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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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Restaurant software unicorn Toast eyes IPO this year

Boston-based , a provider of software for restaurant management, is in talks with underwriters about a potential IPO later this year, according a聽听颈苍 citing unnamed sources.

Founded in 2011, Toast has raised $902 million in venture funding to date, per Crunchbase data, including a $400 million Series F round closed a year ago.

Toast is reportedly seeking a valuation of around $20 billion for its public offering, and has tapped and as potential underwriters. In its last funding round a year ago, the company secured a valuation of nearly $5 billion.

— Joanna Glasner

Oscar Health sets IPO price range

Health insurance company intends to offer 31 million shares, priced between $32 and $34 each, to raise as much as $1.05 billion in its initial public offering, according to a on Monday.

Oscar filed its S-1 registration document with the U.S. Securities and Exchange Commission on Feb. 5. The company reported more than $488 million in revenue in 2019, up by around 5 percent from about $463 million in 2018.

Its losses also shrunk in that period, from nearly $406 million in 2018 to around $261 million in 2019. The company has approximately 529,000 members across 18 states.

Oscar鈥檚 health insurance model includes free virtual care appointments and a program for Medicare-eligible adults.

The company, which was co-founded by, founder of, raised more than $1.6 billion in funding from investors including, Thrive Capital, and.

It is estimated that Oscar鈥檚 fully diluted valuation will be approximately $8 billion, .

鈥� Christine Hall

Parallel to public via SPAC

Multi-state cannabis operator Monday it is going public via a merger with special purpose acquisition corporation Ceres Acquisition Corp., backed by entertainment entrepreneur , in a deal that values Atlanta-based Parallel at $1.884 billion.

SPACs, also known as blank-check companies, raise money in an initial public offering and then have two years to acquire a business or businesses.

The Parallel/Ceres transaction is expected to close in the summer, according to the company. At that time, Parallel鈥檚 chairman and CEO . will remain in the role.

The new company will have pro forma cash on hand of $430 million at close and is expected to generate $447 million in revenue in 2021. It intends to expand its cultivation and production in the U.S.

Since being founded in 2014, Parallel has raised a total of in known venture-backed funding, according to Crunchbase data. It most recently raised funding in 2019, led by .

鈥� Christine Hall

Funding rounds

Ageras raises $73M for accounting tools: Copenhagen-based , an online platform for businesses to find accounting services, raised $73 million in fresh financing from . Founded in 2012, Ageras sold a majority stake to in 2017.

—听Joanna Glasner

Orka lands $40.7M for shift worker platform: Manchester, U.K.-based , a provider of online tools to help with onboarding of hourly shift workers, including an option to withdraw money just after it is earned, ($40.7 million) in a mixture of debt financing from and equity funding from the and other backers.

— Joanna Glasner

Fintech

EquityBee banks $20M: , which helps startup employees get capital to exercise their stock options before they expire by linking them to investors, raised a $20 million Series A financing round, led by existing investor ,聽 to make additional hires across all departments and expand product offerings. The round brings the Palo Alto-based company鈥檚 total funding to more than $28 million, which includes a round in 2020, also led by Group 11. In addition to the stock options, EquityBee posts a quarterly pre-IPO 鈥渨ish list鈥� of companies its investors want to see have a liquidity event soon.

鈥� Christine Hall

Babytech

Nanit inks $25M Series C: , developing smart baby monitor and sleep tracker devices, closed a $25 million Series C funding round led by new investor . The new round brings the New York-based company鈥檚 total capital raised to $75 million. Nanit last raised a $21 million Series B in 2020, according to Crunchbase data. Nanit鈥檚 proprietary line of apparel integrates with the Nanit camera to enable parents to safely monitor their baby鈥檚 breathing motion without sensors or wires. In 2020, the company doubled its user base and yielded year over year revenue growth of more than 130 percent, the company said. Years ago, babytech was considered a niche market that few investors understood or wanted to get into. Today, anyone considering adding to their family can find technology for everything from fertility to potty training and beyond. Though the market is big, experts say there is still not enough investment in startups focused on the space. Forbes estimated in 2019 that the U.S. was about $46 billion, and reported that investors had pumped some $500 million in funding into companies within the sector since 2013. One of the success stories is baby health monitor , which on Feb. 16 its plans to merge with Sandbridge Acquisition Corp., a special purpose acquisition company backed by and private funds. Owlet raised a total of in known venture capital investments since the company was founded in 2013, according to Crunchbase data.

鈥� Christine Hall

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