And the fact that they just got funding means that they don't have too much of a head start on you. If you already have an MVP, you should be able to catch up fairly quickly, as fundraising should hopefully be much more productive now that the space has been validated.

Just a side note though: you might want to consider slipping something extra into your slide deck/whatever to mention the competition in the space and how you plan on adding value over your competitor's product. Good luck!