What startups are being funded amid Covid uncertainties?

Despite the public market volatility and the uncertainty on the economy, many private companies successfully closed impressive funding rounds. Here at PrivCo, we track the top fundings on a week by week basis. W continue to see an cautious market, albeit active one.

Indeed, the global private market investor dry powder is still elevated. The Top Deals for this week (3/23) still boast jaw-dropping numbers.

Most notably, PT Aplikasi Karya Anak Bangsa, doing business as Gojek, a ride-hailing and delivery platform business closed $1.2bn funding this week despite being on the front line of the coronavirus. The expanding platform of Gojek and its compelling growth trajectory demonstrated long-term potential and the ability to weather the virus-induced weaker demand.

However, the virus outbreak did put pauses on other types of deals. Most of the funding rounds we have seen since March are concentrated in pure internet plays. StackPath, who closed $216 million fundings this week, is a cloud and VM provider. Scopely, who raised $200 million, is a gaming company that has been a buying spree for the mobile sector. iCapital Network was able to secure funding led by the Chinese insurer Ping An in the middle of a financial market turmoil.

While a few weeks ago, the toilet paper DTC company Tushy made headlines of securing fundings amidst the toilet paper buying panic, most companies being funded today are companies that are always being preferred- a strong market fit and a sensible path forward.

Be well & Stay healthy everyone,
Whitney