Nebulous Closes $3.5M pre-Series A Led by Bain Capital
Nebulous, the tech startup behind the data-decentralization blockchain Sia Network announced that it raised $3.5 million in July featuring investments from Bain Capital, Bessemer Venture Partners, and Dragonfly Capital Partners. Nebulous has now raised $6.3 million since its launch five years ago.
Sia Network was the main focus of the investment, offering the world’s first functional decentralized storage network. By breaking user data down and distributing it to all of the nodes in the network, users can still access data if one or several nodes go down, a theoretical advantage over centralized data storage. Furthermore, Sia Network offers data storage that is much cheaper than the most popular options. For example, users can store 1 TB on the Sia Network for less than one dollar per month; Apple currently charges customers $3/month for 200GB of iCloud storage, though there are several functionality differences between the two options.
Nonetheless, Sia Network is relatively unknown and Nebulous reported that 450 Terabytes are currently stored on the Network, leaving a lot of room for growth. Bain Capital sees potential for Sia Network to expand into the streaming space and believes that the scalability and cost-advantage of the platform could lead to it becoming a go-to for storing movies and other digital media that is too niche for platforms like Netflix.
N26 Launches in the US, Adds $170m to Series D
Three weeks ago, German challenger bank N26 began accepting U.S. customers, a move that CEO Valentin Staff had hinted towards in recent months, and announced the launch of its mid-tier account package, N26 You. N26 You sits in between the basic package and the premium-tier N26 Metal and N26 Black packages. N26 is still working on expanding to other markets such as Brazil later this year.
On the heels of this announcement, it was revealed that the startup raised another $170m, which it is adding to its January $300m Series D. The new investment brings total capital raised to $670 million at a valuation of $3.5 billion, solidifying its position as the highest-valued German startup and one of the most valuable fintechs in the world. N26 has seen explosive growth since its founding in 2013.
Revolut Rolls Out Commission-Free Stock Trading
Not to be outdone by N26, Revolut made headlines of its own by beginning to offer commission-free stock trading to some of its Revolut Metal customers. While Revolut Metal costs €13.99 per month, trading stocks won’t incur those users any additional fees as long as they make fewer than 100 trades each month. At that point, any additional trades will cost one euro.
Revolut is partnering with DriveWealth on this project and will expand the offering to more users in the coming months. There are currently 300 U.S. listed stocks to pick from, but that will be expanded to include more U.S. equities as well as European stocks and ETFs.
The move will give Revolut a first-mover advantage over N26 for European customers looking for a European-equivalent to Robinhood, which has been a massive success among younger American investors. Revolut has said that it is looking to raise another $500m in capital this year as they try to win market share in Europe and capture other untapped markets.
Nubank raises $400M Series F
The latest round of funding brings the fintech to a valuation of $10B, up from the estimated $4B one year ago. Based in Brazil, Nubank is one of the most valuable startups in the world and among very few to have achieved ‘decacorn’ status with a $10B valuation. With 12 million customers, Nubank is actually the sixth-largest financial institution in Brazil by customer-count.
The Series F was led by Woody Marshall of TCV, a fund known for its early investment in Netflix.