2019 was a big year for Chicago tech. While the year's total venture numbers are still being tallied, we wanted to bring you the top funding rounds of the past year to get a glimpse at who raised some serious dough last year.
The top funding round of 2019 went to Tempus, the fast-growing cancer-fighting startup led by serial entrepreneur Eric Lefkofsky. The $200 million round brought the startup's valuation to more than $3 billion.
On this year's top fundings list you'll find three $50 million rounds from some well known Chicago upstarts: Cameo, SpotHero and FourKites. Grassroots Cannabis, a Chicago marijuana startup, landed $90 million in 2019 as Illinois now becomes the latest state to offer recreational marijuana. And a pair of insuretech startups, Kin and Clearcover, each raised $40 million+ rounds last year.
Check out 2019's top 12 Chicago tech fundings below:
Tempus: $200 Million
Eric Lefkofsky’s genomic-sequencing startup Tempus raised $200 million in a Series F round that valued the Chicago startup at $3.1 billion. The fundraise came less than a year after Tempus raised $110 million at a $2 billion valuation. Tempus has now raised a total of $520 million since it launched in 2015.
The new round of funding was backed by Baillie Gifford, Franklin Templeton, NEA, Novo Holdings, Revolution Growth, and funds and accounts managed by T. Rowe Price. Tempus uses machine learning and genomic sequencing to better understand a patient’s tumor, and it tailors treatment plans best suited to combat it.
VillageMD: $100 Million
VillageMD raised $100 million in a Series B round in 2019. The round was led by a $75 million investment from Kinnevik, a Swedish investment firm. Other backers in the round included Oak HC/FT, Town Hall Ventures and Adams Street Partners. VillageMD has now raised more than $215 million to date. It last raised an $80 million round in 2018.
VillageMD partners with primary care providers to help them cut costs and deliver better patient outcomes. The startup provides doctors with data analytics, staffing support and other resources to improve the quality of care.
Grassroots Cannabis: $90 Million
Grassroots Cannabis raised $90 million in funding last year, bringing its total amount raised to $165 million since it launched in 2014. Grassroots, which grows, processes and sells cannabis products, has more than 400 employees in Illinois, Nevada, Pennsylvania, Michigan and other states.
AMP Americas: $75 Million
AMP Americas raised $75 million in a round led by EIV Capital, a Houston firm that invests in energy businesses. The company has now raised more than $130 million to date. It last raised a $47 million round in 2017. The startup has developed a solution to turn cow waste into renewable natural gas for trucking fleets.
LanzaTech: $72 Million
Chicago-based LanzaTech raised $72 million in a Series E round from Novo Holdings, a Danish investment firm that backs life science companies. The round brings LanzaTech’s total funding to more than $300 million since it was founded in 2005. LanzaTech has built a platform that recycles carbon pollution and turns it into ethanol that can be used to fuel jets.
Vistex: $65 Million
Chicago software company Vistex raised $65 million in new funding as the 20-year-old firm continues to ramp up growth. Vistex raised the equity investment from Silicon Valley-based private equity company Accel-KKR. 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.
SpotHero: $50 Million
Chicago parking app SpotHero landed $50 million in a round led by Macquarie Capital, an Australia-based investment bank. Other backers in the round include Insight Venture Partners, Global Founders Capital, OCA Ventures and AutoTech Ventures.
SpotHero has now raised $118 million since it launched in 2011. SpotHero offers drivers thousands of off-street parking locations in hundreds of cities, making it the largest marketplace to find a parking spot in North America.
Cameo: $50 Million
Cameo, the buzzy consumer app that connects fans with their favorite pop culture celebrities, raised $50 million in a Series B round led by Kleiner Perkins, the venerable Silicon Valley venture capital firm known for its investments in companies like Google, Amazon and Netscape. Other backers in the round include The Chernin Group, Spark Ventures, Bain Capital, and Lightspeed Venture Partners, who led Cameo’s $12.5 million Series A round last November. The new round reportedly values Cameo at around $300 million, according to Axios.
FourKites: $50 Million
FourKites raised $50 million in a Series C round in 2019 led by existing investors August Capital and Bain Capital Ventures. Other existing investors that participated in the round include CEAS Investments and Chicago’s Hyde Park Angels. The new financing brought FourKites’ total venture capital to $100.5 million.
FourKites, founded in 2014, makes software that helps companies predict when shipments will arrive at scheduled stops. It can also monitor load temperatures and analyze a company’s supply chain data, helping businesses improve on-time delivery and minimize product loss. FourKites’ clients include large brands like AB InBev, Conagra Brands and Kraft Heinz.
Fast Radius: $48 Million
Fast Radius, a Chicago manufacturing startup that helps companies bring products to market, raised a $48 million Series B round led by UPS. Other backers include Drive Capital, Jump Capital, Skydeck and Hyde Park Venture Partners. The startup has now raised more than $64 million since it launched in 2015.
Kin Insurance: $47 Million
Chicago-based Kin, an insuretech startup that’s created an easier way to buy home insurance, raised $47 million in a round led by August Capital. Hudson Structured Capital Management (HSCM Bermuda), Avanta, the UChicago Startup Investment Program and existing investors also participated.
Clearcover: $43 Million
Clearcover 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 car insurance platform that makes operations, marketing and distribution more cost effective, offering lower-cost car insurance at a higher quality.
