Last week, five companies reported raising more than $93 million in funding. Dive into the details below.
Austin e-commerce startup Cart.com Inc. said June 27 it raised $60 million in new equity investment. The company also said it was valued at $1.2 billion, making it part of a somewhat rarified group of local startups to reach unicorn status.
Cart.com — which offers to other companies software and services for end-to-end e-commerce operations, from online shopping to transportation — said the new valuation was a 50% increase from its $840 million valuation in February 2022, when it raised $240 million in equity and debt funding.
Investors in the new round included B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures and Legacy Knight. While the company didn't indicate what its long-term plans may be, one of the investors, Los Angeles-based B. Riley Venture Capital, notes online that its focus is on "late-stage private growth companies with a path towards public markets."
MVP Index, an Austin-based startup that helps companies measure the performance and value of sponsorships and other advertising, said June 26 it raised $20 million in series B funding led by New York-based Verance Capital. The startup, legally operating as U-MVPindex LLC, says the new funding will be used to fuel its expansion plans, accelerate product innovation and expand sales and marketing efforts.
The company, led by CEO Brian Foley, was founded in 2012 by Kyle Nelson and Shawn Spieth and previously raised a $7 million round in 2016, according to Crunchbase.
Contoro Robotics, which spun out of medical robotics startup Harmonic Bionics, raised $6 million in venture backing. The company, led by founder and CEO Youngmok (Mok) Yun, was created last year when Harmonic Bionics, which uses robotics to assist stroke survivors in physical therapy, discovered warehouse applications for its technologies.
Contoro raised an initial $1.3 million funding round last year led by Village Global, an investment firm with partners including Bill Gates, Jeff Bezos, Mark Zuckerberg and Michael Dell, along with leaders from LinkedIn, VMware, Pinterest and many other big tech companies.
More recently, Contoro on June 28 raised a $4.7 million seed round. That was led by South Korean firm SV Investment, which invests in deep-tech startups globally. Other backers include Kakao Ventures, Bass Investment, Future Play, UT Seed Fund and angel investors.
MedScout, an Austin-based revenue acceleration platform for medical-technology and life sciences companies, said June 27 it completed a $5 million seed investment round led by Stage 2 Capital, with participation from Austin's LiveOak Venture Partners, as well as Alumni Ventures and a16z’s Scout Fund. The new round brings its total funding to $6.8 million.
MedScout, founded in 2021 by Skylar Talley and Casey Shattuck, has a platform that helps medtech companies with medical claims intelligence and customer relationship management integrations, which helps salespeople prioritize opportunities, access referral data and align sales and marketing efforts. The company currently has 10 employees, including four in Austin. It plans to hire five ro six additional employees in the next six months for positions in sales, marketing, engineering and product. It recently added Mandy Cole, a partner at Stage 2, and Mike Marcantonio, a partner at LiveOak, to its board.
Gigaroo Inc., an Austin-based startup that focuses on helping Gen Z individuals find flexible food and retail jobs, said June 28 it has raised $2.5 million in pre-seed funding. The startup, founded in 2022 by Adir Oren and Yair Almagor, plans to scale its operations and partnerships in Austin, Dallas, Miami, Boston and beyond. It's also planning to raise a seed round in the near future. The company's app, which launched in January, uses artificial intelligence to help connect people and companies and provide next-day payments.
Gigaroo was a top five finalist for the Future of Work Startup Competition at South by Southwest. Its pilot programs included partnerships with Amy’s Ice Creams, Z'Tejas and ThunderCloud Subs.
For more local deals, check out another recent funding wrap. And subscribe to Austin Business Journal for startup resources such as lists of venture capital and private equity firms, incubators and accelerators, angel investors and coworking providers.
