Visa will not acquire Plaid after running into regulatory wall

Visa and Plaid called off their agreement this afternoon, ending the consumer credit giant’s takeover of the data-focused fintech API startup.

The deal, valued at $5.3 billion at the time of its announcement, first broke cover on January 13, 2020, or nearly one year ago to the day. However, the Department of Justice filed suit to block the deal in November of 2020, arguing that the combination would “eliminate a nascent competitive threat that would likely result in substantial savings and more innovative online debit services for merchants and consumers.”

At the time Visa argued that the government’s point of view was “flawed.”

However, today the two companies confirmed the deal is officially off. In a release Visa wrote that it could have eventually executed the deal, but that “protracted and complex litigation” would take lots of time to sort out.

It all got too hard, in other words.

Plaid was a bit more upbeat in its own notes, writing that in the last year it has seen “an unprecedented uptick in demand for the services powered by Plaid.” Given the fintech boom that 2020 saw, as consumers flocked to free stock trading apps and neobanks, that Plaid saw growth last year is not surprising. After all, Plaid’s product sits between consumers and fintech companies, so if those parties were executing more transactions, the API startup likely saw more demand for its own offerings.

TechCrunch reached out to Plaid for comment on its plans as an independent company, also asking how quickly it grew during 2020. Update: Plaid responded to TechCrunch noting that it saw 60% customer growth in 2020, bringing it to more than 4,000 clients. If we presume even moderate net dollar retention amongst its customer base, Plaid could have grown by triple-digits last year, in percentage terms.

While the Visa-Plaid deal was merely a single transaction, its scuttling doesn’t bode well for other fintech startups and unicorns that might have eyed an exit to a wealthy incumbent. The Department of Justice, in other words, may have undercut the chances of M&A exits for a number of fintech-focused startups or at least created more skittishness around that possible exit path.

If so, expected exit valuations for fintech upstarts could fall. And that could ding both fintech-focused venture capital activity, and the price at which startups in the niche can raise funds. If the Visa-Plaid deal was a huge boon to fintech companies that used it as a signpost to help raise money at new, higher valuations, the inverse may also prove true.

 

Sono Motors plans to license the tech that powers its solar electric car

Sono Motors wants to bring technology it developed for its solar electric car to the masses. And it’s starting with autonomous shuttle startup EasyMile.

The German-based startup said Tuesday during a presentation at the virtual 2021 CES tech trade show that it will license its solar body panel technology to other companies. EasyMile, which provides electric autonomous shuttle buses to governments, universities and other companies, will be the first to integrate the solar body panels onto its vehicles, according to Sono Motors co-founder and CEO Laurin Hahn, who made the announcement after the company’s next-generation Sion solar electric car was revealed.

From afar, the Sono Motors’ electric Sion vehicle looks like a compact car with black paint. Upon closer inspection, the entire exterior of the vehicle is actually comprised of hundreds of solar cells that have been integrated into polymer instead of glass.

This makes them lighter, robust, cheaper and more efficient than any other technology available at the present in the markets, according to Arun Ramakrishnan, senior solar integration manager at Sono Motors, who added that they can be integrated into almost any object. 

The solar body panels are lightweight — comparable to traditional body panels on today’s modern cars — and the polymer coating prevents the cells from splintering, the company said.

These solar cells convert sunlight into energy, which is stored in the vehicle’s battery. The solar cells, which work if a vehicle is driving or parked, can add up nearly 21.7 miles of range per day on the Sion car, the company said, noting that these stats are based on average weather in Munich.

The aim is to make vehicles less dependent on charging infrastructure, Hahn said.

Sono Motors

Image Credits: Sono Motors/screenshot

The solar body panels aren’t designed to replace traditional charging methods. However, it can reduce how often the vehicle needs to be plugged in. Sono Motors noted that the solar integration in the Sion car extends the need to plug in from once a week to every four weeks, stats based on an average daily commute in Germany of 10 miles.

Sono Motors showed Tuesday a trailer outfitted with the solar body panels, just one use case for the technology. The trailer, which is just a prototype, is capable of generating up to 80 kilowatt hours per day.

“Just imagine the massive potential,” Ramakrishnan said, noting that the tech could be used by refrigerated trucks or other fleets.

