This is our round up of Chicago tech and startup companies that received venture capital investments during the month of April. If we missed one, let us know at info@chicagoinno.com.
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Chicago tech and startup companies saw a slight dip in venture capital funding for the month of April.
Over the course of the month, they collectively raised at least $110.7 million, according to data compiled by Chicago Inno. That’s 10 percent lower than in March, when Chicago tech raised about $124 million.
But despite the decrease in April, Chicago tech funding has been solid so far this year. Data reported in April from PricewaterhouseCoopers and CB Insights showed that Illinois had its strongest Q1 in terms of total venture funding since the first quarter of 2000. In the first quarter of 2018, more than $375 million was invested across 36 deals in Illinois companies.
April’s funding news was led by cybersecurity company Kenna Security, which raised $25 million, and logistics startup Project 44, which raised $35 million.
Below are nine Chicago tech and startup companies that raised money in April.
BallotReady: The startup, which aims to help voters make more informed decisions, raised $1.5 million in a seed round that will help the company expand its service to all 50 states by the fall midterm elections. Investors in the round included InvestHER Ventures, Wakestream Ventures, New Media Ventures, Hard Yaka and Grubhub CEO Matt Maloney.
Built In: The online job resource for local tech communities, with offices in Chicago, raised $3.3 million in new equity funding, according to a Form D filing.
dscout: This local startup that helps companies better understand how consumers experience their offerings through mobile videos, closed a $7.5 million Series B round led by Detroit-based Beringea, with participation from Chicago-based private investment firm Synetro Group, which led dscout’s two prior financing rounds. The startup, which says it will use the new funding to grow its staff and build out new product offerings, now has about $11 million in total funding.
Edovo: Founded in 2013, Edovo provides tablet-based education to inmates in an effort to reduce recidivism. The startup raised $9.8 million in a Series A round from several social impact investors, including Impact Engine, the Lumina Foundation, Sustain VC, the IDP Foundation, Series Change Investment, Evolve.Foundation, Kapor Capital and Ekistic Ventures. The new money will help Edovo expand its program to correction facilities across the country.
Kenna Security: The cyber security company raised $25 million in a Series C funding round led by Bessemer Venture Partners. Other participating investors included U.S. Venture Partners, Costanoa Ventures, PeakSpan Capital, Hyde Park Angels and OurCrowd.
Mac & Mia: The startup raised $5 million in a Series A funding round for its service that helps parents find stylish clothes for their kids. Investors in the round included Chicago Ventures, KGC Capital, Sam Yagan’s Corazon Capital and Emerisque Ventures. Mac & Mia has now raised $9 million in venture funding to date.
M1 Finance: The investing app raised $11.2 million in new equity funding, according to a Form D filing. M1 has now raised more than $20M since launching in 2015.
NuMat Technologies: This Skokie-based advanced materials startup, raised $12.4 million in a round led by OS Fund, a New York-based VC firm founded by Braintree Founder Bryan Johnson. Other participating investors include Osage University Partners and Tin Shed Ventures, Patagonia’s investment arm, which invests in startups offering solutions to the environmental crisis. The B2B startup, which designs gas storage, separation and purification systems, says its using the new funding to expand its product offerings to Europe and East Asia. NuMat now has nearly $20 million in funding since launching in 2013.
Project44: The logistics company raised $35 million in a new funding round led by Boston-based VC firm OpenView. San Francisco-based 8VC—which has backed companies like Oculus and Hyperloop One—eBay founder Pierre Omidyar’s Omidyar Technology Ventures, Chicago Ventures and Pritzker Group Venture Capital also participated in the round. Project44 has now raised $48 million since launching in 2014.
