All posts tagged: 111M

Bunq, the Dutch neobank, has raised 1M at a flat .8B valuation to break into the US

Bunq, the Dutch neobank, has raised $111M at a flat $1.8B valuation to break into the US

Remote working and digital nomads became two very prominent aspects of the world of work during the pandemic, shedding a light on the millions of people who live in one country but earn money in another. Now, a startup that is building financial services catering to that demographic is announcing some growth funding to expand its business. Bunq — a Dutch startup that provides banking, savings, payments, card, and other services to consumers with a focus on people who might need such services in more than one country across Europe — has raised €100 million in equity funding ($111 million at today’s rates), €44.5 million that just closed today, and a previously undisclosed €55.5 million earlier this year. The investment is being made as an “inside round” from previous backers, specifically Pollen Street Capital, Raymond Kasiman and founder and CEO Ali Niknam. The round is coming in a valuation of €1.65 billion ($1.8 billion today; $1.9 billion in 2021), exactly the same valuation the neobank had in 2021 when it raised $228 million from the …

DigitalOcean acquires cloud computing startup Paperspace for 1M in cash

DigitalOcean acquires cloud computing startup Paperspace for $111M in cash

DigitalOcean, the cloud hosting business, today announced that it’s agreed to acquire Paperspace, a New York-based cloud computing and AI development startup, for $111 million in cash. DigitalOcean CEO Yancey Spruill says that Paperspace’s infrastructure and tooling, once integrated with DigitalOcean’s products, will enable customers to more easily test, develop and deploy AI applications. As for Paperspace customers, they’ll benefit from DigitalOcean’s cloud services, he says — including databases, storage, app hosting, documentation, tutorials and a robust support system. For now, Paperspace will remain a standalone business unit within DigitalOcean, and Paperspace customers won’t see immediate changes to their service. “We’re excited to expand our portfolio tailored to the world’s small- and medium-sized (SMBs) businesses and startups with simplified AI and machine learning offerings,” Spruill said in a press release. “The combined offerings allow customers to focus more on building applications and growing their businesses and less on the infrastructure powering them.” Paperspace was co-founded in 2014 by Daniel Kobran and Dillon Erb, graduates from the University of Michigan. Backed by Y Combinator and Jeff …