While Chicago's startup scene is still coming back to Earth from the heights of 2021, there were plenty of big stories to celebrate this year.
In 2023, Chicago took major steps in the life-sciences and biotech markets with the opening of the the CZ Biohub Chicago and will be looking to keep that momentum going into 2024.
This year's 10 most-read stories in Chicago Inno included a couple of lawsuits and court cases to watch moving forward, several sizable funding rounds for young startups and a proposed rail improvement project designed to open the city up to more innovation.
Other stories that just missed this year's list include Pluie's big future plans, Kin Insurance officially becoming a unicorn and the new VC launched by Songfinch founders.
In descending order, here are Chicago Inno's most-read stories of 2023:
10. Salesforce veterans launch software startup Pimly
A new Chicago-based B2B software-as-a-service provider landed a $5 million seed round in February, and is another example of a Chicago startup building off the Salesforce ecosystem. Read the story here.
9. Chicago startup Cameo hit with more layoffs
Cameo laid off another 80 employees this July. It was the third round of layoffs for the company since it reached unicorn status during a $100 million raise in 2021. Read the story here.
8. Mycocycle raises seed funding to grow trash-eating mushroom solution
Mycocycle, which uses mushrooms to remove toxins from waste, raised $2.2 million earlier this year that will be used to further develop its product and expand its team. The Chicago cleantech startup neutralizes toxicity in waste and transforms it into a renewable, low-carbon material. Read the story here.
7. Caddi targets Midwest expansion after closing $89 million round, opening Chicago office
A global supply chain startup is looking to expand its Midwest presence in the next year. Caddi, founded in Tokyo in 2017 by a former McKinsey & Co. manufacturing consultant and Apple Inc. engineer, opened its U.S. headquarters in downtown Chicago earlier this year. Read the story here.
6. Former Outcome Health execs found guilty after 10-week trial
Guilty verdicts came down for three former Outcome Health executives. The jury found Outcome co-founder and former CEO Rishi Shah guilty on 19 of 22 counts, while co-founder and former president Shradha Agarwal was found guilty on 15 of 17 counts. Brad Purdy, Outcome's former chief operating officer and chief financial officer, was also found guilty on 13 of 15 counts. Read the story here.
5. AI startup Rivet moves to Chicago, lands pre-seed funding
Rivet, an artificial-intelligence-powered audience management platform, landed $500,000 in a pre-seed funding round earlier this year, led by Drive Capital. Read the story here.
4. Meet the 12 Chicago startups selected to Techstars accelerator
A startup accelerator, known for mentoring fast-growing local companies like SpotHero and LogicGate, announced its spring program to focus on helping companies strengthen their customer acquisition strategies. Some of the young startups included The CryptoMom and PainNavigator. Read the story here.
3. Bank of America backs Capitalize VC fund that invests in Black and Latino founders
Capitalize VC announced a direct investment from Bank of America to begin the year. While the amount of the investment was not disclosed, it serves to help boost a fund that hopes to even the playing field for Black and Latino startup founders. Read the story here.
2. Chicago VCs balk at Fearless Fund lawsuit, growing backlash against diversity efforts
As more venture firms are looking to address racial disparity directly, a lawsuit filed in Georgia against Fearless Fund brings the battle against race-based policies to the venture capital world. But Fearless Fund is hardly the only one looking to bridge the racial gap in the VC world. Read the story here.
1. 'Brain Train': Why a billion-dollar rail improvement project could be a 'game-changer' for Chicago startups
A billion-dollar high-capacity travel network proposal wants to improve rail connectivity across Chicago and beyond. While it is up to the U.S. Department of Transportation to sign off on the project, it already has Chicago's tech community excited. Read the story here.
