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Truebill (No. 15)
Headquarters: Silver Spring
Leadership: Co-founders and brothers Haroon, Idris and Yahya Mokhtarzada
Most recent valuation: $530 million as of June 1, 2021
The personal finance startup raised $45 million in the summer of 2021 to establish itself as a one-stop shop that helps users improve their financial health and to expand its financial management tools. The company already provides subscription management, spending advice, bill negotiation, budgeting and pay advance tools, and says those products have saved users more than $100 million since 2016 — and that its own revenue has tripled in the last two years. Truebill crossed the 100-employee mark at the end of May. The company was a Fire Awards winner of 2021.
Read more here.
Headquarters: Silver Spring
Leadership: Co-founders and brothers Haroon, Idris and Yahya Mokhtarzada
Most recent valuation: $530 million as of June 1, 2021
The personal finance startup raised $45 million in the summer of 2021 to establish itself as a one-stop shop that helps users improve their financial health and to expand its financial management tools. The company already provides subscription management, spending advice, bill negotiation, budgeting and pay advance tools, and says those products have saved users more than $100 million since 2016 — and that its own revenue has tripled in the last two years. Truebill crossed the 100-employee mark at the end of May. The company was a Fire Awards winner of 2021.
Read more here.
Truebill
Somatus Inc. (No. 14)
Headquarters: McLean
Leadership: Co-founder and CEO Dr. Ikenna Okezie
Most recent valuation: $570.1 million June 15, 2021
The fast-growing kidney care provider gave us all deja vu when it raised $60.12 million in June, just a year after it closed a $64 million round. The 5-year-old company has raised a whopping $165 million in lifetime funding and it’s continuing to expand a new comprehensive care model for patients with chronic kidney disease and end-stage renal disease. Somatus now counts 600 employees and operations in 34 states, serving more than 150,000 patients nationwide — up from tens of thousands a year ago0. Somatus, which partners with health systems, nephrology and primary care groups, and insurers, built a mobile app for patients to monitor their health and hopes to gain a foothold in the fast-growing dialysis market while helping prevent hospital visits and readmissions. The company was a Fire Awards winner of 2021.
Read more here.
Headquarters: McLean
Leadership: Co-founder and CEO Dr. Ikenna Okezie
Most recent valuation: $570.1 million June 15, 2021
The fast-growing kidney care provider gave us all deja vu when it raised $60.12 million in June, just a year after it closed a $64 million round. The 5-year-old company has raised a whopping $165 million in lifetime funding and it’s continuing to expand a new comprehensive care model for patients with chronic kidney disease and end-stage renal disease. Somatus now counts 600 employees and operations in 34 states, serving more than 150,000 patients nationwide — up from tens of thousands a year ago0. Somatus, which partners with health systems, nephrology and primary care groups, and insurers, built a mobile app for patients to monitor their health and hopes to gain a foothold in the fast-growing dialysis market while helping prevent hospital visits and readmissions. The company was a Fire Awards winner of 2021.
Read more here.
Denny Henry
Sirnaomics Inc. (No. 13)
Headquarters: Gaithersburg
Leadership: Founder, President and CEO Patrick Lu
Most recent valuation: $613 million as of Dec. 31, 2020
The details: With back-to-back mega-raises in the past year that raked in $105 million apiece, Gaithersburg’s Sirnaomics is entering its next phase of growth with an eye toward an initial public offering. The biotech, which develops treatments for cancers, viral infections, metabolic diseases and fibrosis, plans to strengthen its manufacturing capacity to keep up with the demand it hopes to eventually build for its RNA interference technology-based therapies. Sirnaomics, with Chinese subsidiaries in Suzhou and Guangzhou, formed in 2007 before spinning out RNAimmune Inc. and its mRNA technology in June 2020. The company was a Fire Awards winner of 2021.
Read more here.
Headquarters: Gaithersburg
Leadership: Founder, President and CEO Patrick Lu
Most recent valuation: $613 million as of Dec. 31, 2020
The details: With back-to-back mega-raises in the past year that raked in $105 million apiece, Gaithersburg’s Sirnaomics is entering its next phase of growth with an eye toward an initial public offering. The biotech, which develops treatments for cancers, viral infections, metabolic diseases and fibrosis, plans to strengthen its manufacturing capacity to keep up with the demand it hopes to eventually build for its RNA interference technology-based therapies. Sirnaomics, with Chinese subsidiaries in Suzhou and Guangzhou, formed in 2007 before spinning out RNAimmune Inc. and its mRNA technology in June 2020. The company was a Fire Awards winner of 2021.
