Yesterday, the Chicago tech community gathered together—virtually, of course—for Chicago Inno's 2020 Inno on Fire, our annual event that recognizes the people and companies that are working to move Chicago tech forward.
Inno on Fire, previously named 50 on Fire, is our recognition of the startups, enterprises and individuals that have had a banner year—whether that’s fast growth, new product launches, big hires or innovative approaches to solving problems. You can see the full list of this year's winners here.
This year's event featured a fireside chat with Cameo co-founder Steven Galanis, followed by a panel with the founders of M1 Finance, Chowbus, 4Degrees and The Mom Project. You can see the recap below.
During the event, we also unveiled this year's Inno Blazer winners, which were the top people/companies from each of our Inno on Fire categories as decided by a group of judges. The Inno Blazer is a special designation given to those who are trailblazing new paths in their category and industry.
This year's Inno Blazers are:
B2B: ShipBob
Chicago startup ShipBob helps small companies ship their products more efficiently. To support its growth, the startup raised $68 million in a Series D round of funding in September. ShipBob says it currently has 10 fulfillment centers across the United States, Canada and Europe. The company opened six new fulfillment centers since April, including two international locations, and it expects to open two more U.S. facilities in the fourth quarter, and another 10 facilities across North America, Europe, Asia and Australia in 2021.
B2C: The Mom Project
Over the last year, The Mom Project raised $25 million in venture capital funding, brought on Serena Williams as an advisor and acquired another startup. The Mom Project, founded in 2016, has built an online platform that helps to connect viable female candidates to employers. Through the pandemic, The Mom Project has honed in on its mission to help women get jobs in a struggling economy. In April, the startup launched the Stronger Together Fund, a $500,00 initiative that will provide grants to small businesses that have been hit hard during the Covid-19 pandemic. The Mom Project also launched an initiative to provide technology certificate scholarships to 10,000 women of color over the next three years to address what it calls a “dramatic backslide” in workplace equality due to pandemic.
Fintech: M1 Finance
Despite the Covid-19 pandemic and the economic slump that's come with it, M1 Finance had a record year of business growth and milestone achievements in 2020. The startup, which offers a no-fee investing app that offers users an automated brokerage, portfolio lines of credit and digital banking, reached $1 billion in assets on its platform. And by September, the startup surpassed $2 billion in assets. M1's growth was supported by a $33 million funding round in June, bringing its total venture funding raised to $54 million. But that number is far less than some of M1's largest competitors, such as Betterment, Wealthfront, Acorns and Stash, which have all raised at least $200 million. Now, more than 200,000 customers currently have an M1 account and over 230,000 trades are processed each day. M1 Finance has 60 employees.
Food: Chowbus
Among the highly competitive field of food delivery companies, Chowbus is growing fast with its platform that specializes in bringing authentic Asian cuisine to your door. Amid the Covid-19 pandemic, Chowbus has seen a major uptick in business. The startup says it has increased its revenue 700% year-over-year and has grown its headcount by 300%. To help support its growth, Chowbus raised $33 million in a Series A round led by Silicon Valley VC firm Altos Ventures and NYC-based Left Lane Capital.
Health Care: CancerIQ
This Chicago startup, which helps health care providers identify patients who have a genetic predisposition to certain cancers, raised $4.8 million in new funding over the summer, bringing its total funding to more than $8 million. The funding is significant in that it not only is fueling CancerIQ's growth, but it's also one of the largest rounds raised by a Black founder in Chicago in recent memory. Led by Feyi Olopade Ayodele, CancerIQ created a risk assessment questionnaire that patients can complete in the waiting room that can identify patients who are at high-risk for certain cancers.
Lifestyle: 4Degrees
Chicago startup 4Degrees, an artificial intelligence startup working to help people better leverage their professional network, raised funding from Harlem Capital, a New York VC firm that closed its debut $40 million fund in 2019. 4Degrees was founded in 2017 by Ablorde Ashigbi and David Vandegrift, two former investors at Pritzker Group Venture Capital. The two set out to build an AI tool that will help users create better connections and build stronger professional relationships. Focusing initially on industries like venture capital, private equity, commercial real estate and investment banking, 4Degrees' platform identifies the right connections that users should focus on, and helps strengthen those relationships over time.
Supporters: Samara Hernandez, Chingona Ventures
Earlier this year, Hernandez, a Chicago investor known for her time at MATH Venture Partners,launched Chingona Ventures, a fund to invest in early-stage startups that are traditionally neglected by Chicago and Midwest VCs. Chingona Ventures’ portfolio of 11 includes Leaf Trade, Encantos and Vantage Point.
