Flexport, DoorDash and Oyster Point Pharmaceuticals top San Francisco's recent funding news

San Francisco-based supply chain management and shipping company Flexport has secured $1 billion in funding, according to company database Crunchbase. The cash infusion was announced Feb. 21 and led by SoftBank Vision Fund.

According to its Crunchbase profile, "Flexport is a licensed customs brokerage and freight forwarder built around a modern web application. Its freight service includes an online dashboard for businesses to easily understand, purchase, manage and track the services required for global trade. Its team of logistics experts lets you focus on your core business by ensuring goods arrive at fulfillment and distribution centers on time and at the lowest cost."

The six-year-old company has raised five previous funding rounds, including a $100 million corporate round in 2018.

The round brings total funding raised by San Francisco companies in software over the past month to $1.8 billion. The local software industry has produced 706 funding rounds over the past year, capturing a total of $19 billion in venture funding.

In other local funding news, food delivery and local company DoorDash announced a $400 million Series F funding round on Feb. 21, led by Dragoneer Investment Group.

According to Crunchbase, "DoorDash provides on-demand restaurant food delivery services connecting customers with local businesses across the United States and Canada. The company is passionate about transforming local businesses and dedicated to enabling new ways of working, earning and living. Andy Fang, Evan Moore, Stanley Tang, and Tony Xu founded Palo Alto Delivery in June 2013, which became DoorDash, Inc. in October 2014."

The company has raised seven previous rounds, including a $250 million Series E round in 2018. However, it has recently faced controversy for its practice of using tips to subsidize worker pay, instead of giving workers their tips in addition to their base hourly pay. The company has claimed it does not benefit economically from the tipping model, a belief that worker advocates have disputed.

Meanwhile, biopharma company Oyster Point Pharmaceuticals raised $93 million in Series B funding, announced on Feb. 26. The round's investors were led by Flying L Partners.

From the company's Crunchbase profile, "Oyster Point Pharma is a clinical stage pharmaceutical company focused on the discovery, development and commercialization of novel therapies to treat ocular surface disease."

Oyster Point Pharmaceuticals last raised $28 million in Series A funding in 2017.

Also of note, meditation app company Calm raised $88 million in Series B funding, announced on February 6 and led by TPG Growth.

From Crunchbase, "Calm provides applications with hundreds of programs for intermediate and advanced users to relax their minds. The company operates an online portal which allows busy and information loaded web workers to reduce stress. Calm was founded by British entrepreneurs Michael Acton Smith OBE and Alex Tew, with a mission to make the world healthier and happier, and eventually become the 'Nike for the mind'."

The company previously raised $27 million in Series A funding in 2018.

Rounding out the city's recent top local funding events, fintech company Figure raised $65 million in Series B funding, announced on Feb. 27 and led by RPM Ventures.

From Crunchbase, "Figure is a financial technology company with the mission of leveraging blockchain, AI and advanced analytics to unlock new access points for consumer credit products that can transform the financial lives of our customers. They provide home equity release solutions, including home equity lines of credit, home improvement loans and home buy-lease back offerings for retirement. Concurrently, they are building a blockchain protocol for the origination, custody, trading and securitization of whole loans and other assets."

The company previously raised $50 million in Series A funding in 2018.
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