The new year has begun in full force, but let's not let 2020 overshadow some major fundings that happened right before the end of 2019. From an award to boost a Richmond startup incubator to a Charlottesville tech acquisition, here are the top fundings and acquisitions that happened in December.
FYI: You can track local startup funding deals, acquisitions and other news by subscribing to our twice-a-week newsletter, the Beat.
December Funding Deals and Acquisitions
Activation Capital announced that they would be awarding up to $1 million to Richmond startup incubator Lighthouse Labs to help expand its accelerator program. The first $500,000 installment is expected to be dispersed in July of this year, with the other half to be awarded in 2022, contingent on certain milestones.
Nutriati, a Richmond-based startup that produces plant-based alternatives to food such as meats, cheeses and bread, raised $12.7 million from a Series C funding round. The primary contributors were Manna Tree, a Colorado-based investment firm that focuses on healthy foods and Open Prairie, which backed the company through a growth-stage private equity fund licensed by the USDA as a Rural Business Investment Company. Read the full story from Richmond Inno here.
A Richmond startup that produces a recyclable alternative to packing styrofoam raised $13 million in new equity funding and other securities. TemperPack's product is made to be ideal for delivering temperature-sensitive items and their current customers include companies such as HelloFresh, Misfit Markets, Diplomat Pharmacy and OptionOne Pharmacy.
Belle Isle Craft Spirits received $7.9 million from a round of equity funding, according to SEC filings. This was the Richmond-based spirits company's first round of equity funding since February 2016.
Charlottesville-based VividCortex, a provider of SaaS-delivered database performance management, was acquired by SolarWinds through a $117.5 million deal. Read the full Richmond Inno story about SolarWinds expanding its cloud-native IT support here.
Kamana Health, a developer of software that connects employers to healthcare professionals, landed an investment from the CIT GAP Funds. While the financial terms of the funding were not disclosed, the funding will go toward supporting product road map items, including in-app communication, integrations that facilitate rapid candidate submissions and additional talent management processes.
STAC Inc. raised $325,000 from a debt only round, according to SEC filings. The Richmond-based athletic networking platform connects high school amateur athletes and collegiate coaches and is one of the companies within the StartupVirginia family.
