Funding wrap: $63M-plus raised for bitcoin mining, Covid treatments … – Austin Business Journal

by FoxLive.News

Get details below on funding deals from the past week-plus, when five companies reported more than $63 million in venture funding deals.
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Poppi, a prebiotic soda maker, announced Dec. 13 $25 million in financing led by CAVU Consumer Partners. The Austin-based consumer packaged goods company is using the money to grow its distribution and its executive team. Legally known as VNGR Beverage LLC and led by husband and wife co-founders Stephen Ellsworth and Allison Ellsworth, Poppi last year raised a $13.5 million round and moved its headquarters to Austin from Dallas.
Austin-based Orum Inc., led by CEO Jason Dorfman, on Dec. 14 filed paperwork with the U.S. Securities and Exchange Commission regarding a $22 million raise it announced in November. The filing shows that Orum, which uses AI to make sales call easier, raised the money from four investors. Craft Ventures co-founder and Partner David Sacks is listed as a director of the startup. Craft in 2021 led a $25 million series A round in Orum. Representatives from Orum could not immediately be reached for comment.
Austin-based Direct Biologics LLC on Dec. 13 filed paperwork with the SEC indicating it has raised $11.5 million in new equity funding. It appears the money is tied to a potential merger. Its SEC filing noted the “offering is being made in connection with, but is not subject to or conditioned upon, the consummation of a proposed business combination.” Direct Biologics has developed a Covid-19 therapeutic using regenerative biologic properties found in bone marrow stem cells. The product, called ExoFlo, is in an FDA-approved clinical trial and is part of the FDA’s expanded access protocol for hospitals. The company is led by co-founder and CEO Mark Adams and co-founder and President Joe Schmidt.
Austin-based bitcoin mining startup 360 Mining Inc. on Dec. 15 reported a fresh capital raise with the SEC. Reached Dec. 16, CEO Christopher Alfano said the company has now raised $8.2 million, between a roughly $6 million convertible note raised last year and $2.25 million in fresh funding. 360 Mining powers its bitcoin mines “with natural gas we produce,” Alfano said. The company owns natural gas wells in the Barnett Shale in the Fort Worth area, he added. The company has five employees and is looking to hire two more.
Ribbon, an Austin-based company helping charities make the most of the budgets, announced it raised $2.7 million in a round led by Trust Ventures. Ribbon has a fiscal sponsorship model that helps people and nonprofits take on new charitable activities with the advantage of the sponsor’s tax-exempt status. The company operates legally as Flourish Change Inc. is led by CEO Branden Fineberg.
For more deals, check out last week’s funding wrap. And subscribe to Austin Business Journal for startup resources such as lists of venture capital and private equity firms, incubators and accelerators, angel investors and coworking providers.
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