This is our round up of Chicago tech and startup companies that received venture capital investments during the month of October. If we missed one, let us know at info@chicagoinno.com.
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Chicago tech and startup companies raised at least $405.2 million throughout the month of October, the largest amount raised during any month of 2018 and nearly double the amount raised in September, according to data compiled by Chicago Inno.
The most significant funding rounds throughout the month came from two local marijuana companies: Cresco Labs, which raised $100 million, and Verano Holdings, which raised $120 million.
Below are 14 Chicago tech and startup companies that raised money in October.
Backstop Solutions: The Chicago tech company that makes software for institutional investors like universities and pension funds raised $20 million from existing and new investors, including Tao Huang, the former COO of Morningstar; David Bradley, the president of Huizenga Capital Management; Roger Kafker, a 30-year veteran investor in the asset management industry, and Vistara Capital Partners. Backstop will use the new funding to expand its staff and fuel potential acquisitions of other tech companies.
Booking Koala: The local startup raised a seed round of $200,000, according to Crunchbase. Booking Koala, founded this year, makes an all-in-one platform for the service industry that allows them to manage their marketing and sales initiatives.
Cresco Labs: One of Chicago’s largest marijuana upstarts raised a $100 million Series D round of funding from private investors as it looks to bring its suite of cannabis products to more patients. Cresco, founded in 2013 by Charlie Bachtell and Joe Caltabiano, has now raised $185 million to date. The new $100 million round is the second largest private funding round for a U.S. cannabis company ever, the company says.
FRST: This new Chicago-based blockchain data startup raised $3.4 million in a seed funding round, led by Vestigo Ventures and CMT Digital. Other participants in the round include Akuna Capital and principals from Premier Asset Management and Oak Ridge Investments. FRST, whose platform allows traders to test strategies, get estimates on returns and set alerts for changes in crypto values, will use the funding to get its platform into more hands of professional cryptocurrency traders.
G2 Crowd: The tech company raised $55 million in a Series C round of funding led by Silicon Valley-based IVP. Other investors in the round included Emergence Capital, Accel and Pritzker Group Venture Capital. The round brings G2 Crowd’s total amount raised to $100 million.
HAAS Alert: The mobility and smart city data company was awarded a $1.1 million grant from the U.S. Department of Homeland Security, according to Crunchbase. Founded in 2015, HAAS Alert now has about $3.4 million in total funding.
Leap: This Chicago startup that helps e-commerce brands launch physical retail stores raised a $3 million round led by Palo Alto-based Costanoa Ventures. Other backers include Equal Partners and Brand Foundry Ventures.
Launched just this year, Leap offers what it calls a “retail-as-a-service” platform for digital brands. It helps with everything from lease execution to design to staffing, allowing brands to launch brick-and-mortar stores faster and more efficiently.
project44: The startup raised $45 million in new capital led by Silicon Valley VC firm Sapphire Ventures. Other backers include Insight Venture Partners, along with existing investors 8VC, Chicago Ventures, Emergence Capital, Omidyar Technology Ventures, OpenView Venture Partners and Pritzker Group Venture Capital. project44 has raised more than $90 million to date.
Red Shelf: The Chicago-based startup raised $25 million in a Series C funding round, led by DNS Capital, the family investment office of Gigi Pritzker and her husband, Michael Pucker. As part of the deal, Charles Tollinche, the managing director of DNS Capital, will join RedShelf’s board of directors.
Other investors in the round include Tao Huang, the former COO and CTO of Morningstar, Trading Technologies CEO Rick Lane and Eddie Lou, the co-founder and executive chairman of Shiftgig. RedShelf has now raised more than $33 million to date, according to Crunchbase.
Seurat Therapeutics: The medical startup working to stop migraines using a nasal spray received a $500,000 grant from the National Institute of Neurological Disorders and Stroke. The funding will help the startup continue testing its product.
ShopRunner: The e-commerce shipping startup led by Sam Yagan raised $30 million in new funding, led by Silicon Valley firm August Capital. Yagan became the startup’s CEO two years ago and relocated the company from Philadelphia to Chicago.
Shurpa: The logistics company, founded in 2014, raised a $1 million seed round from Innova Memphis, according to Crunchbase. Shurpa designs custom and consumer-centric delivery operations that help companies compete in the e-commerce industry.
Supply Clinic: The Chicago-based dental e-commerce company raised $1 million in a seed funding round from undisclosed investors, according to Crunchbase. Founded in 2014 by Jacob and Scott Drucker has made an online marketplace for dental supplies, bringing tens of thousands of products from over 100 sellers onto a single platform.
Verano Holdings: The Chicago marijuana company raised $120 million in new funding to expand in Illinois and elsewhere. Verano is a holding company that consolidates ownership of several cannabis operations, including Illinois-based Ataraxia.
