First Avenue Ventures is pleased to provide a monthly round-up of news about the Birmingham entrepreneurial ecosystem. Below, please find the latest in Birmingham start-up news.

Birmingham-based Teamworks exec unveils $65M funding round (Birmingham Business Journal)

Jim Cavale, the founder of INFLCR and chief innovation officer at Teamworks, the company that acquired INFLCR, reveals that Teamworks closed a $65 million Series E round in early April.  

Birmingham logistics startup raises $8M round of funding (Birmingham Business Journal)

REPOWR, an Birmingham-based logistics marketplace company focused on the trucking industry, recently closed a Series A funding round led by California’s UP.Partners

Birmingham’s Techstars accelerator relocating to new space (Birmingham Business Journal)

Birmingham’s Techstars Alabama EnergyTech Accelerator, previously located in the Denham building, will move its headquarters to Innovation Depot.

Breakout e-commerce startups are booming in cities outside of traditional hubs (Birmingham Business Journal)

Stripe, the payment processing software company, releases data on start-ups with “unusually rapid revenue ramps.” According to their data, cities like New York, Los Angeles, Miami, and Austin are beginning to rival Silicon Valley when it comes to the innovation economy.

Condoit using new funding round to hire, build, educate (Birmingham Business Journal)

Birmingham start-up Condoit raised a fully subscribed series seed funding round led by Connecticut’s C2 Ventures. Conduit plans to use the funds to further develop their product and increase market penetration.

How a Birmingham software CEO is targeting a construction niche (Birmingham Business Journal)

Jarrod Glasgow, CEO and co-founder of software company Beloved Robot, recently launched CrewOS, a new venture focused on addressing gaps in the industrial field service space through management software.

UAB research involving magic mushrooms gets funding boost (Birmingham Business Journal)

The First Avenue Ventures Life Science Fund I led a strategic investment round in Diamond Therapeutics, a clinical-stage pharmaceutical company developing new, effective, well-tolerated mental health therapeutics based on psychedelic compounds that produce no psychedelic effects. This investment will support a collaboration between Diamond Therapeutics and the University of Alabama at Birmingham on a clinical trial of low-dose psilocybin.