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American money

Fundings-in-Brief: Fiddlehead Raises $1.8m Seed Capital, Jungoo Closes $10m Series B, more

April 21, 2016

Drone Software Company PrecisionHawk Raises $18m Series C

Drone technology company PrecisionHawk has raised $18 million in a Series C round with a long list of investors: research funders Innovate Indiana Fund, tech company backers Millennium Technology Value Partners, Intel’s venture capital arm Intel Capital, Yamaha Motor Ventures, Japanese mobile network NTT DOCOMO Ventures, insurance company USAA, and Verizon Ventures. Based in Raleigh, North Carolina, the company taps artificial intelligence and remote sensing technologies to help business operations make decisions about day-to-day operations. The company describes its service as an end-to-end solution for collecting, processing, and analyzing data to obtain actionable insights. It also helps companies navigate the developing regulatory framework for commercial drone use, which is not universally permitted in the US at the moment. Find out more about how big tech is investing in agtech on AgFunderNews.

Predictive Food Industry Forecasting Company Fiddlehead Raises $1.8m Seed Round

Providing predictive forecasting information for the food and beverage industry, Fiddlehead has raised $1.8 million in a seed round led by Canada tech startup investor Build Ventures along with participation from non-profit growth-oriented investors The New Brunswick Innovation Foundation. With the company’s flagship product, companies can get recommendations on whether to lower inventory, improve service levels, and other metrics. One of the world’s biggest frozen food manufacturers, McCain Foods, helped Fiddlehead develop its system. The company plans to use the funding to hire data science and development staff as well as boosting sales and marketing programs across North America.

Hyper-Local Marketplace Jungoo Raises $10m Series B

Launched in November 2014, Chandigarh-based Jungoo has closed a $10 million Series B led by existing investor and online payment and commerce platform Paytm. Existing investor Snow Leopard Capital Management, which focuses on emerging markets, also participated in the round along with new investor data science investors The startup provides a hyper-local online marketplace, facilitates rickshaw rides, and provides food and grocery delivery services. Jungoo will use the funds to improve driver efficiency and expand its presence in new markets. The company already services 29 cities and reports servicing 120 million users. It also maintains a 10,000-strong fleet of auto-rickshaw drivers in India, which it is expanding.

Mobile Food Ordering App Wolt Raises $12.4 Series B

Helsinki-based food delivery mobile app Wolt closed a $12.4 million Series B from a group of major Nordic investors including the Skype founder Niklas Zennstrom, Nokia chairman Risto Siilasmaa, and Supercell CEO Ilkka Paananen. The funds will be used to expand the company by hiring new teams and launching in new cities and countries. Product development at the Wolt headquarters is also on the agenda. The former CEO of Kees Koolen also participated in the round and will join Wolt’s board of directors. Wolt offers users delivery from over 400 restaurants across 30 cities in Sweden, Turkey, and Finland.

Latin American On-demand Grocery Delivery App Cornershop Closes $6.7m Series A

E-commerce retailer Cornershop has closed a $6.7 million Series A led by Jackson Square Ventures and ALLVP with participation from Nordic early-stage investors Creandum, IT investors Accel, co-investment vehicle Endeavor Catalyst, and more. Taking its cue from the plethora of specialty stores adorning the corners of Latin American streets, Cornershop offers users on-demand grocery delivery services. The company launched in July 2015 and currently operates in Mexico City and Santiago de Chile. According to Cornershop, over 60% of Mexico’s population uses smartphones; Mexican consumers are purchasing more and more items online.

Online Flower Delivery Service UrbanStems Raises $900k Venture Round

DC-based online flower market UrbanStems closed a $900,000 venture round with an undisclosed group of investors. The startup offers fresh flower delivery within minutes after ordering starting at $35 for the flowers. Delivery is free. The company currently services the DC Metro Area, Manhattan, Brooklyn, and Queens. It offers an online ordering platform for businesses and an iOS enabled mobile app for individuals.

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