It's been quite the year for Chicago startup funding. Chicago startups and tech companies cumulatively received about $1.7 billion in venture capital funding over 186 deals in 2017, according to data provided to Chicago Inno from venture capital database PitchBook.
In 2016, companies received $1.2 billion across 234 deals, showing that even though fewer companies received funding in 2017, the amounts they are getting are much more substantial.
Outcome Health and Uptake, two of Chicago’s most notable tech unicorns, led the year in fundings. Outcome raised $509 million in May, and Uptake raised $207 million over two separate deals this year.
Looking back at the year’s funding triumphs, Chicago Inno compiled a list of the year's top ones, based on public announcements and PitchBook data. Here are the top 15 most lucrative VC deals in 2017:
1. Outcome Health—$509M: In May, the health-tech startup raised $509 million, the first outside investment the company has received since launching in 2006. The funding, which was given from investors like Goldman Sachs Investment Partners and Alphabet, established the company as Chicago’s most valuable tech unicorn at more than $5 billion. However, news broke in October that Outcome is being accused of misleading their advertisers by manipulating data and inflating the performance of its ads, and some of those investors are now suing the company.
2. Uptake—$117M: The startup, which uses predictive analytics and Big Data to help companies in industries like construction and rail operate more efficiently, raised $117 million in a Series D round in November, led by UK Venture fund Baillie Gifford. Uptake’s other existing investors, like Revolution Growth and GreatPoint Ventures, also participated. The company’s total funding is now at about $260 million.
3. Uptake—$90M: Earlier this year, the company also raised $90 million in a separate funding round, receiving $40 million of it in February and an additional $50 million in April.
4. Tempus—$70M: Founded by Eric Lefkofsky and Brad Keywell, Tempus uses machine learning and genomic sequencing to help treat cancer. In September, the company raised $70 million from New Enterprise Associates and Revolution Growth, bringing its total amount of funding to $130 million.
5. Raise—$60M: The startup, a peer-to-peer marketplace for buying and selling gift cards, raised $60 million in a Series C round in September, led by Accel, with participation from PayPal, NEA and Bessemer Venture Partners. The company, which launched in 2013, now has $147 million in total funding. The new money is meant to help the company launch a mobile payment alternative to cash and credit, the company said.
6. Levo Therapeutics—$46M: The biotech company raised $46 million in August, according to a company announcement and data from PitchBook. The Series A round was led by Samsara BioCapital and an undisclosed healthcare investment fund.
7. Exicure—$31.5M: Born out of Northwestern University, the biotech startup raised $20 million from private investors in September, and another $11.2 million two months later, for a total of $31.5 million, according to PitchBook. The most recent investment was led by Chinese drug maker Luye Pharma Group. The company’s total funding is now nearly $72 million, according to Crunchbase.
8. Yello—$31M: Founded in 2008, the startup raised $31 million in a Series C round in June, led by JMI Equity and First Analysis. Yello, which makes a talent acquisition software for recruiters, now has more than $46 million in total funding. The company was previously named Recsolu, but rebranded in 2015.
9. G2 Crowd—$30M: The software review platform, founded by Tim Handorf, raised $30 million in a Series B round led by Accel, with participation from LinkedIn, Pritzker Group Venture Capital and other investors. The company said at the time that the money would go to expanding its review platform and beefing up its staff.
10. SpotHero—$30M: The on-demand parking startup, founded in 2011, raised $30 million in July, bringing its total venture capital funding to more than $57 million. The Series C round was raised by investors including Insight Venture Partners, Global Founders Capital and OCA Ventures, among others.
11. SpringCM—$25M: The cloud software company raised $25 million in March in a round led by Crestline Investors. SpringCM provides businesses with cloud document management and workflow solutions.
12. Envoy Global– $21M: The startup that helps companies recruit, hire and manage an international workforce, raised $21 million in a Series C round in October. The round was led by New York-based growth equity firm Catalyst Investors, with participation from General Catalyst Partners. Envoy now has more than $48 million in total funding, according to Crunchbase.
13. Shiftgig—$20M: The startup that connects businesses with hourly workers, raised $20 million in a Series C funding round in January from investors like DRW Venture Capital and GGV Capital. The company, which laid off 75 employees earlier this month, has more than $59 million in total funding since launching in 2012.
14. Jellyvision—$20M: The startup, which helps workers understand healthcare coverage and financial wellness programs, raised $20 million in March from private equity firm Updata. Jellyvision said the money would be used to reward longtime employees and seed investors.
15. Aquilon Energy Services—$19M: The Lisle-Ill.-based software startup raised $19 million from Citi, Goldman Sachs Principal Strategic Investments, Invenergy and Macquarie Group. Aquilon works with companies in the energy industry, helping them manage large of amounts of data.
