North America

Alternative Credit Fund to back Progressa POS finance unit

Vancouver-based financial technology company Progressa has secured a facility to support its point-of-sale (POS) finance business, Progressa Connect. Alternative Credit Fund, a Canadian specialty credit firm, will facilitate up to a $13 million forward-flow whole loan purchase program to back the unit, which helps POS platforms and originators offer credit solutions to non-prime consumers. The deal follows Progressa's close in August of an $84 million debt and equity financing. The company, which is backed by Conconi Growth Partners, Cypress Hills Partners and others, is preparing for an initial public offering next year.

Coatue to raise early-stage venture-capital fund

Coatue Management has set out to raise an early-stage venture-capital fund, according to a filing with the SEC. No fund target or first close was listed.

Gaorong collects $450 mln for fourth fund

Chinese venture firm Gaorong Capital has raised $450 million for its fourth fund, according to an SEC filing. Gaorong Capital focuses on early and growth stage investments in TMT, including AI and frontier technologies, consumption and retail, fintech and enterprise services.

Prose locks in $18 mln Series B

New York City and Paris-based Prose, a maker of hair care products, has raised $18 million in Series B financing. Insight Venture Partners led the round with participation from return backers Forerunner Ventures, ISAI, Lerer Hippeau Ventures and Correlation Ventures.

Robolab backs robotic bartender Yanu

Estonia-based Yanu, a AI-powered robotic bartender, has secured $1 million in funding, according to a source at the firm. The investor was Robolab.

Rheostat Therapeutics inks $23 mln Series A

Cambridge, Massachusetts-based Rheostat Therapeutics, a biotech company focused on treating neurodegeneration, cognition and rare diseases, has raised $23 million in Series A financing. MRLV and AbbVie Ventures led the round.

Draper Espirit leads $31 mln round for Fluidic Analytics

UK-based Fluidic Analytics Ltd, a developer of tools that analyze proteins and other biomolecular species, has raised $31 million in funding. Draper Esprit led the round with participation from Delin Ventures, BGF, IQ Capital and Amadeus Capital Partners.

Charlie grabs $9 mln Series A

Charlie, an AI assistant for "people who don’t speak finance," has secured $9 million in Series A funding. Propel Venture Partners led the round.

VC-backed BlueRock Therapeutics names chief legal and administrative officer

Cambridge, Massachusetts-based BlueRock Therapeutics LP, a cell therapy company, has named Dr. Min Wang as chief legal and administrative officer. Previously, she worked at Agios Pharmaceuticals where she was vice president, general counsel and corporate secretary. BlueRock is backed by Bayer AG and Versant Ventures.

Cannabis firm High Note lands $15 mln

California-based The High Note, a cannabis company, has raised $15 million in funding. The investor is Gotham Green Partners.