Form D Friday is an Atlanta Inno feature highlighting regulatory filings and tips about Atlanta companies raising capital. Form D reports are a type of U.S. Securities and Exchange Commission form used to file a notice of exempt offerings of securities. The SEC requires companies file the notice within 15 days after the first sale of securities in the offering. These forms don’t include a lot of details but can provide clues as to what investors and business owners are planning. If you have any tips or comments about new Atlanta fundraises, email Zach Armstrong at zarmstrong@bizjournals.com.
Between Oct. 21 and Oct. 28, Atlanta startups raised at least $69 million across three venture deals.
The biggest went to bus and shuttle startup CharterUP, which received the largest venture deal in Atlanta since May. The company has grown by over 100% annually and reached an annual revenue of more than $150 million this year, according to a news release. In 2020, the company was No. 8 on Deloitte's North America 2020 Technology Fast 500 list, which ranks fast-growing North American tech companies.
The four deals are according to reporting from Atlanta Inno and filings with the U.S. Securities and Exchange Commission. They come as startups in Georgia and nationally are seeing a decline in venture funding. PitchBook and National Venture Capital Association's latest report showed that local startups saw a 28% decrease of venture funding in the third quarter, prompting layoffs, cuts to product development and marketing.
Here are the venture deals you might've missed this week:
- CharterUP raised a $60 million Series A round, led by Tritium Partners, an Austin, Texas-based firm. Funds from the investment will be used to expand to new markets and grow its presence in existing ones. It will increase its staff in product and engineering roles.
- Cybersecurity software startup Arnica received $7 million in seed funding after being in stealth mode for 14 months. Atlanta Inno first reported Arnica received an investment from Joule Ventures, a venture capital firm based in Atlanta and Tel Aviv, Israel, in December. Joule Ventures, which has a $65 million fund, and First Rays Venture Partners led the seed round. The raise brings the company’s total funding to nearly $8 million and marks Arnica's entrance into the market.
- Medxoom Inc., a payment startup focused on health care benefits, raised $2.4 million, according to an SEC filing. The raise brings the company’s funding to at least $13 million, according to previous filings. Five investors were involved in the raise. Atlanta fintech investment firm TTV Capital includes Medxoom in its portfolio. Medxoom is for companies and employees to manage their health care benefits and compare medical procedure prices on its app. It has been led by CEO and founder Jeffrey Toewe since 2017, according to his LinkedIn.