Techstars names Maëlle Gavet CEO as the accelerator group looks to expand

This morning Techstars, a network of startup accelerators and a venture capital fund, announced that Maëlle Gavet is its new CEO. Former CEO and co-founder David Brown will stay on Techstars’ board, while the group’s other co-founder, David Cohen, will become the chairman of its board.

TechCrunch spoke with Gavet this morning about her new job, the timing of the change, the company’s plans for expansion and her goals in the role.

Gavet, who said she was brought aboard to help Techstars grow, detailed her work experience at prior roles in companies of greater scale and multiple geographies, including Compass and Booking.com.

TechCrunch was curious how large the startup market is, and how much space is left in different geographies and niches for Techstars and others to expand into. Gavet said that she had asked the same question to Techstars when she was being recruited for her new role. She said there is a wealth of overlooked talent and underinvested geographies that could be empowered and unlocked with capital and help. Techstars wants to go find those founders and invest in them. Update: The language in this paragraph was edited after publication for clarity.

That means, we presume, more accelerators in more places investing in more founders.

Gavet told TechCrunch that Techstars has invested in over 2,300 companies and is putting capital into around 500 yearly.

The new CEO explained that she believes it is possible to generate strong returns for her investors while providing lots of support for entrepreneurs and having a positive social impact. That’s an ambitious list of things to execute at once, but if she succeeds her effort could help diversify the world of tech entrepreneurs, something that has long been needed.

Seeing a startup exchange leaders to optimize for different, and larger-scale, operating experience is not rare. For a meta-startup, an accelerator-and-investing concern, to do the same is not surprising.

TechCrunch regularly covers accelerator cohorts, including Techstars (some recent notes here) and Y Combinator, among other programs. Some of tech’s biggest names have come out of such accelerator groups, historically, including Airbnb (now public) from Michael Seibel-led Y Combinator, TalkDesk (worth over $3 billion) from Christine Tsai-led 500 Startups, and Techstars’ own SendGrid (bought by Twilio for $2 billion).

It will be interesting to see where Techstars takes its accelerator model next — the group sometimes partners with companies, or groups like the United States Air Force to sponsor and support tailored programs — in terms of location and focus. But if it can successfully help diversify the founder pool at the same time as making itself money, it will underscore how others in its market could do better.

Is there still room in the cloud-security market?

While the initial shock of the COVID-19 pandemic has subsided for businesses, one of its main legacies is how it ushered in a tidal wave of accelerated digital transformation.

A recent Twilio survey revealed that 97% of global enterprise decision-makers believe the pandemic sped up their company’s digital transformation, and on top of that, 79% of the respondents said that COVID-19 increased the budget for digital transformation.

As technology becomes the driving force of competitive differentiation, cloud plays a key role in making this a reality and impacts everything from data and analytics to the modern workplace. Cloud-based infrastructure promises more flexibility, scale and cost-effectiveness, as well as enables enterprises to have more agile application development and keep up with service demand.

What’s clear is that despite shortfalls in security, innovation in cloud and infrastructure will charge ahead.

Even with all of the hype and excitement around cloud’s potential, it is still early days. In his recent keynote at AWS re:Invent, the AWS CEO Andy Jassy mentioned that spending on cloud computing is still only 4% of the overall IT market. And a Barclays CIO survey found that enterprises have 30% of their workloads running in the public cloud, with the expectation to increase to 39% in 2021.

It’s become clear that the movement to cloud has its barriers and that large enterprises are often skittish to make the jump. Flexera’s State of the Cloud 2020 report outlined some of these top cloud challenges, citing security as #1. This has been widely apparent in conversations that I’ve had with Fortune 500 CISOs and security teams, who are wary of the shift from their current state of security operations. Some of the major concerns brought up include:

  • No longer your own master. When working with the public cloud providers, companies must relinquish control to some aspects of back-end management. This is tough for large enterprises who have a history of customizing products because you can’t completely tailor the environment to your liking and are limited to what’s on the cloud service provider’s platform.
  • Lack of standardization. Each cloud provider has their own solutions and own intricacies. Add to that other pitfalls, like an unknown cadence of updates, there is an opaqueness to interoperability and policies can’t be uniformly applied across environments.
  • Requires a new skill set. Lack of resources/expertise ranks among the top challenges for enterprises. A recent report on challenges in cloud transformation found that 86% of IT decision-makers believe shortage of talent will slow down 2020 cloud projects.

