It's now 2023, but before we fully move onto January and a new year, it’s time to recap the funding rounds from December 2022.
By our count, local companies raised about $656 million last month. Funding in November 2022 was $655 million — the most consistent month-to-month funding we saw last year. In general, venture capital was down in 2022 compared to 2021.
Software companies took the lead in December, bringing in $391.4 million. Big rounds from Snyk and Zappi led the way. Biotech companies had a lower funding month, bringing in just about $227.3 million.
Check out all the deals, including links to our coverage or to the company’s announcements:
Biotech
Cambridge-based Parallel Bio announced $4.3 million in seed funding led by Refactor Capital. The startup is creating a platform that replicates the human immune system in a dish for drug discovery and development.
Apogee Therapeutics has spun out of Waltham-based antibody discovery company Paragon Therapeutics to develop new approaches to treating immunological and inflammatory diseases. The company already has $169 million in capital.
Vaxxas, a biotech with operations in Australia and Cambridge, has raised $23 million to advance a needle-free patch that administers vaccines through the skin.
Carrick Therapeutics, which is co-located in Boston and Dublin, raised a $25 million Series C round. Investors included ARCH Venture Partners, Google Ventures and Cambridge Innovation Capital.
Drug discovery accelerator LeadArt Biotechnologies, headquartered in Ningbo, China, and Boston, has closed on a $6 million seed financing round led by BlueRun Ventures Aster.
Medtech/healthtech
AI precision medicine startup Quris secured an additional $9 million in seed funding. This brings the company’s seed round funding to $37 million. Quris is co-located in Boston and Tel Aviv.
Boston-based Turtle Health, an at-home/virtual fertility clinic, officially launched this week in eight states and announced it has raised a total of $5.4 million, per the company.
Fintech
Foundation Devices is looking to push through this “crypto winter” with some new capital. The Boston startup announced the close of its $7 million seed round led by Polychain Capital. Foundation sells a Bitcoin hardware wallet known as Passport and offers a mobile app, Envoy, as a digital sovereignty toolkit and Bitcoin software wallet.
Sportstech
Hydrow has raised even more funds before the end of the year, according to a new U.S. Securities and Exchange Commission filing. The Boston-based fitness technology company raised nearly $21 million in new funding in August. Per a recent SEC filing, Hydrow added over $11 million in equity funding in December.
Software
Boston-based ProfitWheel, a consumer intelligence SaaS company, announced a pre-Series A round of $1.2 million through a safe note valued at $30 million.
Zappi, a London-based marketing tech company that opened its Boston office in 2014, raised $170 million in growth capital from Sumeru Equity Partners and co-investors.
Boston-based Snyk Ltd. raised a down round of $196.5 million. This comes after the company laid off hundreds of workers this year.
Recently minted unicorn Wasabi Technologies has completed its Series D round with $15 million in new equity. This additional funding brings Wasabi’s Series D to $140 million, following $125 million in equity closed in September 2022.
Rezonate, which is co-located in Boston and Tel Aviv, emerged from stealth with $8.7 million. The company operates a cloud-based identity protection platform and is led by Roy Akerman, the former head of Israeli Cyber Defense Operations.
Foodtech
Smoodi announced a $5 million Series A round to scale nationwide. The company offers an automated, self-serve blender that cleans itself after each use. Smoodi also provides smoothie pods filled with frozen fruits and vegetables for use in its machines.
Funds
The Baker-Polito Administration teamed up with the Massachusetts Clean Energy Center to create a new $50 million fund to support early-stage climatetech startups.
