clock menu more-arrow no yes

Capital Gains: More Fidelity Unicorn Valuation Drama, Frat Bro Movers Add Cash

A record-setting week in Chattanooga.

Todd Bernard

Happy new year! While many were ringing in 2016 with booze, some startups were busy landing their next round of financing. Here they are:

  • Iconiq Capital led a $50 million Series F round for Procore, a startup that makes software for construction companies. Iconiq is best known as the VC firm that manages the money of Silicon Valley heavyweights like Reid Hoffman and Mark Zuckerberg. Procore is perhaps best known for having a really weird office in Santa Barbara (Wall Street Journal).
  • Logitech is spinning off its videoconferencing unit Lifesize, which has landed a $17.5 million venture funding round from Redpoint Ventures, Sutter Hill Ventures and Meritech Capital Partners. Logitech will keep a 37.5 percent stake in the company (Businesswire via Yahoo).
  • Bellhops, a Chattanooga, Tenn.-based on-demand startup that connects independently contracted movers (mostly college bros) with customers, has raised a $13.5 million Series A funding round led by Canaan Partners. This makes Bellhops the recipient of “the biggest one-time venture capital investment of any Chattanooga startup company” (Chattanooga Times Free Press).

Something notable: Fidelity Investments, along with Blackrock and several other big private equity firms, is a late-stage investor in a number of unicorn startups. If you look at Fidelity’s monthly reports on the value of its holdings, you can see what it thinks those investments are worth. In November, Fidelity revised upward the value of its Twilio stake by more than 30 percent. Domo, Dropbox and a few other startups, however, lost some luster in Fidelity’s eyes (Wall Street Journal).

One more thing: Startups in India raised $7.3 billion in 2015. The biggest single investor was Tiger Global Management, which put a total of $2.3 billion into 28 startups. The second-biggest was Sequoia Capital, followed by Accel, SAIF Partners and Kalaari Capital (Times of India).

This article originally appeared on Recode.net.