The startup world is constantly evolving, with new companies emerging and securing funding to fuel their growth. This week, we're highlighting a few key funding stories, from a defense tech company landing a major government contract to an African VC firm launching a new fund and an Indian HR startup expanding globally.
Mach Industries Secures US Army Contract
Mach Industries, a defense tech company founded by 21-year-old Ethan Thornton, has landed a significant contract with the U.S. Army. This news comes alongside plans to build the company's first factory, a 115,000 square foot facility in Huntington Beach, California, where Mach's headquarters is located.
The company, backed by Sequoia, is poised to make a significant impact in the defense technology sector. This contract marks a major milestone for the young CEO and his team, showcasing the potential for innovation in the defense industry.
LoftyInc Capital Launches Third Fund for African Startups
African VC firm LoftyInc Capital has announced the launch of its third fund, with a first close of $43 million. This fund will focus on seed and Series A investments in startups across the African continent. LoftyInc Capital is known for its early investments in successful African unicorns like Flutterwave, Andela, and Wave.
Despite a slight dip in overall funding volumes in Africa last year, LoftyInc Capital remains committed to supporting the growth of innovative startups across the continent. The new fund will provide crucial capital for early-stage companies looking to scale their operations and make a lasting impact.
Darwinbox Raises $140M to Challenge HR Giants
Darwinbox, an HR startup from India, has raised $140 million in funding to expand internationally and compete with established players like Deel and Rippling. The company offers a SaaS platform for hiring, onboarding, and employee administration.
The funding round was co-led by KKR and Partners Group, and includes both primary and secondary investments. Darwinbox plans to use the capital to expand its reach, particularly in the United States, and further develop its innovative HR solutions.
These are just a few of the exciting funding stories making headlines this week. The startup ecosystem continues to thrive, with innovative companies attracting investment and driving growth across various sectors and regions.
Note: In related news, Aspiration, a fintech startup, is facing scrutiny after a co-founder and board member allegedly defrauded investors of $145M. The company has been under federal investigation for questionable financial and carbon accounting practices.