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Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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Deliveroo shares dive in London debut

Shares of food delivery app fell as much as 30 percent in first-day trading in London on Wednesday, shaving as much as $2 billion from the company’s valuation.

The much-anticipated market debut was reportedly marred as some of Britain鈥檚 biggest investment companies , citing concerns about gig-economy working conditions and the share structure.

Founded in 2012, Deliveroo has raised at least $1.7 billion in private funding prior to its public debut, drawing backing from a long list of venture and growth investors .

— Joanna Glasner

Tonal valued at $1.6B following $250M Series E

Connected personal training platform is back with a $250 million Series E round of funding, which values the company at $1.6 billion. The new round comes six months after the San Francisco company announced a $110 million Series D round led by .

This time, led the round and was joined by , L Catterton and聽, as well as a group of new athlete investors, including , , , and . The new funding brings Tonal鈥檚 total funding to more than $450 million since the company was founded in 2015, according to Crunchbase data.

The was valued at $3.31 billion in 2020 and is expected to reach $4.24 billion by 2026. This demand resulted in Tonal鈥檚 sales growing more than 8x in 2020. It also partnered with retailer in 40 locations to expand its retail footprint to 60 points of distribution, the company said.

Tonal intends to put the new capital to use for scaling the business, which includes accelerating marketing and content initiatives, hiring, logistics and manufacturing.

— Christine Hall

Compass slashes IPO price range

Tech-enabled real estate company has lowered its IPO range from between $23 and $26 to between $18 and $19, according to a new filing with the . At the new proposed maximum price, Compass would have a valuation of about $7.1 billion, excluding underwriters’ options. The company would’ve been valued at around $10.3 billion if it priced at the top of its previous range ($26). Compass was last privately valued at about $6.4 billion, and is expected to begin trading on the on Thursday.

— Sophia Kunthara

Entertainment

UnitedMasters raises $50M Series B: New York-based , a startup for musicians to distribute music across platforms and earn revenue without needing a label, in a Series B round led by , as part of a broader strategic partnership. Existing investors and also participated in the round.

— Joanna Glasner

Fintech and e-commerce

贬补谤谤测鈥檚 raises $155M: is now valued at $1.7 billion after reportedly raising $155 million in Series E funding, . The round was led by and , and brings the company鈥檚 total known funding to date to $652.4 million, according to Crunchbase data. Earlier this year, the New York-based company and will use the new funding to continue building out personal care categories and expanding its Flamingo brand, as well as on potential acquisitions, the company said.

Spiral inks $14M for charitable banking: , a 2-year-old neobank combining banking and charitable organizations, secured $14 million in funding, led by , to launch its tool that enables customers to support charitable causes while earning interest and monthly cash bonuses on their deposits. Nonprofits use the app to share engaging content with supporters, increase donations and collect funds without fees. New York-based Spiral also matches donations up to a limit, the company said. The app is live and will launch to the public next quarter.

Spiral joins other startups focused on the charitable organization sector that have received funding in the past six months: Vennfi, an Atlanta-based financial technology company for tax-exempt payments, announced $2.3 million in seed funding for its charitable giving platform,, led by. CharityVest enables anyone to create a Donor-Advised Fund, or charitable giving account. Meanwhile, fintech company聽is democratizing access to donor-advised funds following an $8.7 million Series B raise toward its platform development.

Price.com banks $10M for online shopping: Money savings platform announced a $10 million seed round led by Ricky Caplin, chairman of Caplin Family Offices, to scale its network expansion and product development. The San Francisco-based company is developing an all-in-one money savings platform that combines comparison shopping, cashback, coupons, price history and price alerts.

— Christine Hall

Health care

Outpace Bio raises $30M for cell therapy: Biotechnology company closed on a $30 million round of Series A funding led by and to create the next generation of smart cell therapies aimed at improving efficacy and safety. Seattle-based Outpace will also collaborate with Lyell Immunopharma to develop and commercialize a potential immune cell therapy for the treatment of cancer.

— Christine Hall

New funds

Harlem Capital closes on $134M for second fund: , a diversity-focused venture capital firm, closed its oversubscribed Harlem Capital Partners Venture Fund II after raising $134 million. The New York firm intends to invest in 45 companies from this fund and is introducing 鈥淐ulture Carry,鈥� which will enable founders to split 1 percent of the fund鈥檚 carry as a way to benefit directly from each other鈥檚 success, the firm said. Although the fund will remain industry agnostic, the firm says there will be a deeper focus on enterprise and consumer technology. The firm鈥檚 first fund was launched in November 2019 with $40 million and invested in 23 companies. It now has $174 million in assets under management, according to the firm.

— Christine Hall

Clocktower fund eyes Latin America: said it is launching its first venture capital fund targeting financial services innovation in Latin America. The Santa Monica-based firm intends to raise $25 million for the strategy. CTV has already made four investments in the region in the past year, including , , and .

— Christine Hall

M&A

Spotify acquires Betty Labs: Streaming platform is acquiring Los Angeles-based for an undisclosed sum. The startup, which has raised $9.3 million in funding to date, per Crunchbase, is best known for a sports app called .

—听Joanna Glasner

Enterprise software

Productiv closes $45M round: Palo Alto-based raised a $45 million Series C led by with additional participation from existing investors , , and new strategic investor . The company, which helps companies manage their SaaS application usage, more than tripled revenue and doubled its headcount in the last year.

Productiv has raised $73 million to date, according to the company.

鈥� Chris Metinko

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