3 billion from Google, Tencent and others. Earlier this year, Bloomberg reported that GoTo Group is expected to go public targeting a valuation between $35-40 billion. The new funding would be used to expand the financial services offering and the customer base. The company is one of the 53 Super Apps globally. Also, to learn how online marketplaces are increasingly integrating fintech solutions, have a look at our recent report with Adevinta and Speedinvest.
๐บ๐ธ Alt, a P2P marketplace for high value sports cards, raised $75 million Series B to build a platform "for the next generation of assets". The funding would be used towards launching its mobile app and expanding into other alternative assets such as NFTs, watches and LP interests. Currently, the marketplace works as follows. A card is authenticated and graded by a leading grading group (e.g. PSA) before it can transfer ownership. Then the card it sent to Alt's facility which is fire-protected, light and temperature-controlled. The new owner could either receive the card or leave it in the facility. 99% of the cards are kept in the facility, meaning it is perceived as a store of value. Trading NFTs will expand Alt's Total Addressable Market tremendously. For example, OpenSea, the largest NFT marketplace, reached $3.4 billion in Gross Merchandise Volume last month. Have a look at NFT marketplaces here.
๐ฎ๐ณ MyGlamm, a Mumbai-based direct-to-consumer beauty and wellness company, reached unicorn status after raising $150 million Series D at $1.2 billion. This is 4x its last valuation in September when it topped up its Series C round from March. The company has $120 million revenue run-rate and achieved EBITDA break-even, reportedly. It expects to grow revenue run-rate to $250 million by March next year organically and through acquisitions. This year alone, MyGlamm has acquired The Moms Co and POPxo. MyGlamm is now one of 27 beauty marketplaces worldwide valued over $1B.
Other notable marketplace deals from the last week:
๐ฎ๐น Casovo, an Italian Instant Buyer (iBuyer), raised โฌ40 million at โฌ250 million valuation. Following the fresh funding, Casavo is the most valuable and funded real estate iBuyer in Europe, ahead of Kodit.io and Nested. However, Tiko's $65 million Series A is the largest round in the category in Europe this year. In 2021, the collective value of real estate iBuyers in Europe doubled to $1.4 billion. See how iBuyers fit into the future of homeownership in this interactive market landscape.
๐ฎ๐ณ Mensa Brands, a Bengaluru-based ecommerce aggregator, raised $135 at $1.0 billion valuation. We've deep-dived in this category in the previous newsletter.
๐บ๐ธ MOOV, a SF-based B2B marketplace for used equipment, raised $41 million. B2C marketplaces have become an essential part of everyday life (food delivery, insurance, mobility, etc), whereas B2B marketplaces did not have the opportunity to scale, yet. That's about to change as tech-savvy employees demand the same convenience of ordering office supplies or equipment as ordering a pizza.
๐จ๐ณ Hello Transtech (ex-HelloBike), a China-based bike sharing platform, raised $280 million at $6.2 billion valuation from Ant Group and Alibaba. The company filed for an IPO in the US in March this year, but scrapped its plans following the tech crackdown in China.
Read up on all the latest marketplaces deals in Dealroom.co
Exits:
๐บ๐ธ๐ธ๐ช Spotify is acquiring audiobook distribution company Findaway World. Spotify aims to become a one-stop shop for creators and listeners of any audio format (music, podcasts, audiobooks). Since 2019 Spotify spent $600 million on podcast-related acquisitions, including $200 million for Gimlet Media. Findaway has partnerships with audiobook publishers such as Apple iBooks, Google, Amazon's Audible and Storytel. Last year, it was estimated the audiobooks industry will grow at 22% CAGR to $13 billion by 2027. However, given Spotify's large the premium subscribers base (172 million as of October), could the audiobook industry grow bigger and faster?
๐บ๐ธ๐บ๐ธ Durational Capital Management is taking direct-to-consumer mattress company Casper private. The company is bought out at $286 million, or 94% premium to its market capitalization on Friday last week. When Casper IPO-ed last year, the company was valued at $476 million, less than half its last private valuation of $1.1 billion in 2019.
๐บ๐ธ๐ซ๐ฎ Doordash has acquired Helsinki food delivery service Wolt for โฌ7 billion, in an all-stock transaction. DoorDash is seeking to expand into Europe's growing online grocery market. In 2014, Wolt launched as a pick-up only service. It added the delivery option later. Last year, it also launched grocery and medicine delivery. Its model has been to partner with supermarkets such as Spar and Carrefour to deliver groceries.
Read up on all the latest marketplaces exits in Dealroom.co