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Good Morning, and happy 7 year anniversary to us! This free edition of The Funding Letter comes to you from our headquarters in New York City.

We sent out our very first edition of The Funding Letter to a small group of sales friends on April 1, 2019; nothing could have prepared us for what TFL has become and the impact we’ve been able to make on sellers.

A heartfelt thank you to each and every one of you for being with us all of these years, we hope TFL continues to be a welcoming sight in your inbox each morning. Here’s to seven more!

Heads up: This newsletter is redacted, and the full version was sent to paying members hours ago.

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Daily Deals 💸

🌎 Americas

WHOOP develops a wearable performance improvement device that provides personalized information to improve overall fitness, enabling users to understand their bodies and inner potential to avoid over-training.

New Funding Raised: $575M, Series G

Round Investors: Collaborative Fund (lead), B-FLEXION, Mathieu van der Poel, Foundry Group

🚀Growth Focus: Accelerate global expansion and advance its long-term vision of delivering a unified, AI-powered health platform focused on prevention, performance optimization, and longevity.

HQ: Boston, MA

Industry: Wellness and Fitness Services

Employee Count: 1357

Saronic manufactures unmanned surface vehicles that enhance maritime security and domain awareness, allowing the defense and surveillance sectors to achieve comprehensive operational capabilities.

New Funding Raised: $1.75B, Series D

Round Investors: Kleiner Perkins (lead), Bessemer Venture Partners, Elad Gil, Caffeinated Capital

🚀Growth Focus: Accelerate efforts to scale autonomous shipbuilding and strengthen maritime capabilities for the U.S. and its allies.

HQ: Austin, TX

Industry: Defense and Space Manufacturing

Employee Count: 875

EnerVenue develops energy storage technology that builds a simple, safe, and cost-efficient repository for the clean revolution, enabling aerospace users to have zero maintenance and a lower-cost alternative to lithium-ion batteries.

New Funding Raised: $300M, Series B

Round Investors: Full Vision Capital (lead), Aramco Ventures, Hong Kong Investment Corporation Limited

🚀Growth Focus: Support the rapid scale-up of its manufacturing operations in Changzhou, China, and help optimize cost structures, accelerate supply chain development, and expand its operations across Asia, the Middle East, and Europe.

HQ: Fremont, CA

Industry: Electric Power Generation

Employee Count: 95

TENEX.AI’s AI-enabled cybersecurity platform delivers comprehensive security services that evolve with the organization, allowing firms to enhance threat detection, agility, and resilience while maximizing the value of security investments.

New Funding Raised: $250M, Series B

Round Investors: Crosspoint Capital Partners (lead), Shield Capital, Florida Opportunity Fund, DeepWork Capital

🚀Growth Focus: Accelerate its global expansion and significantly scale the human expertise behind its AI-native managed detection and response service.

HQ: Sarasota, FL

Industry: Technology, Information, and Internet

Employee Count: 78

depthfirst develops a general security intelligence layer that helps security teams detect, triage, and remediate critical vulnerabilities across software and infrastructure, enabling security teams and enterprises to identify real risk faster and reduce exposure across environments.

New Funding Raised: $80M, Series B

Round Investors: Meritech Capital Partners (lead), Liquid 2 Ventures, Forerunner, MANTIS Venture Capital

🚀Growth Focus: Expand its AI research team, develop additional specialized security models, and accelerate enterprise adoption of its platform.

HQ: San Francisco, CA

Industry: Computer and Network Security

Employee Count: 34

Linx Security develops an AI-native identity security platform that provides visibility, governance, and automated control across the identity lifecycle, allowing enterprises to strengthen their security posture, reduce manual effort, and manage access efficiently across systems.

New Funding Raised: $50M, Series B

Round Investors: Insight Partners (lead), Index Ventures, Cyberstarts

🚀Growth Focus: Support its next phase of growth, including expanding its global footprint, scaling enterprise go-to-market efforts, and accelerating product development around autonomous identity governance.

HQ: New York, NY

Industry: Computer and Network Security

Employee Count: 87

Create Wellness produces a dietary supplement product that supports physical performance and muscle health, enabling individuals seeking to enhance their fitness regimen with convenient and safe supplementation options.

