This year's Inno Madness has concluded. You can see the final results here.
Inno Madness is back for its second year with 16 Greater Philadelphia startups vying to be crowned the 2023 champion.
The bracket-style challenge is a friendly competition that gives readers the chance to vote for the companies they want to see advance in each round based on one question: Who would you invest in?
Whether you believe in one mission or product over the other or would prefer to back a more established company versus an early stage startup, how you answer that question is entirely up to you. The bracket is designed to shine a spotlight on innovative, fast-growing businesses in the region.
This year's field is by no means a complete list of Greater Philadelphia's best startups, and it's not just a list of the most-funded startups in the region. Instead, the bracket is meant to represent the full breadth and diversity of the region's growing tech ecosystem. Think of the bracket as a fun look into local tech startups you need to know in 2023.
To determine this year's list, PHL Inno sought nominations from the public. This year's bracket is a mix of nominated companies and firms selected by our editorial team.
In last year's hotly contested inaugural Inno Madness contest, the Center for Breakthrough Medicines in King of Prussia emerged as Inno Madness champion. The cell and gene therapy contract development and manufacturing organization is in the mix again and a heavy favorite. But if this year's competition is anything like last year's, the underdogs will hand our top seeds more than a few surprises.
Who will take home ultimate bragging rights this year? That’s up to you.
Below, get to know each of the 16 companies competing in our 2023 Inno Madness challenge.
- Center for Breakthrough Medicines: This year's top seed and the reigning Inno Madness champion had a busy 2022. The King of Prussia contract development and manufacturing firm received $350 million in an equity investment from SK Inc., a South Korean conglomerate, to continue developing cell and gene therapy treatments; signed a $100 million collaboration agreement with the University of Pennsylvania's gene therapy program; and entered into an agreement with London-based biotechnology firm Achilles Therapeutics. Following those deals, earlier this year CBM launched a new business unit focused on plasmids, all while increasing headcount by 150% year over year.
- Dbt Labs: Data analytics startup dbt Labs saw its valuation soar to $4.2 billion last year after closing a $222 million Series D. In the year since, the company landed on Deloitte's list of the 500 fastest-growing tech firms in the U.S. and in February made its first acquisition. By acquiring San Francisco-based Transform, dbt is looking to accelerate the development of one of its data platforms, Semantic Layer, which streamlines metrics like revenue, customer count and churn rate. In 2022, dbt tripled revenue and doubled its headcount to 399.
- AscellaHealth: AscellaHealth is one of Greater Philadelphia’s fastest-growing companies with 641% growth between 2018 and 2021. That figure landed it on Deloitte's list of the 500-fastest growing tech companies last year. The Berwyn-based specialty pharmacy services firm, which was founded in 2013, has also seen its headcount soar from 11 employees in 2018 to 152 today.
- WatchBox: Based in Bala Cynwyd, WatchBox was spun out of local stalwart Govberg Jewelers in 2017. The company, which raised $165 million in 2021 from investors including former pro athletes Michael Jordan and Michael Strahan, is expanding not only its geographic footprint but also its offerings. In the last months of 2022, WatchBox, a luxury watch reseller, expanded its brick-and-mortar storefronts in China, Saudi Arabia, New York and Florida. This quarter, it's also looking to add high-end jewelry to its existing selection of timepieces. Its pre-owned luxury watch inventory totaled $275 million as of December.
- The Rounds: Inspired by the milkman model of delivering staple grocery items directly to the consumer, the Philadelphia-based startup raised $38 million in a Series A in October, bringing its total funding to $42 million. At that time, the company had grown to over 10,000 members with operations in Philadelphia, Washington, D.C., Atlanta and Miami. Now the Rounds is looking to build out its psychic home manager technology which would automatically deliver goods before they run out.
- CollX: Founded in 2021, Haddonfield, New Jersey-based CollX is an app that allows users to scan their sports trading cards and determine how much they're worth. The AI-driven platform launched last January and has since added another feature that allows users to buy, sell and trade cards. CollX takes a commission and as of November had facilitated $25 million in card sales. In February, its founders raised a $5.5 million seed round on top of the $1.5 million the startup previously raised from angel investors and the $250,000 it landed during the Lion's Den pitch competition last year.
