As the end of 2019 approaches, Richmond startups aren't slowing down. In November, at least seven local companies announced new funding rounds or filed paperwork to start raising a new round.
Meanwhile, WayForth made another acquisition and a decades-old audiovisual services company also got scooped up. We've gathered all the fundings and acquisitions for Richmond area startups from November -- let's take a closer look.
Worth noting: We cover startup funding news in the Richmond Inno Beat newsletter, which comes out twice a week. Stay on top of who’s getting funded by signing up here. See you in the inbox.
WayForth, a Richmond-based estate management startup, added to its acquisition streak with the purchase of Home Transition Resource, a provider of move management services in the Greater Boston area. HTR, founded in 2008, offers offers services to families relocating in the Boston metro area, New Hampshire, and Maine. That makes it the northernmost acquisition target so far for Wayforth, which is nearing full coverage of the East Coast. The deal adds to a string of acquisitions for the company just three years after launching.
Richmond tech startup Fringe raised just over $1M in debt funding, according to SEC filings. The company makes a platform for unconventional employee benefits – like subscriptions to HelloFresh, StitchFix or Audible – that launched in late April. Check out an Inno profile on Fringe.
Richmond health tech startup Kamana planned to emerge from the Lighthouse Labs accelerator program with a pocketful of capital. The company, whose software platform connects healthcare providers with traveling nurses and other medical professionals, is raising up to $500K in debt and options, according to SEC filings. Co-founder Dave Dworschak told Inno in September that Kamana onboarded 900 nurses in its first four months and was looking to exit Lighthouse with 10-15 staffing agency clients.
Richmond startup Kilo Medical Solutions was selected as one of 10 cohort members for the Luminate Accelerator. The young medical device company, led by Joshna Seelam, makes a product used in NICU incubators. As a result of acceptance, Kilo was awarded $100K in an initial investment with the chance to receive $2M in follow-on funding. It will work toward commercializing its device, the Brise-Solette, in the Rochester, N.Y.-based accelerator program starting in January and lasting six months.
The Herndon-based Center for Innovative Technology announced that its CIT GAP Funds division invested an undisclosed amount in Richmond accident insurance startup Buddy. The company sells insurance for outdoors and extreme sports enthusiasts, for events like skiing and camping trips. Buddy, a 2019 Startup to Watch, plans to use the fresh capital to launch with more partners, expand to all 50 states and up its marketing efforts. Check out an Inno profile on the company.
Whitlock, a decades-old provider of audiovisual services to major entertainment venues, was acquired by private equity shop Marlin Equity Partners. CEO Doug Hall will remain in that position and founder and chairman John Whitlock will serve as an adviser to its board. The company, founded in 1988 as ValCom, has about 860 employees, including 200+ in Virginia and 110 in the Richmond area. Whitlock and Hall described the deal to the Richmond Times-Dispatch as a recapitalization. Read more here.
Richmond-based Cupron Inc. has landed a $1.75M round of equity funding, according to SEC filings. It’s the first time the company, which makes copper-based antimicrobial technologies, has sought outside funding since a $4M round in 2010
Richmond-based Trolley Ventures announced that it invested an undisclosed amount in RVA neighbor EdConnective, an edtech startup working to ensure student success through online teacher training. With school districts as clients, the startup takes passive video of classroom instruction and pairs instructional coaches with teachers to conduct a series of feedback sessions online. It now delivers more than 3K feedback sessions to teachers in nine states. Read the full story here.
Richmond startup Naborforce, which helps seniors age in place, has closed on a $565K round of investment, the RTD reported. The online caregiving platform was created by former finance executive Paige Wilson. It lets seniors connect with community members for rides, errands, light help around the house, or just a few hours of sipping coffee and chatting. The company didn’t name its investors. Check out our profile on the startup from 2018 to learn more about its origins.