‘Brand tech’ company You & Mr. Jones adds $60M to its Series B

You & Mr. Jones announced today that it has added $60 million in new funding from Merian Chrysalis, bringing the Series B round announced in December to a total of $260 million.

The round values the company at $1.36 billion, post-money.

You & Mr. Jones takes its name from CEO David Jones, who founded the company in 2015. After having served as the CEO of ad giant Havas, Jones told me that his goal in starting what he called “a brand tech group” was to provide marketers with something that neither traditional agencies nor technology companies could give them.

“At that moment, the choices were to go work with an agency group, which is great at brand and marketing, but they don’t understand tech, or with a tech company, which will only ever recommend their platform and don’t have the same [brand and marketing] expertise,” he said.

So You & Mr. Jones has built its own technology platform to help marketers with their digital, mobile and e-commerce needs, while also investing in companies like Pinterest and Niantic. And it makes acquisitions — last year, for example, it bought influencer marketing company Collectively.

You & Mr. Jones has grown to 3,000 employees, and its clients include Unilever, Accenture, Google, Adidas, Marriott and Microsoft. In fact, Jones said that as of the third quarter of 2020, its net revenue had grown 27% year over year.

That’s particularly impressive given the impact of the pandemic on ad spending, but Jones said that’s one of the key distinctions between digital advertising and the broader brand tech category, which he said has grown steadily, even during the pandemic, and which also sets the company apart from agencies that are “digital and tech in press release only.”

“We’re not an ad agency, we’ll never acquire agencies,” he said. “We have the technology platform, process and people to deliver all of your end-to-end, always-on content — social, digital, e-commerce and community management.”

In addition to the funding, the company is announcing that it has hired Paulette Forte, who was previously senior director of human services at the NBA, as its first chief people officer.

“The brand tech category didn’t even exist before You & Mr Jones was established,” Forte said in a statement. “The company became a true industry disruptor in short order, and growth has been swift. In order to keep up with the momentum, it’s critical to have systems in place that help talent develop their skills, encourage diversity and creativity, and find pathways to improving workflow. I am excited to join the leadership team to drive this crucial work forward.”

Nielsen says ‘The Office’ was the most popular streaming series of 2020

Because streaming services only release viewership numbers selectively, and because each one uses its own methodology, it can be hard to compare the popularity of different streaming shows and movies.

So Nielsen, which provides the standard ratings for traditional TV (and is working to combine those ratings with streaming data), is offering some apples-to-apples comparison today at CES by releasing its own lists of the most popular streaming content in 2020, across Netflix, Amazon Prime, Disney+ and Hulu.

These lists are limited to U.S. viewership. Unlike Nielsen’s linear ratings, they don’t just reflect the total number of people watching, but focus instead on the total number of minutes watched. That also makes for a striking contrast with the ratings that Netflix releases, which count the number of households who watched at least two minutes of a program, but don’t distinguish between someone who watches two minutes versus two hours versus 20 hours.

Still, the TV series lists are absolutely dominated by Netflix, while Disney+ puts in a good showing on the movies list. The other services don’t crack any of the three Top 10 lists.

On the original series side, the surprising winner (at least, surprising to me) was Netflix’s “Ozark,” with 30.5 billion minutes streamed, followed by “Lucifer” (19 billion minutes) and “The Crown” (16.3 billion minutes). “Tiger King,” which seems like one of the defining hits of the pandemic, came in at number four, with 15.7 billion minutes streamed — though Nielsen’s methodology puts it at a disadvantage, since it only has eight episodes. The same could probably be said for “The Mandalorian,” the first non-Netflix series on the list, with 14.5 billion minutes streamed.

Nielsen 2020 list

Image Credits: Nielsen

The numbers were even bigger for acquired series — all of them streaming on Netflix last year, although the number one show, “The Office” (57.1 billion minutes streamed) just moved to Peacock. The other shows in the top five are “Grey’s Anatomy” (39.4 billon minutes), “Criminal Minds” (35.4 billion minutes), “NCIS” (28.1 billion minutes) and “Schitt’s Creek” (23.8 billion minutes).

On the movie side, the biggest title was “Frozen II,” which came early to Disney+ and was streamed for 14.9 billion minutes, followed by “Moana” (Disney+, 10.5 billion minutes), “The Secret Life of Pets 2” (Netflix, 9.1 billion minutes), “Onward” (Disney+, 8.4 billion minutes) and “Dr. Seuss’ The Grinch” (6.2 billion minutes). This seems to be a category where family films have advantage, perhaps because kids are more likely to watch them multiple times.

