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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Chicago tech and startup companies raised more than $393 million in venture capital during the month of March, according to data compiled by Chicago Inno.
March’s fundings were led by celebrity shoutout app Cameo and logistics software company FourKites, which both raised $100 million.
Local VC activity in March was up compared to the month prior. In February, local companies raised about $200 million across 10 deals, with Copado leading the month with a $96 million raise. In January, local companies raised a whopping $1.7 billion across nine deals, but the month had an unusual amount of mega-funding rounds from tech companies like VillageMD and ThoughtWorks.
March has seen the highest number of deals so far in 2021, according to Inno's analysis. Below are 12 Chicago tech and startup companies that raised money in March.
86 Repairs: This Chicago startup, which is working to simplify equipment repairs for restaurants, closed a $2 million seed round of funding from TDF Ventures, HAVI, Gordon Food Service and Cleveland Avenue, a VC firm from former McDonald’s CEO Don Thompson that recently raised a $70 million fund to invest in Chicago companies owned by Black, Latinx and women entrepreneurs. Other investors in the round include GHS Holdings, Tamarind Hill, Invest Detroit Ventures and Network Ventures. To date, 86 Repairs has raised $3.5 million. It raised a $1.5 million round in 2019 and was one of Chicago Inno’s 21 Startups to Watch in 2021.
AeroPay: The startup raised a $5 million round led by Chicago Ventures. Continental Investors also invested in the round. AeroPay raised an undisclosed seed round from Continental last year. Founded in 2017 by Daniel Muller, AeroPay is a payments platform that allows customers to make contactless payments at businesses. It works with a range of companies, but AeroPay has found particular success with cannabis firms.
Augmedics: Augmedics raised $36 million in a Series C round led by H.I.G. Capital, Revival Healthcare Capital and Almeda Ventures. Other investors include HCA Healthcare's Health Insight Capital, as well as existing investor XR Invest. The startup has now raised $63 million to date. Augmedics last raised $15 million in June. Based in Arlington Heights, Augmedics’ xvision Spine system is a device surgeons wear on their heads during spinal operations that allows them to see their patient better. Using augmented reality, the device lets doctors visualize the 3D spinal anatomy of a patient during surgery, giving them something similar to “x-ray vision,” Augmedics said.
Cameo: Celebrity shoutout app Cameo raised $100 million in new funding at a valuation of more than $1 billion. The Series C round was led by e.ventures and included backing from several other well-known investors, such as GV (the VC firm formerly known as Google Ventures), Amazon’s Alexa Fund, UTA Ventures, SoftBank Vision Fund 2, Valor Equity Partners, Lightspeed and Kleiner Perkins. Cameo has now raised more than $165 million to date.
Emalex Biosciences: The biotech startup that's developing treatments for central nervous system movement disorders raised $35 million in a round led by Paragon Biosciences, a Chicago-based life sciences incubator and fund. Other backers include Fidelity and Valor Equity Partners, a Chicago VC fund led by Antonio Gracias whose previous investments include Tesla and SpaceX. Emalex is developing a drug therapy for pediatric Tourette syndrome and stuttering. The startup says there are currently three Phase 2 clinical trials underway for its medicine, which will evaluate the efficacy and safety of its drug.
FourKites: Chicago logistics startup FourKites raised $100 million in Series D funding, bringing its total amount of capital raised to more than $200 million. It last raised a $50 million Series C round in 2019. The latest round was led by private equity firm Thomas H. Lee Partners, and included backing from Zebra Technologies, Volvo Group Venture Capital, Qualcomm Ventures, August Capital, CEAS Investments, Hyde Park Angels, Hyde Park Venture Partners and Bain Capital. FourKites, founded in 2014, makes software that helps companies predict when shipments will arrive at scheduled stops.
Leaf Trade: Leaf Trade, founded in 2016 by CEO James Yi, raised $5.5 million in a Series A round led by Artemis Growth Partners. Hyde Park Angels also participated in the round. The new funding brings Leaf Trade’s total funding to $10 million. The startup last raised $4.5 million in 2019. Leaf Trade connects dispensaries with cultivators to purchase cannabis products. The company’s integrated payment platform, called Leaf Pay, provides seamless, end-to-end order processing and payment for all transactions.
M1 Finance: The startup raised $75 million in a Series D round led by Coatue, a tech-focused investment firm that’s cut checks to other companies like Hopin and Rivian. Left Lane Capital and Clocktower Technology Ventures also participated in the round. The funding news comes off a year in which M1 Finance saw significant growth. The company, founded in 2015 by CEO Brian Barnes, has raised more than $170 million to date, $153 million of which was just raised in the last nine months. M1 has created a no-fee investing app that offers users an automated brokerage, portfolio lines of credit and digital banking.
Snapsheet: Snapsheet, one of Chicago's growing insuretech startups, raised $30 million in Series E2 financing from the Ping An Global Voyager Fund and Pivot Investment Partners. Other investors, such as Nationwide, Liberty Mutual, Intact Ventures, Tola Capital, Commerce Ventures, also participated. To date, Snapsheet has raised more than $100 million, said founder and CEO Brad Weisberg. The startup last raised $29 million in 2019. Founded in 2010, Snapsheet works with 110 clients, including Zurich and Hertz, providing them with technology that allows their customers to virtually file insurance claims.
Spot: Spot raised $1.9 million in a round led by L.A. VC firm Chapter One. Other backers include Village Global, Signia VC, Great Oaks VC and Starting Line, a Chicago VC firm led by Ezra Galston. Spot, led by Chicagoan Greg Caplan, the founder of Remote Year, is a workplace communication tool that's audio only. Users send a Spot Link via calendar invite just as you would with Zoom or Microsoft Teams, but instead of sitting down for a video call, users are able to put on their headphones and put their phone in their pocket.
Tripscout: The app for travel planning and discovery raised $2.3 million in new funding. The round was led by Chicago's Corazon Capital and Accomplice, a Boston-based VC firm that's backed startups like DraftKings and Whoop. Other investors in the round include Chicago-based New Stack Ventures, MATH Ventures and M25. The new funding brings the startup's total amount raised to $4.6 million. The startup's app, which creates a personalized content feed for travelers with articles and videos to help them plan an upcoming trip, has surpassed more than one million users.
Quicklly: The startup, founded in 2017 by Keval Raj, raised $1.27 million in a pre-seed funding round from a group of individual and angel investors. The group includes Founder and CEO of Home Chef Pat Vihtelic; Peapod Co-Founder and former CIO John A. Furton; Farmer's Fridge Executive and former Peapod CMO Mike Brennan, and others. Quicklly’s website is a marketplace for mom-and-pop shops that sell Indian and South Asian foods. Shoppers can buy groceries, tiffin carriers and fully prepared meals for same-day delivery. And Quicklly allows customers to consolidate orders from several grocers and restaurants into a single delivery.
