Financial Briefs, Oct. 25, 2019

October 25, 2019 | Volume 50, Number 21

Startup Remarkable (Oslo, Norway), which developed a $500 tablet that tries to replicate paper in digital form, in October raised $15 million in a series A round of funding from Spark Capital. Earlier, Remarkable, which was founded in 2013, raised $10 million over two seed-funding rounds, from a range of Nordic-based family offices, early-stage investors, and angels. With the new funding, the company plans to accelerate its growth, invest in its sales and marketing efforts, and plow some money into R&D around future products.

Startup Grammarly (Kyiv, Ukraine; San Francisco, Vancouver, and New York), which developed a cross-platform grammar- and spell-checking platform, in October secured $90 million in its second- funding round, led by General Catalyst, with participation from IVP as well as undisclosed existing and new investors. CEO Brad Hoover said the fresh capital, which brings Grammarly’s total raised to date to roughly $200 million following a $110 million raise in May 2017, will be used to advance its technology to build a full-fledged communications assistant and expand its global workforce of about 200. The company was founded in 2009 as Sentenceworks.

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