This is our round up of Chicago tech and startup companies and organizations that received venture capital investments during the month of June. If we missed one, let us know at info@chicagoinno.com.
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June was a slower month for venture capital funding in Chicago, but a significant one for the local fintech community.
Over the course of the month, Chicago tech and startup companies raised at least $37 million, according to data compiled by Chicago Inno. June's funding numbers were a bit higher than May, when Chicago tech and startup companies raised only about $10 million. However, June's fundings were still significantly down compared to April, when local tech raised more than $110 million.
The largest funding rounds in June came from fintech companies, such as tastytrade, which raised $20 million, and Bento for Business, which raised $9 million.
Below are eight Chicago tech and startup companies and organizations that raised money in June.
Bento for Business: The financial management software maker that helps companies keep tabs on employee expenses raised $9 million in a new funding round led by Edison Partners and included backing from Comcast Ventures and MissionOG. Bento has now raised more than $18 million since launching in 2013.
Based in Chicago and San Francisco, the startup has created a card-based digital spend management product for small and medium-sized businesses, which helps them prevent unauthorized spending by controlling employee spending prior to a purchase.
City Bureau: The local media startup received a $1 million grant from the MacArthur Foundation as part of the Jack Fuller Legacy Initiative. The news organization said the funds will help them to expand their initiatives to diversify the local media ecosystem.
Regroup Therapy: This local startup that provides mental health services by videoconferencing raised $5.5 million. Investors included OCA Ventures, HLM Venture Partners, Frist Cressey Ventures, OSF Ventures, Hyde Park Angels, HBS Angels, Impact Engine and Further Fund.
tastytrade: The fintech company raised $20 million in a Series C funding round led by TCV, a Silicon Valley-based venture capital firm that has provided more than $1.5 billion to fintech companies. tastytrade’s total funding now sits at nearly $60 million. The startup, which has offices in the West Loop and employs 100 people, says the funds will help it grow its trading and investment media platform.
Additionally, four Chicago startup and tech organizations were awarded grants totaling $1.7 million that will be distributed over the next two years. The funding is part of the Blackstone Inclusive Entrepreneurship Challenge, an initiative run by the New York-based Blackstone Charitable Foundation and ChicagoNEXT, the tech-focused division of World Business Chicago. Bethel New Life is being awarded $400,000, Blue1647 is getting $450,000, Bunker Labs is receiving $450,000 and Future Founders is being awarded $400,000.
