Atlanta’s startup ecosystem saw a multi-week high of venture funding between Feb. 10 and Feb. 17.
At least $42 million was pumped into Atlanta companies across two venture deals, according to filings with the U.S. Securities and Exchange Commission and reporting by Atlanta Inno. That is compared with the $10 million, $25 million and $8.1 million that Atlanta companies saw in the previous seven-week period.
Lemon Perfect, an organic lemon beverage company that previously received an investment from Beyoncé, scored another $36 million. The round will also include celebrity investors, although a company spokesperson declined to provide more details. Field Intelligence Inc., a medical logistics startup with a focus in Africa, raised $6 million.
For almost a year, venture capital has become more scarce as investors have focused more on growth rather than profitability. Companies in Georgia raised approximately half the amount of venture capital in 2022 they got the year before. Those change have led several local startups to cut costs by laying off workers.
Here are the venture deals you might’ve missed this past week:
- Beverage startup Lemon Perfect had 76 investors involved in the most recent, $36 million round, according to an SEC filing. The current round will once again include celebrity investors, a spokesperson told Atlanta Inno. The startup aims to raise another $2 million in the current round. The latest raise brings the company’s total funding to at least $78 million. Investors of Lemon Perfect's prior, $31 million funding round announced last May came from Beyoncé, notable NBA athletes and a famous comedian. Venture firms such as Beechwood Capital, Goat Rodeo Capital, Melitas Ventures, Nns Capital and Trousdale Ventures also participated.
- Field Intelligence Inc. raised $6.7 million as it tries to raise over $10 million, according to an SEC filing. The raise brings the company’s total funding to at least $10.3 million, based on previous filings. There were 14 investors participating in the most recent raise. Founded in 2015, Field Intelligence assists governments and businesses primarily in Africa manage medicine with its pharmaceutical supply-chain technology. It was founded by CEO Michael Moreland and chief technology officer Justin Lorenzon. The SEC filing says the company is based in Marietta, but its website indicates its only offices are in Nigeria, Germany and Kenya.
