Market Insights

Silver Lake takes $500M stake in Credit Karma, DocuSign files for IPO – Friday Deal Book for 03/30/2018

March 30, 2018

OWI’s Friday Deal Book provides you with a weekly roundup of partnerships, funding, and product announcements from across the identity industry. Here’s a quick peek at what you need to know for the week ending March 30, 2018.

Credit Karma corrals $500M strategic secondary investment from Silver Lake

The half-billion-dollar deal gives Silver Lake a significant minority stake in Credit Karma, taken from existing equity holders through an organized secondary process. Founder and Chief Executive Kenneth Lin will remain the largest shareholder. The deal will place Silver Lake Managing Partner Mike Bingle on the company’s board of directors. Credit Karma is a personal finance technology company with more than 80 million members in North America. Its products help members monitor and improve credit health, prepare and file income taxes, monitor identities, and track and manage vehicle information and financing solutions. [Read more]

DocuSign IPO expected in April

The e-signature company has been in business since 2003, and is a highly anticipated IPO. It has raised over $500 million to date, with valuations as high as $3 billion. DocuSign clients include Morgan Stanley, Bank of America, T-Mobile, and Salesforce. Last year, the company earned $381.5 million in revenue, with losses of $115.4 million. [Read more]

Telegram ICO nets $1.7 billion

The encrypted messaging app raised $850 million from 94 investors in March, and another $850 million in February. Telegram plans to use its ICO to develop the “Telegram Open Network blockchain,” with a cryptocurrency named gram. The goal is to offer transactions that take place faster than bitcoin and ethereum. Telegram has more than 200 million active monthly users, and says 700,000 new users are signing up daily. [Read more]

Root Insurance raises $51 million

The Series C round was led by Redpoint Ventures, with participation by Scale Venture Partners, Ribbit Capital, and Silicon Valley Bank. The latest round follows a Series A at $5 million, and Series B at $21.5 million. Root Insurance is a data-centric auto insurance quoting platform, letting users download an app and sign up for a test driving period. The customer’s driving habits are uploaded to Root for analysis, and the data becomes the largest determinant of a quote, along with the driver’s age, credit score, and other data. [Read more]