New Funding Raised: $20M, Series B

Round Investors: Alliance Consumer Growth (lead), IMPACT Capital, Unilever Ventures

🚀Growth Focus: Accelerate its next phase of growth, expand retail distribution, invest in consumer education, advance product innovation, and scale marketing efforts to support the mainstream adoption of creatine.

HQ: New York, NY

Industry: Health, Wellness & Fitness

Employee Count: 42

OpenFX develops a foreign exchange infrastructure platform that supports real-time cross-border transfers for financial services, allowing remittance providers, digital brokerages, and payment platforms to manage international transactions with efficiency and control.

New Funding Raised: $94M, Series A

Round Investors: Accel (lead), Northzone, Flybridge, Faction

🚀Growth Focus: Expand its real-time foreign exchange and settlement capabilities.

HQ: Miami, FL

Industry: Financial Services

Employee Count: 44

Mars Men manufactures a natural testosterone support supplement for men over the age of eighteen looking to support their testosterone in a safe and effective way, enabling users to boost testosterone in 90 days.

New Funding Raised: $27.5M, Series A

Round Investors: L Catterton (lead)

🚀Growth Focus: Expand its product portfolio, invest in team growth, and broaden distribution channels, including a planned move into retail.

HQ: Austin, TX

Industry: Retail Health and Personal Care Products

Employee Count: 12

Treeline develops an IT operations and management platform that streamlines and automates information technology, security, and compliance functions, allowing businesses to maintain scalable and structured IT environments with reduced reliance on manual processes and improved operational consistency.

New Funding Raised: $25M, Series A

Round Investors: Andreessen Horowitz (lead)

🚀Growth Focus: Scale its platform, accelerate product innovation, and further build out its team.

HQ: San Francisco, CA

Industry: IT Services and IT Consulting

Employee Count: 19

memQ develops quantum repeaters that distribute photonic qubits across the existing C-band telecom infrastructure, enabling companies with scalable on-chip devices for quantum information storage, distribution, and processing.

New Funding Raised: $10M, Series A

Round Investors: Ocean Azul Partners (lead), Quantonation (lead)

🚀Growth Focus: Support to develop distributed quantum networking hardware.

HQ: Chicago, IL

Industry: Computer Hardware Manufacturing

Employee Count: 13

🌍 EMEA

9fin operates an AI-powered data and analytics platform that centralizes everything that's needed to analyze a credit, allowing income professionals to save time and make proper investment decisions.

New Funding Raised: $170M, Series C

Round Investors: HarbourVest Partners (lead), Highland Europe, CPP Investments, Spark Capital

🚀Growth Focus: Accelerate development of its AI capabilities, expand its proprietary dataset, and support continued growth in the United States.

HQ: London, England

Industry: Financial Services

Employee Count: 458

Standing Ovation produces cheese that develops vegan alternatives to traditional dairy products, enabling people to get a healthier and vegan option for cheese.

New Funding Raised: €25M, Series B

Round Investors: Bpifrance (lead), Crédit Mutuel Innovation (lead), Big Idea Ventures

🚀Growth Focus: Accelerate the commercialization of our proteins in North America, prior to expanding into Europe and Asia, supported by the increase in our existing manufacturing capacity.

HQ: Paris, France

Industry: Food Production

Employee Count: 50

Midas develops a tokenization protocol platform that manages real-world assets, allowing investors to be provided with transparency for settlement or lending and borrowing on decentralized money markets.

New Funding Raised: $50M, Series A

Round Investors: Creandum (lead), RRE Ventures (lead), Coinbase Ventures, FJ Labs

🚀Growth Focus: Further development of MSL within an open liquidity architecture designed to enable instant redemptions across on-chain investment products.

HQ: Berlin, Germany

Industry: Software Development

Employee Count: 46

Kestra Technologies develops an open-source declarative workflow orchestration platform for automation purposes, enabling engineering teams to manage data pipelines and operational processes with centralized oversight and scalable execution.

New Funding Raised: $25M, Series A

Round Investors: RTP Global (lead), Alven, Isai, Axeleo Capital

🚀Growth Focus: Expand its orchestration platform, develop new capabilities, enhance its cloud offering, and strengthen its presence in international markets while continuing to invest in its open-source ecosystem.

HQ: Paris, France

Industry: Software Development

Employee Count: 63

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