True Wealth Ventures Got $35M, R Labs Launched, and More Austin Tech News

Catch up on the latest Austin tech news you might have missed.
Written by Cassidy Ritter
July 5, 2022Updated: July 5, 2022
True Wealth Ventures is co-led by Sara Brand and Kerry Rupp.
Photo: True Wealth Ventures

Austin tech companies were at it again last week raking in millions. Two companies in the Web3 and fintech spaces also launched with big goals to better their respective industries. Catch up on the latest tech news you might have missed with the Built In Austin Weekly Refresh.

True Wealth Ventures landed $35M. This is the Austin-based VC firm’s second fund and will be used to invest in seed-stage startups led by women that improve environmental and human health. Co-led by Sara Brand and Kerry Rupp, True Wealth Ventures believes that women-led companies perform better financially than male-led businesses. True Wealth Ventures raised its first fund in 2018 totaling $19.1 million. The VC firm has invested in healthtech startups like Flourish, BrainCheck and others. [True Wealth Ventures]

Cleartrace got $20M. Cleartrace is an Austin-based energy and carbon management software company that showcases “previously unseen data for renewable energy buyers and suppliers,” according to a company statement. Led by ClearSky, this capital raise follows several announcements from Cleartrace, including new partnerships with JPMorgan Chase, Brookfield Properties and Iron Mountain. [Business Wire]

Austin Tech Quote of the Week

“We’re building the alternative to a broken U.S. health insurance system by making it easier for people to access affordable coverage. By distributing through partners, customers will not only be able to buy insurance in the moments they need it most; they’ll also know exactly what they’re covered for — so they can live life to the fullest without the fear of going into debt from medical bills.” — Matt Randall, co-founder and co-CEO of Spot

Spot raised $33M. The on-demand insurance platform’s Series A was led by Ensemble VC and included $25 million in equity and $8 million in debt. Spot allows partners and users access to emergency treatments at any hospital, urgent care clinic or licensed physician. With the fresh capital, Spot plans to scale its engineering and sales teams over the next two years. [Built In Austin]

R Labs launched with $5M. The Web3 startup plans to use blockchain technology to create a purpose-based ecosystem where each action aims to make a positive impact on the physical world. R Labs is led by Chelsea Cain Maclin, a former marketing VP at dating app Bumble. The startup plans to launch several initiatives in the next few months, including non-fungible tokens (NFTs). [Austin Inno]

DISCO relocated. The legal software firm moved from the outskirts of Austin to the One Eleven Congress building. The new 46,000-square-foot headquarters will hold about 40 percent of DISCO’s more than 600 employees. The company is actively hiring for its engineering, sales, marketing and HR teams. [Built In Austin]

StellarFi launched publically. With more than 40,000 people on the waitlist, StellarFi is now available to the public. The startup aims to offer financial tools to underserved communities, and its newly launched credit-building product reports all bill payments directly to Equifax, TransUnion and Experian. [Business Wire]

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