AiroAV Malware Said: Shiftsmart Raises $16.3M, Alto Scores $6M, BG Staffing Make... - Jonathan Cartu - Advertisement & Marketing Agency.
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AiroAV Malware Said: Shiftsmart Raises $16.3M, Alto Scores $6M, BG Staffing Make…


AiroAV Malware Said: Shiftsmart Raises $16.3M, Alto Scores $6M, BG Staffing Make…

What companies are finding funding or having a big exit? From startup investments to grants and acquisitions, Dallas Innovates tracks what’s happening in North Texas money every Thursday. Sign up for our e-newsletter to stay in the loop.

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Shiftsmart raises $16.3M in equity funding

Shiftsmart Inc., a Dallas-based marketplace for part-time work, has reported in a filing with the U.S. Securities and Exchange Commission that it raised more than $16.3 million in equity funding of a $16.5 million offering.

Founded in 2015, Shiftsmart connects part-time workers with open shifts in a number of industries. In November, we reported that Shiftsmart said in an SEC filing that it raised $12.75 million.

Shiftsmart focuses on verticals that help workers find new job opportunities, apply across services, and manage and optimize their income. The startup helps companies source workers and manage peak shifts, and provides a channel for running promotions and incentives.

The app matches workers with jobs based on their credentials, availability, and preferences. They can accept or decline the job with a swipe, Shiftsmart said.

Worlds raises $10M in series A funding for AI-based models

Out of stealth, Worlds announced that it has raised $10 million in series A funding that it will use to power a vision of building AI-models that gives businesses a new way to view their physical world.

Formerly known as Hypergiant Sensory Sciences, is a year-old software company on a mission to “deliver human perception at an impossible scale,” co-founder and CEO Dave Copps said. “We provide companies that have a critical need to perceive their physical environments with software that amplifies and augments their ability to do it at scale.”

The funding round was led by Align Capital of Austin, and included investors Chevron Technology Ventures, Piva, and Hypergiant Industries. Capital Factory and GPG Ventures have been partners with Worlds as well, the startup said.

Targeting Fortune 500 and government clients, is strategically aligned with Texas-based Hypergiant Industries as a portfolio company. Hypergiant’s roster of vertical divisions include space science and exploration, satellite communications, aviation, healthcare, transportation, and more.

Tricolor receives $10M in preferred equity funding

Tricolor, a Dallas-based community development financial institution, announced that it has received $30 million in preferred equity funding from an unnamed global institutional investor.

Along with its affiliate Ganas Auto Group, Tricolor said it has disbursed nearly $1 billion in affordable auto loans and served nearly 50,000 customers across its 36 retail dealerships in 12 Texas and California markets. Tricolor said that the new funding will allow it to expand its auto loan service to Hispanic customers in new markets.

“The deck is stacked against financially underserved customers in America when it comes to purchasing and financing a used vehicle,” Tricolor CEO Daniel Chu said in a statement. “We have proven that the right infrastructure and culture make it possible to build a profitable business providing these customers with affordable access to high quality vehicles. This investment will allow us to deliberately expand our business in pursuit of a mission to impact and improve even more lives.”  

In November, Tricolor became the only lender among auto asset-backed securities issuers to receive CDFI certification from the U.S. Treasury Department. Earlier last year, it launched Tricolor Insurance, an affiliate using proprietary technology to offer affordable premium insurance policies to car owners.

Rideshare startup Alto raises $6M in second funding round

Dallas-based rideshare Alto announced that it has raised a second funding round of $6 million, raising its funding so far to $20.5 million.

The money will be used to expand in Dallas and enter two new markets, Alto said. Existing investor Road Ventures was a key investor in the round. Alto, an app-based rideshare service, launched in North Texas in 2018 and was founded by CEO Will Coleman.

“With this new infusion of capital, Alto will be able to innovate and disrupt the rideshare industry in unprecedented ways, creating a new model of transportation that better meets the needs of both riders and drivers,”  Coleman told Dallas Innovates.

This new round of funding follows Alto’s initial fund that raised $14.5M and closed in January 2019. That was led by Road Ventures and Frog Ventures. 

Alto started with 20 cars and 10 drivers, and has since expanded to more than 60 vehicles and 100 drivers. Alto covers more than 900 square miles of the Dallas-Fort Worth region and has more than 10,000 active members.

CBD-infused sports drink maker Puration gets $5M term sheet

Puration Inc. (PURA), the Dallas-based producer of EVERx CBD Infused Sports Drink, announced it has received a $5 million investment term sheet aimed at funding the prospective acquisition of cannabis infused beverage, edible, and topical operations.

PURA recently announced its plans to pursue opportunities in the anticipated consolidation market opportunity by acquiring smaller cannabis infusion companies. A term sheet is a non-binding document that spells out the terms by which an investor will make a financial investment in a business. Once executed, it is used as a guide in the preparation of a final investment agreement.

The company said the proposed investment terms outline an up-to $5 million debt facility under which funds would be drawn as needed to fund acquisitions.

“As we pursue a strategy to expand our production of CBD infused beverages to include CBD infused edibles and topicals, the CBD survey provides essential feedback,” PURA CEO Brian Shibley said in a statement. “This iteration is particularly timely as PURA moves closer to securing a $5 million investment to fund an aggressive acquisition campaign to accelerate…

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