Want to stay up to date on the latest startup fundings, launches, and expansions in Austin? Startup Over Coffee’s weekly roundup of Austin startups to watch will keep you in the loop on the latest Austin tech news. Catch up on previous weekly roundups here.

REE Automotive Ltd. 

According to Austin Inno, announced on July 23, Israeli company REE will launch its first U.S. headquarters in Austin. Throughout this process, REE plans on opening approximately 150 new jobs, which will help expand the technological scene in Austin even more. 

Founded in 2011, REE Automotive creates EV chassis platforms, or the base frames of motor vehicles, designated to be scalable and modular to fit any vehicle no matter the weight or size. With hopes of becoming the future of EV platforms, the purpose of these is to allow customers to have a full range of creating their autonomous vehicles at the customer’s liking.  

REE recently merged with 10X Capital Venture Acquisition Corp. and already has investors lined up to prepare for its trading under the “REE” ticker. These investors include Koch Strategic Platforms and Magna International.

Literati Inc.

In late June, we discussed how Literati, a book subscription service, moved its headquarters in Austin and added more executive employees. According to Austin Inno, Literati recently launched a new product focused on increasing subscriber’s engagement amongst the website. 

Elizabeth Winkler, VP of Product, explains that the product will add a “more enriching experience” to their readers. The development brings in influential people and authors that’ll select books and start conversations with readers. The subscriber will then choose the book of their liking and engage in the discussion provided by these influencers. 

Eterneva 

According to Built in Austin, Austin-based company Eterneva has announced raising a $10 million Series A funding round. Tiger Management led the round, and Shark Tank’s Mark Cuban contributed to this round as well. 

Due to the pandemic, conversations regarding death have been heightened, which is where Eterneva comes in. Eterneva, shortened for “eternal” and “never forget,” is an end-of-life company that turns ashes or hair into diamonds. Although founded in 2017, appearing on the show Shark Tank in 2019 has helped the company gain national recognition.

Since its funding, this startup has already raised $16.7 million. It continues to grow rapidly, as it’s already received viral views on TikTok and became the second end-of-life company to raise over $10 million in a funding round. 

Capstar Ventures L.P.

According to a news release, early-stage venture capital firm Capstar Ventures has recently reported closing a $41.3 million inaugural fund. Founded in 2019, Capstar Ventures’ objective is to invest in early-stage startups, specifically those with Millennial and Gen Z-based consumer products. 

On top of its recent closing round, Capstar Ventures has become the first startup to close a funding round for J.P. Morgan Asset Management’s Project Spark. This project supports minority-led and women-led venture capital funds in hopes of expanding diversity amongst funding and investors. 

About Michelle Vernaza: Michelle is a communications Intern for Swyft, which is a tech PR firm in Austin and Houston and a top digital marketing and PR agency in Denver since its founding in 2011. Swyft also has a small satellite office where it offers tech PR in San Francisco. Swyft has been listed as one of the top tech PR agencies in Texas for two years running by the B2B services review site, Clutch.co.