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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After an unprecedented quarter of funding activity to start 2021, Chicago tech and startup companies continued their hot deal streak by raising more than $930 million in venture capital in April, according to data compiled by Chicago Inno.
April’s fundings were led by ActiveCampaign, which raised $240 million, and Clearcover, which raised $200 million.
According to analysis by Inno, Chicago startup funding over the first four months of 2021 has now eclipsed what local companies raised over the entirety of 2020. Data from PitchBook and the National Venture Capital Association released earlier this month showed that venture funding raised by Chicago companies in Q1 of 2021, which ended March 31, topped $2 billion. Now with an additional $930 million raised in April, Chicago startups have raised more than $2.9 billion in 2021, according to Inno's analysis. Over the entirety of 2020, local companies raised $2.8 billion.
Below are 21 Chicago tech and startup companies that raised money in April.
Aclaimant: This Chicago startup, which makes a platform for employers to report workplace injuries, raised $15 million in Series B equity and debt funding in a round led by Next Coast Ventures. Adam Rogers, former CEO of Ultimate Software, and existing investors Mercury Fund, KEC Ventures, Royal Street Ventures and Aspen Capital Group also participated in the round. The new financing brings Aclaimant’s total funding to more than $20 million. The startup last raised $10 million in 2020.
ActiveCampaign: Marketing tech company ActiveCampaign raised $240 million in Series C funding at a valuation north of $3 billion. The round was led by New York City investment firm Tiger Global, and included backing from Dragoneer, Susquehanna Growth Equity and Silversmith Capital Partners. The new funding follows a $100 million round ActiveCampaign raised in 2020, and the firm has now raised $360 million to date.
AMOpportunities: The startup raised $5.4 million in a Series A round led by OCA Ventures and HealthX Ventures. Other investors include PACE Healthcare, Chicago Early Growth Ventures, University of Chicago, Dreamit Ventures and Wildcat LLC. The new funding brings AMOpportunities’ total funding raised to $6.5 million. The Series A round includes $2.2 million that AMOpportunities announced in 2019, the company said. Founded by Kyle Swinsky and Benjamin Bradley, AMOpportunities makes a platform that allows medical students to more easily be matched with clinical rotations at health care systems.
Arturo: Real estate data startup Arturo raised a $25 million Series B round led by Atlantic Bridge Capital. Other backers include RPS Ventures, Crosslink Capital and IAG Firemark Ventures, the venture capital fund for IAG, Australia’s largest general insurer. Arturo last raised an $8 million Series A round in 2020. Arturo’s tech is based on research started in 2017 at AmFam’s data science and analytics lab to simplify the decision-making processes for insurers, lenders, investors and property managers in the real estate industry.
Bartesian: Bartesian, a Chicago-based startup selling a Keurig-like machine for cocktail making, raised $20 million in a Series A round led by Cleveland Avenue, a Chicago VC firm from former McDonald’s CEO Don Thompson. Stanley Ventures and other undisclosed investors also participated. The new funding will be used to expand into international markets and double Bartesian's staff, said founder and CEO Ryan Close.
Catch Co.: The company raised a $38 million Series B round led by Silicon Valley-based True Ventures, with participation from TechNexus, a Chicago-based VC firm. To date, Catch Co. has raised $56 million. It last raised $6 million in 2020. Originally founded in 2012 only selling its monthly fishing tackle subscription, the Mystery Tackle Box, Catch Co. has evolved into a full e-commerce platform with a full line of fishing gear, as well as offering video content and a tackle insurance program, which replaces up to four lost tackle products per year for free.
Certiverse: The startup, which has created an online exam platform, raised a $2 million seed round led by Hyde Park Venture Partners. Other investors Chingona Ventures, Angeles Investors and Hunt Holdings also participated.
Clearcover: The growing insuretech startup raised $200 million in a Series D funding round led by Eldridge, with participation from existing investors American Family Ventures, Cox Enterprises and OMERS Ventures. Clearcover has raised $329 million in total funding to date. The startup last raised $50 million in 2020. Originally founded in 2016, Clearcover has built a platform that uses artificial intelligence to make custom car coverage recommendations to customers at a cheaper rate than its competitors.
