ETtech Deals Digest: Startups raise $1 billion this week, nearly double on-year

Startups raised around $1.03 billion between November 15 and 21, nearly double the $566.2 million secured during the same period last year, driven primarily by the $900 million funding round closed by video generation platform Luma AI.

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This week’s funding total was also 82.5% higher than the $172.5 million raised in the previous week.

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However, deal activity slowed year-on-year (YoY), with 24 transactions recorded compared to 38 in the same week last year.

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Top deals of the week

Luma AI: Visual content generation startup Luma AI raised $900 million in a round led by Humain, a Saudi-based public investment fund (PIF). It also saw participation from existing investors Andreessen Horowitz, Amplify Partners, and Matrix Partners.

Agrostar: Agritech startup AgroStar raised $30 million in a funding round led by the environment-focussed investment firm Just Climate. The round also saw participation from the firm’s existing backers Aavishkaar India, Bertelsmann, Evolvence India, Chiratae Ventures, and Hero Enterprises.

Tractor Junction: Rural vehicle and mobility solutions platform Tractor Junction raised $22 million in a funding round led by Europe-based firm Astanor, with Info Edge and Omnivore participating.