- Sporttrade: Based in Camden, New Jersey, and founded by Drexel University alum Alex Kane, Sporttrade has tapped into sports betting in a unique way. The app allows users to trade bets similar to how they would on the stock exchange. Sporttrade launched its app to the New Jersey marketplace in September, a little more than a year after raising $36 million from investors including a former Nasdaq Stock Exchange president.
- CampusESP: Last year, CampusESP cracked the top five in the Business Journal's annual Soaring 76 awards, presented to the region's fastest-growing companies. Despite pandemic-riddled years, the Philadelphia startup, which has been largely bootstrapped, had a two-year average annual growth rate of 94.05%. CampusESP has established partnerships with well over 300 colleges and universities, including Penn State, Drexel, and the University of Delaware, to help them stay in touch with parents, as well as improve student retention and success. It is looking to continue expanding its reach.
- Propeller: The Philadelphia-based insurance tech startup just raised a $6.4 million seed round in January after growing 300% in 2022. Founded by two insurance industry veterans, the firm allows agents and customers to quote, pay and receive bonds in minutes, streamlining an antiquated process. Propeller projects it will grow another 300% in 2023 and reach $3 million in gross written premium per month.
- Motobyo: Based in Horsham, Motobyo was founded in 2021 and had its beta launch in 2022. The young company serves as a used car marketplace for buying and selling vehicles and is looking to expand throughout the Northeast this year before going national. It also connects users to third-party services like inspections, financing and insurance. Its founders have raised $2.5 million to date.
- Lux Ice: Launched in 2020, the Langhorne-based startup is looking to disrupt the ice industry by creating and selling slow melting, ionically filtered ice spheres for cocktails and other drinks. Focused on consumers amid the pandemic, Lux Ice is now shifting its focus to the food and stadium industries. The company raised over $2 million in a Series A last year and has brought on Frito-Lay alums to its executive team. In the first quarter, Lux Ice is opening a new facility in Dallas which it expects will lead to growth by a factor of 40.
- Navengage: Based in Conshochoken, Navengage was founded by three Penn State University alums. Its mobile app and web platform helps colleges and universities increase engagement with students, which may help boost retention. In September, the company announced it had raised $1 million, including from Nelnet, toward its $1.5 million goal.
- Rego: According to the Environmental Protection Agency, Americans throw out about 12 million tons of furniture each year. Philadelphia-based Rego is looking to reduce that figure. Founded in 2020, Rego's platform gives residents and property managers the tools to divert waste with technology. The company works with multifamily communities to pick up and distribute goods to nonprofits. Since its launch, Rego has salvaged 90,000 tons of furniture.
- Carbon Reform: Founded by two University of Delaware alums, Carbon Reform is looking to improve air quality and reduce carbon emissions from buildings. Based in Wilmington, the firm raised a $3 million seed round in November, the same month its founders were named to the annual Forbes 30 Under 30 list. Founded in 2020, Carbon Reform is looking to democratize carbon capture by creating a device that can be integrated into existing HVAC systems.
- AnaOno: After being diagnosed with breast cancer, AnaOno's founder decided to create a line of garments that met the needs of survivors like herself. Last year the Philadelphia-based brand raised a $1 million seed round which it is looking to use to more than triple its user base to 100,000. Earlier this year, AnaOno received additional funding from Ben Franklin Technology Partners.
- Respage: Last year, Respage landed at No. 36 on the Business Journal's annual Soaring 76 list of the region's fastest-growing companies. It saw two-year growth of 35.84%. Based in Narberth, Respage is an AI-driven apartment marketing and lease solution firm that amid the pandemic helped multifamily complexes navigate social distancing restrictions and then shifted to leads. Last year, the company launched a new AI software application aimed at nurturing apartment prospects.
Now that you've gotten to know more about the businesses in the running for the 2023 Inno Madness title, it's time to vote. First-round voting begins today and continues through Monday, March 13 at 11:59 p.m. New rounds of voting will launch each Wednesday and close the following Monday. We'll hold voting round by round, until a winner is crowned.
Let's get started with Round 1. Vote here:
— Ryan Mulligan contributed to this story.
Questions about Inno Madness? Read the contest rules here.