ExplORer Surgical: The startup raised $2.5 million in a funding round led by Aphelion Capital, as well as the Sofia Fund, a Minneapolis-based fund focusing on women-led technology companies. Previous ExplORer Surgical investors also participated in the round. To date, ExplORer Surgical has raised more than $11 million in funding. The company last raised $5 million in 2019. Founded in 2015 by CEO Jennifer Fried and Alex Langerman, ExplORer Surgical makes a cloud-based “digital playbook” for hospitals and device companies, which allows them to guide, track and analyze activity in the operating room, and improve communication and performance.
Fyllo: Fast-growing Chicago cannabis marketing and compliance startup Fyllo raised a $30 million Series B round co-led by JW Asset Management and Sol Global. Founded in 2019 by Chad Bronstein, Aristotle Loumis and Erik Shani, Fyllo has now raised nearly $60 million in funding to date. Fyllo's software helps cannabis brands ensure that their ads comply with state and federal advertising regulations, and is used by cannabis dispensaries like Columbia Care and Grassroots Cannabis.
Hallow: Hallow, a Chicago-based Catholic prayer and meditation app, raised $12 million in funding in a round led by General Catalyst. The company says its downloads have grown "sevenfold" during the Covid-19 pandemic.
Hazel Technologies: The startup raised a $70 million Series C round led by Pontifax Global Food and Agriculture Technology Fund and Temasek, a Singapore-based investment firm. Hazel has now raised more than $87 million since it launched in 2015. The startup creates packaging inserts that release anti-fungal vapor that can extend the shelf life of fruits and vegetables.
HomeX: Founded in 2017, HomeX raised $90 million in a round led by New Mountain Capital, a private equity firm that manages more than $30 billion in assts. HomeX, launched by CEO Michael Werner, Vincent Payen, Simon Weaver and Stephanie Werner Payen, has built a platform that simplifies home services, maintenance and repairs. The software serves as a marketplace for homeowners to find contractors, and provides both virtual and physical services.
Investor Cash Management: The company, which makes accounting software for solutions to non-profits, asset and wealth managers, raised $9 million in a Series A round, according to a filing with the U.S. Securities and Exchange Commission. The company has raised $15 million to date, according to Crunchbase.
Jaguar Gene Therapy: The Chicago biotech startup led by a team of seasoned life sciences executives raised $139 million in Series B funding. The round was co-led by Eli Lilly and Company, and Deerfield Management. Other backers include ARCH Venture Partners, Goldman Sachs and Nolan Capital. Founded in 2019, Jaguar is creating gene therapy treatments for patients battling genetic diseases, such as galactosemia, autism spectrum disorder, Type 1 diabetes and Bardet-Biedl syndrome.
Logiwa: Logiwa, a Chicago startup making software for high-volume direct-to-consumer businesses, raised $8.5 million in a round led by Valor Siren Ventures. Spider Capital, Runway Venture Partners, Launch Capital, and Otimo Retail also participated. To date, Logiwa has raised $13.2 million in venture funding.
Neopenda: Neopenda, a Chicago startup that specializes in making neonatal vitals monitors for babies in developing countries, raised $1.4 million in convertible note financing. Founded by Sona Shah and Teresa Cauvel in 2015, Neopenda’s device continuously measures four different vital signs, including pulse rate, respiratory rate, oxygen saturation and temperature.
Phenix: The company raised a $16.7 million Series B round led by Chicago-based sports tech VC firm KB Partners with participation from Verizon Ventures and Manheim Investments. The startup says the new funding brings its valuation to $90 million. To date, Phenix has raised about $40 million. Phenix, founded by Stefan Birrer in 2014, builds live-stream infrastructure for its clients that it says can provide a better and more real-time viewing experience. Phenix says much of the existing streaming tech has issues around latency, the amount of time between the instant a frame is captured and displayed.
PreFlight: The startup, which automates software testing in internet browsers, raised $1.2 million in a seed round that included OCA Ventures, M25, Hyde Park Venture Partners and Grand Ventures, according to Crunchbase.
Torch: The short-haul freight network startup raised a $3.5 million seed round led by Maersk Growth, with participation from Schematic Ventures, Bluestein Ventures, Anorak Ventures, Supply Chain Ventures, and SaaS Ventures.
Volexion: Volexion, founded by Northwestern professor Mark Hersam, raised $1.1 million from Boston's Clean Energy Ventures and Chicago-based Energy Foundry. The funding is part of a $2.2 million round Volexion is working to raise. Launched in 2018, Volexion is developing a graphene coating for lithium-ion batteries. Its technology acts as a protective layer around battery cathode materials to keep them from degrading and allows them to last longer.
