This is a roundup of Chicago tech and startup companies that received venture capital investments during the last month. If we missed one, let us know at info@chicagoinno.com.
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In an unusual number of mega-fundings in a single month, Chicago tech and startup companies raised $1.7 billion in venture capital during the month of January, according to data compiled by Chicago Inno.
January’s fundings were led by VillageMD and ThoughtWorks, which raised $750 million and $720 million, respectively.
Local VC activity in January marks a strong start for 2021, coming off a record year for Chicago venture funding in 2020. Last year, Chicago tech companies raised $2.8 billion, according to data from Pitchbook and the National Venture Capital Association.
Below are nine Chicago tech and startup companies that raised money in January.
Broadleaf: The Chicago startup, which makes a software platform for cannabis growers to better manage workflows and tasks, raised $500,000 of a planned $2 million round, according to a U.S. Securities and Exchange Commission filing. Founded in 2019 by Alex Leonowicz, the startup aims to reduce compliance risk by automating tasks that currently have to be done manually.
Dina: Dina, formerly known as PreparedHealth, raised $7 million in a round led by Philadelphia-based Osage Venture Partners. First Trust Capital Partners, along with the startup's existing investors, also participated. The startup has raised $12 million to date. Founded in 2015, Dina specializes in providing at-home care to patients of all ages and conditions throughout 25 states, including Illinois. The startup’s platform allows multiple health care providers working on one patient to communicate and coordinate care.
Enfusion: Software startup Enfusion raised $150 million, becoming Chicago's latest "unicorn" tech company. Enfusion, a fintech company that makes investment management software, raised the new funding at a $1.5 billion valuation, the company announced. The minority investment comes from ICONIQ Growth, the tech-focused investment arm of San Francisco-based ICONIQ Capital. ICONIQ Growth counts Airbnb, Uber and Chicago's Relativity among its previous investments.
Ocient: Chris Gladwin's startup Ocient raised a $40 million Series B round led by Chicago-based OCA Ventures and well-known New York VC firm Greycroft. A handful of other Chicago investors were also included in the round, such as Valor Equity, PSP Partners, Hyde Park Angels and Pritzker Group Venture Capital. Ocient has now raised $65 million since it was founded in 2016. The company is developing technology that will help large companies analyze massive amounts of data.
Quevos: Chicago food startup Quevos landed a deal from KIND Snacks founder Daniel Lubetzky on an episode of ABC’s “Shark Tank.” Lubetzky offered Quevos a $200,000 investment and a $200,000 line of credit in exchange for 10% equity in the company during the episode, which aired Jan. 22. Quevos, founded by Nick Hamburger and Zack Schreier, makes snack chips out of egg whites. The startup says they're able to pack the nutrition of an omelette into a bag of chips.
ThoughtWorks: The software consultancy raised $720 million from investors GIC, Siemens AG, Fidelity Management and Research, and Mubadala Investment Company. With the new funding, ThoughtWorks says it is now valued at $4.6 billion. Originally founded in 1993 by Neville Roy Singham, ThoughtWorks provides software design and tech consulting services to clients like Delta, Porsche and Sonic. The company has grown from a small founding team to more than 7,000 workers around the globe in 46 offices across 15 countries.
Victory Lap: Chicago education company Victory Lap is raising $25 million to expand its programming and reach more students. Victory Lap raised the $25 million in performance-based growth capital from Leif, a New York-based income share agreement management platform. Victory Lap’s business model relies heavily on income share agreements it makes with students who don’t want to or can’t afford to pay tuition up front. This is the first outside capital Victory Lap has taken since it was founded in 2016. The company will receive the capital from Leif incrementally over the next five years if it hits certain growth metrics, said Victory Lap founder and CEO Brian Bar.
Victory Lap’s eight-week, virtual cohort program offers students an intensive technical sales bootcamp that also connects graduating students with companies looking to fill sales roles.
VillageMD: In January, Walgreens Boots Alliance accelerated an investment deal with VillageMD, announcing that it was providing the final $750 million of a $1 billion deal with the healthcare company. Walgreens announced last year plans to invest $1 billion over three years in VillageMD to create joint clinics around the country, beginning with a $250 million equity investment. But moving up that timeline and providing the remaining $750 million to VillageMD this month, the two entities are planning to open up to 700 Village Medical at Walgreens clinics in more than 30 U.S. markets within the next four years.
WinningWise: Founded in 2014 by Robyn Clark, WinningWise raised a $50,000 seed round, according to a U.S. Securities and Exchange Commission filing. The startup offers executive, leadership, team and career development, culture transformation and talent engagement through an online platform.
