Alright folks, I’m not going to lie, getting this newsletter out was a struggle today. My whole household is slowly slipping into insanity after our AC unit kicked the bucket today, and perfect timing as we start to hit those dog days of summer... But rain, shine (or sweat), you know your boy will be getting you this newsletter every week, so here we go!
After 11 years of bootstrapping, what a way to splash into the headlines – Bringa landing a whopping $110M deal from Insight Partners! And then let’s take a quick trip down I-35 to New Braunfels, where TaskUS saw a warm welcome to the public markets this week. The company, who provides customer support services to fast-growing tech companies, saw their stock price jump 26% during their Friday debut, which means their 2 mid-30s founders are now each worth a cool $400M, not too shabby! And don’t forget to check out the rest of the highlights below!
Austin Financing Activity
Austin (and New Braunfels) IPO Activity
TaskUs Inc., a New Braunfels-based digital outsourcing company, went public this week, offering 13.2M shares at $23 each under the Nasdaq ticker “TASK.” The company had a market cap of over $3B as of close of market on Friday. This makes TaskUs, which reported $478M of revenue in 2020, the 11th largest publicly traded company in the San Antonio area.
Austin M&A Activity
Elligo Health Research, an Austin-based company focused on using electronic health records to help provide access to clinical research, acquiredRoot Health, a Pittsburgh-based clinical research virtual assistant platform. Although the terms of the deal were not disclosed, Root Health has raised $50K to date, while Elligo has raised nearly $36M.
Other Regional Deal Activity
Hello Alice, a Houston-based platform for supporting small business, raised a $21M Series B to expand capital, networks and business service resources. QED Investors led the round with participation from new investors including Backstage Capital, Green Book Ventures, Harbert Growth Partners and How Women Invest, as well as a group of individuals, including Guy Fieri and Jean Case. The new funding gives the company approximately $30M in total investments to date.
Here's what companies with Austin ties made the 2021 Fortune 500
General Mills to close Epic Provisions office in Austin as part of wider restructuring
How Austin’s big tech companies are returning to the office
California migration continues with Hollywood film studio soon stepping into Austin
Funding gaps and changing demographics: 5 Austin takeaways from the 2020 Census count
Area homes regularly selling for $100,000 or more above asking price
Growth slows for Texas manufacturing, service sectors
Additional research and newsletter support provided by William Scheffrahn.