Beyond releasing these lists, Nielsen is announcing a new product designed to measure viewership of theatrical video on-demand, aka movies that are released for rent or purchase online. While studios should already have access to basic purchase data for these titles, Nielsen says it can provide “the entire media food chain” with more detailed information about things like the age, gender, ethnicity and geographic territory of who’s watching.

In a statement, Nielsen’s general manager of audience measurement Scott N. Brown said:

As this unprecedented pandemic continues to influence consumer behavior, perhaps even through a prolonged state of recovery waves, being able to measure and help clients appropriately monetize new revenue streams has never been more crucial. A bigger question might be what will audiences do following any recovery, how the behavior adopted during stay-at-home orders might influence habits when consumers have the ability to go back to theaters to enjoy that experience and how content creators will leverage data to make the best decisions regarding distribution platforms in the future.

 

Weber acquires smart cooking startup June

Outdoor cooking industry leader and famed kettle-grill-maker Weber has acquired June, the smart cooking startup founded in 2013 by Matt Van Horn and Nikhil Bhogal. While financial terms of the deal weren’t disclosed, Weber has confirmed that June will continue to operate as its own brand wholly owned by Weber-Stephen Products and will continue to both sell and develop the June Oven and related products. Meanwhile, June co-founder Nikhil Bhogal will take on a role as SVP of Technology and Connected Devices across the Weber lineup.

Weber had already teamed up with June, with the startup providing the technology and expertise behind its Weber Connect smart grilling platform. That includes both the Weber Connect Smart Grilling Hub, which adds connected smart grill features to any grill, and the built-in smart cooking features on its SmokeFire line of wood pellet grills. That partnership began with a cold email Van Horn received in 2018 from then-Weber CEO and current Executive Chairman Jim Stephen, the son of the company’s original founder.

“He said he was a fan, he was a customer, and he couldn’t imagine a future without June technology powering every product in the Weber collection,” Van Horn told me in an interview. “I said, ‘Slow down — what are you talking about? Yeah, who are you?’ And he said ‘I’m flying out, I’ll be there Monday.’ ” I normally have my nice demo setup that I do, I’ll do like chocolate lava cake and a steak [in the June Oven]. So I got there about 15 minutes early to do that, and [Jim] was already sitting in the front steps of the office, ready to open the door for me — he’s like, ‘I don’t need a demo, I own this.’ ”

“His energy and ability to see things often before other people, it blew my mind,” Van Horn continued. “Soon after I met Chris [Scherzinger, Weber’s current chief executive], who was joining as CEO and [I] was able to experience firsthand this, honestly very surprising and wonderful culture of this historic Weber brand.”

As mentioned, June became a partner to Weber and powered the connected cooking platform it debuted at CES last year. Weber also led June’s Series C funding round, a previously undisclosed final round of financing that Weber led in 2018 prior to this exit.

Van Horn will act as president of June under the terms of the new arrangement and will continue to lead development of its current and future products. He said that Weber’s ability to help them with international scale and distribution via their existing global footprint was a big motivating factor in why June chose to join the now 63-year-old company. But another key ingredient was just how much Weber proved to be a place where the company’s culture was still centered on customer focus and a love of food.

“Obviously why Nikhil and I started June was that we love food, and we love cooking,” Van Horn said. “And a lot of the principles of how we think about how products get made are a lot of Apple’s principles — a large percentage of the June team comes from Apple. We’ve obviously kind of brought that to a microscale with our small 60-person startup. But being able to work with this very eager Weber team, that’s just been really exciting from the start and has been pretty incredible.”

As for Weber, the company gains a software and technology team that was born out of the idea of approaching cooking from a tech-first perspective — and they intend to infuse that expertise throughout their product lineup, with an eye toward building on their legacy of quality and customer enthusiasm.

“Once you infuse the software engineering, the connected product design and the machine-intelligence expertise that you have, you get these core competencies or capabilities, but that really undersells it,” Scherzinger told me. “Matt put together a team of superstars, and we just got a first-round draft pick [in June] that takes the Weber game to another level. That allows us to accelerate a significant number of initiatives, and you can expect to see an expansion of what Weber Connect can become in terms of new experiences for consumers, new services and new products, for sure, starting as early as 2021 and 2022.”

