Editor's note: This year's Inno Madness has concluded. You can see the final results here.
Never underestimate the power of an underdog. After a pair of upsets in the opening round of the 2022 PHL Inno Madness bracket, the onslaught continued in Round 2 with two lower-seeded startups taking out their opponents and continuing their march forward in the draw.
PHL Inno Madness launched on March 2 as a fun way to elevate tech-enabled startups in Greater Philadelphia and showcase the innovation ecosystem as a whole. We built a bracket of 16 companies based on reader nominations and editorial input. Companies were seeded and divided into four categories: unicorns, life sciences, emerging growth and up-and-comers.
Over 1,100 votes were cast in the second round, which ran through March 14.
The second round featured a battle of direct-to-consumer food delivery startups when No. 2 seed Misfits Market knocked out top-seeded Gopuff by a margin of 10% of the vote, claiming victory in the unicorn region of the bracket. Will the Delanco, New Jersey, firm continue its roll and find itself in the finals?
To do so, it must first get through Houwzer, which was victorious in its matchup against social media auditing firm LifeBrand in the emerging growth section of the draw. In the most closely contested matchup of the week, which saw multiple lead changes and the two companies deadlocked just hours before polls closed, the real estate startup gained a foothold and maintained its lead to take the round 52% to 48%.
In the other half of the bracket, surprises continued as Philanthropi took out Lula Delivery, the top seed in the up-and-comers region, comfortably holding its lead throughout the matchup.
The “401(k) for philanthropy” startup will face off against the Center for Breakthrough Medicines in the semifinals. After falling behind early in Round 2, the King of Prussia cell and gene therapy contract development and manufacturing organization charged to a decisive victory over fellow suburban company AscellaHealth with 58% of the vote.
The remaining four companies – Misfits Market, Houwzer, the Center for Breakthrough Medicines and Philanthropi – represent vastly different sectors and set up two interesting semifinal showdowns.
Which of them will land a spot in the finals? That’s up to readers. Cast your vote in the semifinals, which runs through March 21.
Need a refresher on the remaining companies vying for the title? Get to know them below.
- Misfits Market: Misfits Market has evolved from a startup solely selling “ugly produce” to cut down on food waste into a full-blown grocery vendor offering direct-to-consumer produce, proteins and dairy. The startup raised $425 million in 2021. With a valuation now topping $2 billion, Misfits Market is expanding quickly and hiring hundreds of individuals in Greater Philadelphia.
- Center for Breakthrough Medicines: The Center for Breakthrough Medicines is already having a busy 2022, entering deals with local organizations to research and develop gene therapy treatments and opening a lab that could add up to 2,000 jobs in Greater Philadelphia. The King of Prussia startup received $350 million in an equity investment from SK Inc., a South Korean conglomerate, to continue developing cell and gene therapy treatments.
- Houwzer: Houwzer is challenging the traditional homebuying model while being one of the country’s fastest-growing companies. The real estate tech startup is set to add three new products to its roster, a move that will help Houwzer expand in its current markets. It recently raised a Series B comprising $18 million in equity and a $100 million warehouse line of credit.
- Philanthropi: Headed up by Keith Leaphart, the chair of the Lenfest Foundation, Philanthropi created a “401(k) for philanthropy” platform that lets consumers start their own personal foundations to support charities and nonprofits of their choice. The startup, among the newest in Greater Philadelphia, raised a $4 million seed round in December.
Vote in the second round here: Inno Madness semifinals
Questions about Inno Madness? Read the contest rules here.
