Boston Roundup: PerkStreet, Extreme Reach, DraftKings, Aquaback
[Updated 9:55 am with last item] A startup shutdown, an ad-tech merger, and some fundraising news to catch up on around the Boston area:
—PerkStreet Financial, a banking startup that gave customers cash back and shopping discounts for using debit cards, is shutting down. In a message posted on the company’s website, PerkStreet says it wasn’t able to raise another round of investment to keep the company going. PerkStreet had raised about $15 million total, the last of it in a $9 million round in mid-2011. The company writes that it had given out more than $4 million “in perks.”
—Extreme Reach, a Needham, MA-based company that provides online video ad distribution systems, is spending $485 million to acquire the traditional TV advertising unit of a company called Digital Generation. The deal will be paid for with cash, debt, and a new equity investment of up to $47 million from Spectrum Equity, which invested about $50 million in Extreme Reach earlier this year.
—Just as football season approaches, Boston-based DraftKings has added another $3 million in venture backing. The investment, led by Atlas Venture, adds to the $7 million Series A round the startup announced back in May. DraftKings runs online fantasy sports contests, giving out cash prizes where allowed.
—Aquaback Technologies, a Tewksbury, MA-based clean-water startup, has raised nearly $3.7 million in equity financing, according to an SEC filing. The company is developing a water purification device that it says will waste very little, making it more energy efficient. Aquaback’s website says the device will be available next year.
—VeliQ, a mobile device management software startup, has raised $9 million in Series B funding led by Northcap. The Dutch company opened its U.S. office in Boston in April.