While Weber and June are not sharing specifics around the deal, as mentioned, Scherzinger did mention that “Matt and his team and his investors all did handsomely.” June’s prior investors include Amazon Alexa Fund, Lerer Hippeau, First Round Capital, Promus Ventures, Industry Ventures, Eclipse Ventures and more.

These 5 VCs have high hopes for cannabis in 2021

Cannabis has always been essential to some. While it had seemed to start last year in a bit of a correction, demand for it during the pandemic (and its widespread designation as an essential business), created a breakthrough for the industry. We saw early signs of that in our cannabis investor survey back in May of 2020.

Today, TechCrunch has surveyed five key investors who touch different aspects of the cannabis business, based on our TechCrunch List of top investors who founders recommend to us, and other sources. We asked these investors the same six questions, and each provided similar thoughts, but different approaches. Despite remaining headwinds, the future is looking up for most cannabis businesses, according to these investors.

Morgan Paxhia, managing director of Poseidon Investment Management, put it this way: “2021 could be nothing short of amazing for our industry. We expect capital flows to pick up massively from pent-up demand, good public markets bringing more IPOs, lots of M&A and new innovative startups coming on scene. We see opportunity with social equity for the first time, driven by private markets rather than poorly constructed regulations. It’s going to be fun!”


Morgan Paxhia, managing director, Poseidon Investment Management

2020 was a blockbuster year for cannabis. What advice are you giving your portfolio companies entering 2021?

Typical mantra for us, stay focused. Markets, deals and valuations are volatile in our industry but we all have to do our best to tune out the noise and focus. I’d say a great example of a team with focus is GTI. They have executed against a strategy while many of their supposed peers have done very irrational deals, impaired shareholder value, etc. GTI continues to march down its path and their results are showing.

How is COVID-19 changing the cannabis landscape?

2020 was an inward-facing year as most companies could not travel, capital was tight and macro was uncertain. This inward work has led to a lot of fundamental improvements for operators. There are others that got one last puff of wind but their businesses are too impaired and will continue to fall to the wayside.

2021 could be nothing short of amazing for our industry. We expect capital flows to pick up massively from pent-up demand, good public markets bringing more IPOs, lots of M&A and new innovative startups coming on scene. We see opportunity with social equity for the first time, driven by private markets rather than poorly constructed regulations. It’s going to be fun!

From retail to SaaS to research, there’s a lot of inroads to investing in cannabis. What sector of the business do you see has the best opportunity for growth in 2021?

We are bullish on select state markets. For example, new adult-use markets in NJ and AZ and existing markets with new growth prospects opening in CA and NY.

SaaS could get very interesting as there are several players reaching scale that are garnering mainstream attention.
International opportunity is mostly Mexico. It is the largest federally legal market that will just be opening in 2021. Many have not taken this one seriously but we have and are very proud of the efforts that went to moving such a monumental step forward.

The history of drug enforcement in the United States has been deeply unjust and racist; as we enter a period of growing legalization, are there things that startups and investors can do to address that inequity?

The industry, meaning established companies, entrepreneurs and investors need to drive solutions here. Regulations have been terrible and only exacerbate the issue. We have been putting a lot of thought into this area for years, watching various aspects such as the missteps taken by government and the unfortunate poor intentions from supposed investors.

We see a path emerging here that is collaborative, simple and should be attractive to capital providers. Stay tuned.

Who are some leaders in the cannabis space — companies, founders, growers?

  • My sister Emily is a co-founder and rock star! She is a true leader in this space on so many levels.
  • Ahmer Iqbal, CEO of Sublime — Ahmer took the role at a very challenging time and with very little capital was able to rebuild the company into a leader in the CA market.
  • Jason Wild — Not only is he a savvy investor, he puts his money where his mouth is. Outside of Poseidon, I do not know any other person in this industry that puts up so much of their own money into what they believe in.
  • Coleman Beale, CEO of Bastcore — If you are not familiar with the industrial hemp renaissance in the U.S., look no further. This technology-driven hemp-processing company is rejuvenating textiles in the U.S., using domestically grown hemp and processing for uses in such textiles as denim.

