Industry News
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Top stories summarized by our editors
7/23/2021

Special purpose acquisition company Property Solutions Acquisition has completed its merger with electric vehicle startup Faraday Future and the carmaker's shares are now trading publicly on Nasdaq. Faraday will use the roughly $1 billion in proceeds to ramp up production of its FF 91 crossover at a plant in Hanover, Calif.

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Reuters, CNBC, The Verge
7/23/2021

A funding round that includes investments from Blackstone Group and Fidelity is close to bringing in $1 billion for the delivery startup Gopuff, based on a $15 billion valuation, sources said. A private funding round in March gave the startup an $8.9 billion valuation.

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Bloomberg
7/23/2021

Matterport, a startup that offers technology for virtual tours of real estate listings, said it received proceeds of $605 million and became publicly traded through its merger with the special purpose acquisition company Gores Holdings VI. Investors included Fidelity Management & Research.

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Reuters
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SPAC
7/23/2021

Interos, a startup that develops operational resilience and risk management technology, raised $100 million in a Series C funding round that gave it a valuation that tops $1 billion. The company's clients include the US Department of Defense, NASA and several Fortune 500 companies.

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FinSMEs
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US Department of Defense
7/23/2021

Magic, a blockchain-based identity verification platform, raised $27 million in its Series A funding round. The company will use the new capital to step up efforts to commercialize its service.

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VentureBeat
7/23/2021

Sendlane, a marketing automation startup that helps retailers turn occasional shoppers into regular customers, raised $20 million in its Series A funding round. With the new capital the company will continue working on "a ton of new products coming out in the next 12 to 18 months," said co-founder and CEO Jimmy Kim.

7/23/2021

Shares of Zomato, an Indian food delivery startup, shot up 65% today following its initial public offering, with closing prices giving it a $13.2 billion market capitalization. Zomato is the first of India's consumer technology startups to go public.

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Zomato
7/23/2021

Shares of drug discovery platform Absci were priced at $16 apiece for its initial public offering but opened at $21, giving the company a valuation of almost $2 billion. With the new capital, the company plans to pursue drug development partnerships with major pharmaceutical companies.

7/23/2021

There is a growing sense among Washington lawmakers that the administration's bipartisan $1.2 trillion infrastructure deal will continue to move toward legislation, despite losing its closure vote on Wednesday. Proponents have been working since then to ensure continued backing and, while some Democrats have offered the bill no more than moderate approval, it appears to be collecting enough support to move to a further vote next week.

7/23/2021

ISDA has launched a new microsite on its Benchmark Reform and Transition from LIBOR InfoHub to provide information concerning adoption rates for the ISDA 2020 IBOR Fallbacks Protocol. The microsite, developed in coordination with The Brattle Group, includes graphs comparing certain fallback rates and data from consultations on IBOR benchmark fallback rates.