Money talks – so who in the Triad has raised the most recently?
2022 saw several important and record-breaking fundraises, from UpStream Healthcare’s $140 million Series B raise to Fluree’s formal $8 million fundraise. In the Triad, 10 companies alone were responsible for a collective $256 million.
Each of these companies will use their capital strategically to expand their operations, and many have publicly stated their commitment to the Triad, hopefully bringing more money and attention to the local thriving startup and innovation ecosystem.
Below is the list of the top 10 fundraises by Triad companies in 2022, ranked by total dollar amount.
Note: This list was compiled through Form D filings on the U.S. Securities and Exchange Commission and previous TBJ reporting.
1. UpStream Healthcare – $140 million
This series B fundraise from earlier in December – co-led by investors Coatue and Dragoneer Investment Group – is the latest and largest validation of the Greensboro company’s value-based health care model. Since its $45 million Series A raise a year ago, UpStream has been on a meteoric rise with key expansions, partnerships and hirings across North Carolina and South Carolina.
2. Javara – $47 million
Javara, a Winston-Salem integrated research organization, landed a $47 million Series B fundraise from global growth equity firm General Atlantic in April. This capital will help Javara towards its goal of doubling its staffing to 400 within the next two years as well as expanding across the U.S.
3. Jet It – $16 million
Jet It, the Greensboro private air transportation company, completed the $16 million fundraise in October. In 2021, Jet It grew its fleet to 21 aircraft, expanded internationally to Canada and hired 76 employees to more than double its team.
4. Precise Bio – $15,530,000
Precise Bio, a company co-founded by Dr. Anthony Atala, director of the Wake Forest Institute for Regenerative Medicine, raised over $15 million in February of this year. The regenerative medicine company, which boasts dual locations in Winston-Salem and Israel, is advancing bio-printed tissues and organs in ophthalmology.
5. Fluree – $12,470,512
Fluree had two fundraises within a month; the first was just over $4 million that resulted from the company’s September acquisition of ZettaLabs and the second is a formal fundraising round from October that so far has completed over $8 million. The $8 million has been Fluree’s largest fundraise since its 2016 founding and has the potential to grow, with about $3.8 million left in the round’s offering.
6. Soelect – $11 million
The Triad-based battery component developer raised this Series A funding in February with Lotte Ventures, General Motors Ventures and KTB Network leading the round. Soelect is using the capital for all aspects of operations, CEO and founder Sung-Jin Cho said, including expanding research and development, purchasing equipment and hiring employees.
7. smoodi – $4,974,505
On-the-go smoothie and blender manufacturer smoodi raised almost $5 million in December. The company, originally from Boston, was one of nine startups awarded a $50,000 Venture Winston grant from Agile City early in 2022 and has made a name for itself since moving to Winston-Salem in September 2021, receiving an undisclosed investment from the Winston-Salem Partners Roundtable and $8,000 from Winston Starts’ annual pitch event.
8. Wellnecity – $3,156,900
The Winston-Salem health care startup, whose technology platform helps self-insured employers, raised over $3 million in its Series A funding from Denver-based health care investment firm Sopris Capital. Wellnecity is using the funding to accelerate the growth of its client base and increase market awareness as it has experienced 100% growth in clients and revenue each year since 2018.
9. Roobrik – $3 million
Greensboro-based Roobrik completed a $3 million Series A fundraise from Durham-based venture capital firm Jurassic Capital. The company’s technology platform, Roobrik Insight Solutions, provides online assessment and decision tools for seniors and their caregivers and the funding will be used to expand its technology offerings.
10. FUSE Oncology – $2,951,000
The first company spun off from Cone Health Ventures, FUSE Oncology completed its almost $3 million fundraise in late May and has also been invested in by Greensboro’s First Launch Capital Fund with an undisclosed amount. FUSE provides consulting services and a software platform for oncology practice management developed at Cone Health’s Radiation Oncology Center of Innovation.
