By Evan Vitale
Here are the latest and greatest venture capital stories making headlines over the past week.
According to AL.com, Shipt – which has only existed for approximately two years – has expanded across 10 states and made its mark on the Birmingham skyline.
The grocery e-commerce company just got the resources to grow a lot more: Shipt has secured $20.1 million in Series A funding, or the company’s first round of significant venture capital financing.
“Over the past year, we have laid a strong foundation for our business and scaled our service across the country. This funding is the catalyst that will propel us to the next level,” Bill Smith, founder and CEO of Shipt, said in a press release. “We are ready to put this funding to work strategically, so we can cultivate new partnerships and continue building the best way to buy groceries.”
Read the story here: http://bit.ly/2apUaWw
Crain’s is reporting that the NYU Tandon School of Engineering will announce the launch of an accelerator-style program that will recruit five early-stage AI startups to the school’s Varick Street Incubator. The city’s first accelerator devoted to computer technology that imitates human intelligence, the AI NexusLab will connect the startups to the university’s academic resources while providing the fledgling companies with the marketing and business expertise of a major venture capital firm.
They’ll also be funded to the tune of $75,000 over their four-month stay, with an additional $25,000 to cover the program’s costs. The Manhattan-based firm ff Venture Capital, which will select the startups in concert with NYU, will provide the financing in exchange for a 6% stake in each company. The university will get a 2% stake.
The story is here: http://bit.ly/2aMz7KY
A strong year is in the works for venture capital in the United States – especially in Minnesota, according to a recent article in the StarTribune.
Venture capitalists around the country invested $15.3 billion in 961 deals in the second quarter, according to the MoneyTree Report from Pricewaterhouse- Coopers and the National Venture Capital Association, based on data provided by Thomson Reuters.
You can read the rest of the article here: http://strib.mn/2a3VxGE