2021 is shaping up to be a big year in venture capital for Wisconsin companies.
Although the state still lags behind its Midwest neighbors in the amount of venture capital dollars that local companies raise, 2021 could be a record year.
As of the third quarter of this year, Wisconsin startups had raised $436 million in venture capital across 62 deals, according to data from PitchBook and the National Venture Capital Association. By comparison, Wisconsin companies raised a total of $284.5 million in 2020 and $222.6 million in 2019, the data shows.
Here were the 15 biggest venture capital deals closed by Wisconsin companies in 2021, according to data from Crunchbase and Wisconsin Inno reporting.
1. Fetch Rewards: $210 million
Madison
Consumer loyalty and retail rewards app maker Fetch Rewards raised $210 million in March at a valuation it said was greater than $1 billion, making it one of the few Wisconsin startups to reach the coveted "unicorn" status. The company has raised nearly $342 million to date across multiple funding rounds and had a valuation of $790 million prior to its most recent raise, according to Crunchbase.
2. SHINE Technologies: $150 million
Janesville
Nuclear technology company SHINE Technologies LLC, formerly SHINE Medical Technologies, announced in June that it had raised another $150 million to support its medical commercialization growth and its future development of clean energy applications. The Series C-5 funding round was led by Koch Disruptive Technologies LLC, a Wichita, Kansas-based investment firm that's a subsidiary of Koch Industries Inc., the largest U.S. privately owned company, according to Forbes. Since its founding in 2010, SHINE has raised more than $600 million, according to the company.
3. Veda Data Solutions: $45 million
Madison / Washington, D.C.
Health data automation company Veda Data Solutions Inc. announced a $45 million Series B round in July. The company raised the money ahead of the No Surprises Act set to take effect on Jan. 1 that will require U.S. health care payers to process data more quickly. Veda Data Solutions has raised more than $52 million to date, according to Crunchbase.
4. Redox: $45 million
Madison
Health data integration company Redox Inc. announced a $45 million Series D round in February. In that announcement, the company said its success has been fueled by a "Covid-conscious market." More than 12 million patient records are exchanged and integrated per day through Redox, according to the company. The company said it has raised a total of $95 million since its founding in 2014.
5. DataChat: $25 million
Madison
Data analytics software firm DataChat in September said it had raised $25 million in Series A funding to accelerate customer growth and its product roadmap. For customer acquisition, it's targeting large, global companies with recognizable brands in the technology, retail, finance and consulting industries, CEO Jignesh Patel said. The company has raised $29 million since its founding in 2017, according to Crunchbase.
6. Rentable: $22.5 million
Madison
Apartment rental technology startup Rentable said in August that it raised $22.5 million in Series B funding. The company said it plans to double its 90-person team by the end of 2022. The company's platform is designed to let users easily search for apartments online, and it features nearly 6 million listings across the U.S. It has raised $34.4 million since its founding in 2013.
7. FlexCompute: $22 million
Boston / Madison
Advanced computing startup FlexCompute, which was founded by a University of Wisconsin-Madison engineering professor but has headquarters in Boston, announced in November that it had raised $22 million in Series B funding to build its team. It has raised $27.2 million since its founding in 2016, according to Crunchbase.
8. Sellars Absorbent Materials: $20.5 million
Milwaukee
Sellars Absorbent Materials Inc., which makes shop towels, disposable wipes, paper towels and tissues, raised a $20.5 million venture round in January, according to Crunchbase. The company could not be reached for details on the deal. It was founded in 1985.
9. Dash Medical Gloves: $19.5 million
Franklin
Disposable medical glove supplier Dash Medical Gloves raised a $19.5 million venture round in March, according to Crunchbase. The company could not be reached for details on the deal, but a representative from the company said it recently appointed a new CEO, Jeff Christensen. The previous CEO was Bob Sullivan.
10. SpotHopper: $14 million
Milwaukee
Restaurant marketing software company SpotHopper announced its $14 million in Series A funding at the end of November. The company plans to double its roughly 150-person team by the end of 2022, co-founder and chief operating officer Niko Ivanovic said. SpotHopper powers the marketing functions for more than 3,000 restaurant customers nationwide, including Story Hill BKC and Sobelman's in the Milwaukee area.
11. BrainXell: $13.2 million
Madison
Biotechnology company BrainXell raised $13.2 million in Series A funding in September, according to Crunchbase and confirmed by the company. BrainXell makes high-quality neurons from human-induced pluripotent stem cells for research and drug discovery purposes. It was founded in 2015 through the Discovery to Product program at the University of Wisconsin-Madison. The Wisconsin Alumni Research Foundation is an investor.
12. DotCom Therapy: $13 million
Madison
Teletherapy provider DotCom Therapy raised a $13 million Series A round, the company announced in September. It said the money would fund partnership expansions with health care payers and providers, the growth of its national customer base of schools, and improvements to its proprietary Zesh platform, which does therapist matching, scheduling and payments.
13. Bright Cellars: $11.2 million
Milwaukee
Personalized wine subscription box company Bright Cellars announced an $11.2 million Series B funding round in September. The company will use the money to scale operations, advance its data platform, improve the personalization of its wine education materials and expand its own portfolio of wines, which already includes more than 600 varieties. Bright Cellars has raised a total of $26 million since its founding in 2014, the company said.
14. Fiveable: $10 million
Milwaukee
Education technology platform Fiveable raised another $10 million in a Series A round, it announced in September. While still targeting U.S. high school students, Fiveable plans to expand beyond its roots in AP test preparation and move into academics, college and career planning, vocational training, finances and mental health. The startup has raised $14.2 million since its founding in 2018, including from funds backed by celebrities like tennis star Serena Williams and former first daughter Chelsea Clinton.
15. AIQ Solutions: $9.37 million
Madison
Medical software company AIQ Solutions, which is legally registered as AIQ Global Inc., raised $9.37 million in October, according to Crunchbase. The company is aiming to raise another $1 million for a total of $10.37 million in this round, according to a filing with the U.S. Securities and Exchange Commission. In 2019, it raised a $3.2 million Series A round led by Mequon's Capital Midwest Fund with participation from Madison's Rock River Capital Partners, Wisconsin Investment Partners and 30Ventures.
