According to data from the National Venture Capital Association (NVCA), Illinois companies have raised nearly $480 million in venture capital in the first three quarters of 2015, down from the record-setting $572M that the state raised in the same period last year.
Yet despite the decline, Illinois still had a solid year in venture funding, up over $200 million from 2013. (And with 4 of the top 10 deals happening in just the past three months, Q4 is on pace to be the strongest quarter of the year).
To spotlight Chicago tech's year in funding, we've listed the ten biggest deals of 2015.
1.) AVANT
Amount: $325M Series E Date: September Investors: Led by General Atlantic, with participation from Balyasny Asset Management and J.P. Morgan. What they do: Consumer lending platform. Details: This round valued Avant at nearly $2 billion, cementing it as another Chicago unicorn. In April, Avant secured a $400M financing arrangement from KKR to launch a loan program for its institutional investors.
2.) kCURA
Amount: $125M Date: February Investors: ICONIQ Capital (The "exclusive members-only Silicon Valley billionaires club"). What they do: e-Discovery. Details: ICONIQ's investment in kCura is the first outside funding for the previously bootstrapped company, which will use the money to invest in staff, technology, and its community of users.
3.) RAISE
Amount: $56M Series B Date: February Investors: New Enterprise Associates What they do: Marketplace for buying and selling unused gift cards. Details: At the time of the funding, NEA General Partner Tony Florence said that Raise "is one of the fastest-growing companies we’ve ever seen."
4.) RIGHTPOINT
Amount: $55M Date: May Investors: Stella Point Capital What they do: Digital marketing and technology consulting. Details: Rightpoint's client include New Belgium Brewing, Exelon, Kellogg, and Jones Lang LaSalle and the company will use the funding to expand geographically and grow its digital marketing and CRM capabilities.
5.) UPTAKE
Amount: $45M Date: October Investors: GreatPoint Ventures, with participation from existing investors including New Enterprise Associates, Caterpillar, and Lightbank. What they do: Predictive analytics and data analysis for machines. Details: This round valued the two-year-old company at over $1 billion, ushering in another Midwest unicorn.
6.) SMS ASSIST
Amount: $45M Series C Date: May Investors: Insight Venture Partners What they do: Maker of property management software. Details: SMS Assist employs more than 400 people at its Chicago headquarters and CEO Michael Rothman said the company will use the funding to further invest in people and its technology. The company has raised over $100M total, with the previous $60M coming from Pritzker Group Venture Capital.
7.) VillageMD
Amount: $36M Series A Date: September Investors: Oak HC/FT and existing investors. What they do: Healthcare service provider. Details: VillageMD, which partners with over 400 primary care providers across markets in Texas and Indiana, will use the funding to expand into new states across the Midwest, Northeast, and Southeast.8.) INSUREON
Amount: $31M Date: October Investors: Oak HC/FT, with participation from previous backer Accretive. What they do: Insurance provider Details: According to the Inc. 5000, Insureon is the 5th fastest-growing private company in Chicago and, in 2015, processed 62 percent more applications, while ultimately growing its customer base by 25 percent.
9.) CENTRO
Amount: $30M Date: May Investors: Neuberger Berman Private Equity Funds What they do: AdTech Details: Today, Crain's is reporting that Centro, which has added 400 employees over the past 2 years, has cut 4% of its staff.
10. A) REVERB
Amount: $25M Series B Date: December Investors: Summit Partners What they do: Marketplace for buying and selling used and vintage instruments. Details: Earlier this year, the company expanded beyond e-commerce and launched Reverb Lessons, a platform for connecting aspiring musicians with experienced, qualified teachers and instructors.
10. B) DOSE
Amount: $25M Series B Date: December Investors: Tribune Media What they do: Viral media company. Details: Tribune Media, which owns 42 local television stations and their digital properties, will use Dose's technology to help craft the most sharable headlines and find content that can go viral for its publications. The two will also be working on cross promotion and native advertising.
(Image via Raise.com)