E-commerce infrastructure startup Nacelle closes $18M Series A

Consumer online shopping habits have led to a windfall of revenues for these web storefronts, but COVID-era trends have also breathed new life into the market for developer tools that help e-commerce sites operate more smoothly for shoppers.

LA-based Nacelle is one of many e-commerce infrastructure startups to earn attention from investors amid COVID.

The web services company helps streamline the backends of e-commerce websites with a so-called “headless” platform that shifts how the front end of websites interact with content in the back end. The startup claims its tech can boost performance, promote better scalability, cut down on hosting costs and offer developers a more streamlined experience.

Nacelle has closed an $18 million Series A led by Inovia with participation from Accomplice, Index Ventures, High Alpha, Silas Capital and Lerer Hippeau. The company just closed a $4.8 million seed round in mid-2020, the speedy pace of their Series A’s close seems to speak to the investor enthusiasm that has deepened around companies operating in the e-commerce world.

“It’s not secret that commerce has done well during COVID,” CEO Brian Anderson tells TechCrunch. “Not only did we get this subtle structural change with COVID that I believe is long-lasting, but merchants have been focusing more on performance.”

One of the startup’s central points of focus has been ensuring that they can bring customers onboard its platform without causing undue headaches. It can be “very painful to migrate data” with other services, Anderson says. The company’s service is “anti-rip-and-replace,” meaning potential customers can integrate “without having to be rebuild their stores.”

The firm’s customer base is largely made up of small- to medium-sized e-commerce sites. Nacelle works closely with agencies for customer referrals, also tapping on Anderson’s past contacts from his days running a Shopify Plus agency.

This past August, data from IBM’s U.S. Retail Index suggested that pandemic trends had accelerated the consumer shift from primarily visiting to physical stores to shopping on e-commerce storefronts by roughly five years.

Gett raises $115M for its on-demand ride-hailing platform for business users

As ride-hailing companies like Uber and Lyft continue to find their feet in a new landscape for transportation services — where unessential travel is being actively discouraged in many markets and people remain concerned about catching the coronavirus in restricted, shared spaces — a smaller player that has carved out a place for itself targeting business users is announcing more funding.

Gett, which started out as a more direct competitor to the likes of Uber and Lyft but now focuses mainly on ground transportation services for business clients in major cities around the world, said in a short statement that it has closed a round of $115 million. The company — co-headquartered in London and Israel — also said it is now “operationally profitable” and is hitting its budget targets.

The funding is being led by new backer Pelham Capital Investments Ltd. and also included participation from unnamed existing investors.

Including this round, Gett has now raised $865 million, with past investors including VW, Access and its founder Len BlavatnikKreos, MCI and more. Gett’s last confirmed valuation was $1.5 billion, pegged to a $200 million fundraise in May 2019. It’s not talking about current valuation, or any recent customer numbers, today.

Dave Waiser, Gett’s founder and CEO, described the funding earlier today in a note to me as an extension to the company’s previous round, a $100 million equity investment that it announced in July last year.

Chairman Amos Genish, said in a statement that the funding round was oversubscribed, “which shows the market’s interest in our platform and long-term vision. Gett is disrupting and transforming a fragmented market delivering ever-critical cost optimisation and client satisfaction.”

The company has been building out a focus on the B2B market for several years now — a smart way of avoiding the expensive and painful race to compete like-for-like against the Ubers of the world — and this most recent round is focused on doubling down on that.

The Gett of the past — it was originally founded in 2010 under the name GetTaxi — did indeed try to build a business around both consumers and higher-end users, but the idea behind Gett today is to focus on corporate accounts.

Gett provides those businesses’ employees with a predictable and reliable app-based platform to make it easier to order car services wherever they happen to be traveling, and those businesses — which in the past would have used a fragmented mix of local services — then have a consolidated way of managing, accounting for and analysing those travel expenses. It claims to be able to save companies some 25%-40% in costs.

The company previously said that its network covered some 1,500 cities. In certain metropolitan areas like London and Moscow, Gett provides transportation services directly. In markets where it does not have direct operations (such as anywhere in the U.S., including New York), it partners with third parties, such as Lyft.

“We are on a journey to transform corporate ground travel and I’m delighted that investors find our model attractive,” Waiser said in a statement today. “This investment will allow us to further develop our SaaS technology and deepen our proposition within the corporate ground travel market.”

Updated to correct that this is an extension of the $100 million round.