Friday Fundings: Misfits Market, Classy, and Overtime

Misfits Market Raises $200 Million

Misfits Market, a startup which sells groceries at a discount, raised $200 million in a Series C round of venture funding.

The fundraising was led by Accel and D1 Capital and included participation from Valor Equity Partners, Greenoaks Capital, Sound Ventures, and Third Kind Ventures, among others. Accel got a seat on the board as part of the investment.

Misfits Market is able to price its products at steep discounts because it buys and sells items which have been rejected by grocery stores for a variety of reasons. For example, it recently purchased 50,000 bottles of olive oil which had slightly crooked labels but were otherwise completely usable. In addition to offering its customers great deals, Misfits Market also helps reduce food waste.

The company has raised $301.5 million in funding since its inception in 2018 and now has a valuation of more than $1 billion. Proceeds from the fundraising will be used to expand into more grocery categories and more locations.

Donation Platform Secures $118 Million

Classy, a software startup which helps nonprofits raise money, recently secured $118 million in venture funding. Nonprofits on Classy’s platform have raised $3 billion over the years.

The Series D funding round was led by Norwest Venture Partners, and included participation from existing investors Salesforce Ventures and Hinge Capital. The company has raised $183.5 million in venture funding since its inception in 2011.

The proceeds from the fundraising round will be used for product development and to grow the company’s product and engineering team. Classy also aims to enter new markets like corporate giving, andalso pay back its $4 million Paycheck Protect Program loan.

Sports Media Company Raises $80 Million

Overtime, a sports media company which just launched its own basketball league, recently raised $80 million in venture funding.

The Series C round of fundraising was led by existing investors Sapphire Sport and Black Capital and included participation from Jeff Bezos’ investment firm, rapper Drake, Reddit Co-Founder Alexis Ohanian, and several NBA players. Overtime has raised more than $140 million in venture funding since launching in 2016 and has more than 50 million social media followers.

The company creates and distributes original sports content online. It also sells apparel, and it launched a paid basketball league in March. A portion of the $80 million will be used for players’ salaries and staff, and for league start-up costs.

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