How a frugal approach helped land Lula more runway amid a market downturn | TechCrunch
It was an eventful week in fintech startup land, and we did our best to capture the highlights. We covered some raises, new product lines, at least one M&A deal and more. Oh, and if you want to receive this in your inbox in the future, sign up here.
Lula tightens its belt and raises $35.5M at a 5x valuation
One of the coolest things about covering startups is covering them in their earlier stages and then watching them grow and raise more money over time. During the 2021 funding boom, it was very common for companies that I had previously covered to raise another round at a higher valuation. During this quieter funding season in 2023, it’s far less so.
But last week, I did get to report on Lula, a startup that aims to be the “Stripe for insurance.” Twin brothers Michael and Matthew Vega-Sanz started the company at the age of 24 in early 2020 and went on to raise an $18 million Series A (which I covered here) in 2021. This past week, they announced a $35.5 million Series B co-led by NextView Ventures and Khosla Ventures. Unfortunately, they did not disclose valuation,…