By Andy Coyne 09 Jun 2021 (Last Updated June 9th, 2021 09:01)
US-based chicken-alternatives business Simulate has raised new funding to support expansion.
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Simulate, the New York-based business behind the Nuggs faux-chicken nuggets brand, has raised US$50m in a Series B funding round.
The round was led by Seven Seven Six, an investment vehicle founded by entrepreneur Alexis Ohanian, and joined by Chris and Crystal Sacca, Nomo Ventures, Canadian frozen potato products giant McCain Foods, Imaginary Ventures and Day One Ventures.
Ohanian joined the board of directors as part of the round, which takes the total funds raised by Simulate to $61m.
But not everyone is playing to pocket the most capital.
Expensify is readying to go public sometime this year, but its founder David Barrett said he doesn t know how much his company is worth. That s because the expense reporting software-maker hasn t had a private valuation in almost six years, the last time it raised venture capital, and has instead used profit to pay for its own expenses and growth.
It s one of the few profitable businesses on the roster to go public this year. And if it pulls off a direct listing as Barrett plans, Expensify will be one of even fewer companies to raise less than $100 million before going public in 2021.
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Expensify is planning to become a public company as early as next summer, its CEO confirmed to Business Insider.
The company wants to do a direct listing, rather than a traditional initial public offering, even if that means it cannot raise money when its shares start trading.
Expensify doesn t need additional capital, its CEO said, because it s been profitable for years. He said the listing would be intended to allow its employees and investors to cash out their shares.
Expensify, a unicorn startup that sells software for tracking business expenses, is weighing an entry into the public market as early as next summer and leaning toward a direct stock listing rather than a traditional initial public offering, its chief executive confirmed to Business Insider.