Greater Washington’s startups have generally slowed fundraising this summer, but not all companies are taking vacation from the venture capital arena.
July saw a few notable rounds, including College Park online cybersecurity training startup Cybrary Inc. with $25 million, Reston meal-delivery startup Frolick Inc. with $1.8 million and D.C. fintech EQL Finance Inc. with $2.4 million.
The region’s funders also didn’t quit: Bethesda’s Rotunda Capital Partners raised $405 million for its third fund, McLean’s Booz Allen Hamilton launched a $100 million VC arm, D.C.’s Fundrise LLC is raising a $1 billion venture fund and the District’s Quadrangle Development Corp. is raising a $275 million fund.
Several other local companies also raised capital, including:
- Happied LLC: The D.C. data startup closed a $1.6 million round from New York’s HearstLab, D.C.’s High Street Equity Partners, Palo Alto, California’s True Ventures and Manchester, New Hampshire’s Alumni Ventures Group. The company’s employee engagement software platform for events aims to cut costs, promote engagement among employees and remove administrative burdens for employers. It counts more than 180 customers to date including Google, Disney, Twitter and Deloitte.
- Lynk Global Inc.: The Falls Church satellite company raised $1 million from the Virginia Innovation Partnership Corp. to speed up an initial service that’s slated for later this year. Lynk, now about 5 years old, is putting cell towers in space to boost connectivity in rural areas and parts of the world that lack cell service. Prior to this investment, the firm had raised about $25 million and, as we reported in April, was thinking about its next round.
- RegScale Inc.: The Tysons company closed a $20 million Series A financing round led by West Palm Beach, Florida’s SYN Ventures. D.C.’s SineWave Ventures, San Francisco’s Secure Octane and VIPC’s Virginia Venture Partners and multiple other strategic investors also participated. The 8-month-old business plans to use the capital for sales and marketing directed to the government, financial institutions and energy and utilities markets. It also intends to speed up product development and expand its operations to meet growing demand, it said in its announcement. Regscale went live in November with $1.5 million as a spinout of the District’s C2 Labs Inc. The company reports triple-digit revenue growth since its debut. It counts the Air Force, the Department of Homeland Security and others as customers.
Related:
- The 2022 rundown for January, February, March, April, May and June
- All of our funding roundups from 2021: January and February, March and April, May, June, July, August, September, October, November and December
- PitchBook-NVCA Venture Monitor report findings for Q1 and Q2 of 2022; and for Q1, Q2, Q3 and Q4 of 2021
