Getting The Job Done

Home Services Get a Digital Upgrade, European Space Race Heats Up, and a VC’s Bold Bet on Africa.

Author

Adam from VC Brags
February 08, 2023

Welcome Shareholders,   

In this daily edition of the Brags Newsletter, we'll cover how a startup is shaking up small businesses with a digital transition, a French startup looking to power European space tech, and a Venture Firm betting big on Africa with the largest ever fund raised. 

So sit back, grab a snack, and enjoy!

Startup of the Day

  • Jobber, which digitalizes home services including plumbing, electrical work, and lawn care, said that it raised $100 million through a new Series D led by General Atlantic. 

Other investors in the round also included Summit Partners, Version One Ventures, and Tech Pioneers Fund. The new funding comes approximately two years after the company raised $60 million from investors through its Series C. Edmonton, Canada-based Jobber primarily operates across the US and Canada, working with small business service providers to interact with customers, send quotes, dispatch workers to work sites, and bill customers for the work.

Jobber has tripled its revenues since its last funding and expects to generate approximately $175 million this year. The company said it would use the new funding to develop tools, market its products and acquire new customers. 

  • French SpaceTech startup Exotrail has gotten a boost from a $58 million funding injection through a Series B round led by Bpifrance. 

Founded in 2015, Exotrail focuses on building products in the satellite propulsion industry, specializing in the design and manufacturing of advanced small satellite propulsion systems. The company has also developed its own proprietary operating system and analysis network to optimize the performance of satellites.

Other investors in the company Series B included European VC firm Eurazeo, Software company CELAD, and existing backers such as Paris Region Venture Fund, BNP Paribas, and others. The new funding will be used to increase the production of its electric propulsion device and develop its space studio design software. Exotrail's customers are primarily focused on satellite launch and operating businesses, with key clientele including the European Space Agency, Airbus, Thales Alenia Space, and Eutelsat. 

Who's Raising?

  • Global Venture Capital firm Partech just closed the largest ever fundraise targeting the African Market, raising $263 million for its Partech Africa II fund.  

Partech primarily focused on early and growth-stage startups and had initially targeted raising $250 million, but interest from investors surpassed what the firm initially anticipated. The VC had previously raised $143 million for its first fund back in 2018. Partech plans to invest between $1 and $15 million per startup from its second fund, compared to between $400,000 and $4.2 million from its first fund.

Investor interest in African Startups is at an all-time high, with a record $6.5 billion being invested in 2022, compared to $1.16 billion being raised in 2018. Partech has backed 17 startups in nine countries in the Africa from its first fund. Venture Funding is booming in Africa, especially in early rounds, with the average ticket size across Series A has going up from $4 million to $9 million, and Series B funding has up from $10 million to $25 million. 

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