Startups and VCUpdated November 3

Fal raises $1.3 billion at a $16 billion valuation.

In April, Fal raised $350 million in a Sequoia-led round at an $8 billion valuation. Its October financing was $1.3 billion, led by existing investor Bessemer Venture Partners, and valued the company at $16 billion, Bloomberg reports. The company’s valuation doubled between the rounds, even as the amount it raised grew to nearly four times the April total. Fal hosts image, video and audio models for creators and developers, and was set to announce the financing Tuesday, according to Bloomberg.

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Coverage started November 3