This is our round up of Chicago tech and startup companies that received venture capital investments during the month of January. If we missed one, let us know at info@chicagoinno.com.
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Chicago tech and startup companies raised at least $207 million in venture capital throughout the month of January, according to data compiled by Chicago Inno.
The month’s fundings are in line with a trend that shows January is typically a strong month for raising VC capital. In January 2018, Chicago tech and startup companies raised $175 million. This month’s fundings also follow a solid 2018, when local startups and tech companies raised more than $1.8 billion throughout the year.
January’s fundings were led by Vistex, which raised $65 million, and Clearcover, which raised $43 million.
Below are 13 Chicago tech and startup companies that raised money in January.
AMOpportunities: The startup, which connects international medical students to clinical rotations in United States hospitals, raised $1.8 million in equity funding, according to a Form D filing. AMOpportunites is also the winner of the 2017 University of Chicago New Venture Challenge.
BenchPrep: The startup, which makes a digital platform for education and training organizations to offer their programs online, landed $20 million in fresh funding. The round was led by Chicago-based Jump Capital and Silicon Valley-based Owl Ventures. Other backers included NewView Capital and Revolution Ventures. The round brings BenchPrep’s total funding to more than $28 million since it launched in 2009.
Bringg: The logistics startup raised $25 million in new funding as it aims to help businesses ship their goods more efficiently. Bringg, co-headquartered in Chicago and Tel Aviv, raised the new round from a host of well-known investors. The round was led by Next47, a Siemens-backed global venture firm, and included backing from Salesforce Ventures, Coca-Cola, Israeli billionaire Eyal Ofer’s OG Ventures, Aleph VC, Cambridge Capital, Ituran and Pereg Ventures. Bringg has now raised $53 million in funding since it was founded in 2013.
Chowbus: The Asian food delivery startup raised $4 million in a seed round led by New York-based investment firms Greycroft Partners and FJ Labs. Other investors included Chicago’s Hyde Park Angels and Fika Ventures.
With the new financing, Chowbus said it plans to expand to 20 new markets and hire more employees. This latest round brings Chowbus’ total funding to $5.1 million.
Clearcover: The startup raised $43 million in a Series B round led by Cox Enterprises, a media, communications and automotive conglomerate. Other investors include American Family Ventures, Lightbank and Chicago’s Hyde Park Angels. The new funding brings Clearcover’s total funding to $54.5 million. The startup raised $11.5 million in a Series A round in 2017.
Originally founded in 2016, Clearcover has built a platform that uses artificial intelligence to make custom car coverage recommendations to customers at a cheaper rate.
Figo Pet Insurance: The company raised $1.5 million in equity and debt funding, according to a Form D filing. Figo, which offers health insurance plans for cats and dogs, has raised more than $13 million to date.
First Stop Health: The startup raised $6.5 million in a round led by Joe Mansueto, the founder of Morningstar and frequent Chicago tech investor, and Rich Gallun, the co-founder and former CEO of bswift.
First Stop Health, which provides telemedicine services to consumers and employers, has now raised $14.5 million in funding since it launched in 2011.
Packback: The ed-tech startup raised $2.5 million in a round led by repeat investor University Ventures. Hyde Park Angels, also a previous investor, participated in the round. The new cash brings Packback’s total funding to date to more than $10 million. Packback provides its software to professors, who use it to measure a student’s response to written questions and essays.
PartySlate: The startup raised $3 million in new funding, according to Crain's. The startup, which connects event planners with vendors, scored the funding from Hyde Park Venture Partners, Revolution's Rise of the Rest fund, Dundee Venture Capital, Purple Arch Ventures, Hyde Park Angels and InvestHer Ventures.
Small Exchange: Tom Sosnoff, the co-founder of tastytrade, is launching a new startup with Peak6 co-founders Matt Hulsizer and Jenny Just called the Small Exchange, a new futures exchange. Tastytrade and Peak6 are putting $10 million into the venture, according to Crain's, and it will be led by Donnie Roberts.
ThreeKit: Godard Abel, one of Chicago’s top tech entrepreneurs, is leading a $10 million strategic seed investment in ThreeKit, a Chicago-based tech startup that lets brands improve upon the static images on their site by building completely interactive 3D experiences, letting customers better interact with products online. With ThreeKit, brands can integrate augmented reality, 3D product tours, and more directly on their platforms.
Truss: The commercial real estate platform that helps small businesses find office space raised $15 million in a round led by Boston-based General Catalyst. Other backers include Navitas Capital, Hyde Park Angels and Hyde Park Venture Partners, along with Jeff Boyd, the former CEO of Priceline, and Robert Mylod, a former Priceline executive and the chairman of Redfin. Truss has now raised nearly $25 million since it was founded in 2016.
Vistex: The Chicago software company raised $65 million in new funding as the 20-year-old firm ramps up growth. Vistex raised the equity investment from Silicon Valley-based private equity company Accel-KKR (AKKR). The funding could be worth up to $105 million as AKKR may invest an additional $40 million in the future, the company said.
The funding is the first equity capital raise in Vistex’s history. Vistex’s business software is used by companies like Kellogg’s, GM, Sony and Adobe, who use it to better deploy their products and services through go-to-market programs.