Read more here.
Courtesy Sirnaomics
GetUpside (No. 12)
Headquarters: D.C.
Leadership: Co-founder and CEO Alex Kinnier
Most recent valuation:$647.5 million as of Sept. 1, 2020
The e-commerce tech firm has been expanding dramatically amid increased demand for its mobile app, which offers customers personalized cash-back deals to shop at partner brick-and-mortar businesses in major markets around the country, including the District. Those businesses — namely, gas stations, grocery stores and restaurants — provide the cash-back dollars to customers. And those deals incentivize people to patronize their locations and drive repeat business. GetUpside takes a portion of the transactions made through its platform. The company was a Fire Awards winner of 2020.
Read more here.
Headquarters: D.C.
Leadership: Co-founder and CEO Alex Kinnier
Most recent valuation:$647.5 million as of Sept. 1, 2020
The e-commerce tech firm has been expanding dramatically amid increased demand for its mobile app, which offers customers personalized cash-back deals to shop at partner brick-and-mortar businesses in major markets around the country, including the District. Those businesses — namely, gas stations, grocery stores and restaurants — provide the cash-back dollars to customers. And those deals incentivize people to patronize their locations and drive repeat business. GetUpside takes a portion of the transactions made through its platform. The company was a Fire Awards winner of 2020.
Read more here.
© Eman Mohammed/WBJ
Arcadia (No. 11)
Headquarters: D.C.
Leadership: Founder and CEO Kiran Bhatraju
Most recent valuation: $650 million as of Sept. 15, 2021
The clean energy startup raised $100 million in new funding in September, on top of $21 million that it quietly secured in December 2020, bringing its total lifetime funding to $180 million. Arcadia has been focused on residential customers since launching in 2014, but it’s now opening up to retail, small businesses and other commercial customers. The company is also adding to its team, which counts 176 employees across the company including 102 based in the D.C. area. It follows a period of high activity for the startup, which acquired San Francisco’s Nanogrid Technologies PBC in April right after snapping up Houston’s Real Simple Energy in March. The company was a Fire Awards winner of 2020.
Read more here.
Headquarters: D.C.
Leadership: Founder and CEO Kiran Bhatraju
Most recent valuation: $650 million as of Sept. 15, 2021
The clean energy startup raised $100 million in new funding in September, on top of $21 million that it quietly secured in December 2020, bringing its total lifetime funding to $180 million. Arcadia has been focused on residential customers since launching in 2014, but it’s now opening up to retail, small businesses and other commercial customers. The company is also adding to its team, which counts 176 employees across the company including 102 based in the D.C. area. It follows a period of high activity for the startup, which acquired San Francisco’s Nanogrid Technologies PBC in April right after snapping up Houston’s Real Simple Energy in March. The company was a Fire Awards winner of 2020.
Read more here.
Lindsay Galatro LGPHOTODC.com
Aledade (No. 10)
Headquarters: Bethesda
Leadership: Co-founder and CEO Farzad Mostashari
Most recent valuation: $714 million as of April 20, 2020
The 7-year-old primary care startup closed 2020 with record-breaking growth and opened 2021 with $100 million in new funding. Aledade helps independent physician practices implement value-based care models by setting up accountable care organizations, or ACOs. It’s now forming more strategic partnerships with Medicare Advantage plans and accelerating that expansion beyond government to commercial payers. It’s seen a dramatic expansion since the company’s inception in 2014, when it focused mainly on seniors in traditional Medicare plans, and Covid-19 only brought an increase in demand for Aledade’s work. The company was a Fire Awards winner of 2020.
Read more here.
Headquarters: Bethesda
Leadership: Co-founder and CEO Farzad Mostashari
Most recent valuation: $714 million as of April 20, 2020
The 7-year-old primary care startup closed 2020 with record-breaking growth and opened 2021 with $100 million in new funding. Aledade helps independent physician practices implement value-based care models by setting up accountable care organizations, or ACOs. It’s now forming more strategic partnerships with Medicare Advantage plans and accelerating that expansion beyond government to commercial payers. It’s seen a dramatic expansion since the company’s inception in 2014, when it focused mainly on seniors in traditional Medicare plans, and Covid-19 only brought an increase in demand for Aledade’s work. The company was a Fire Awards winner of 2020.
Read more here.
Joanne S. Lawton
ScienceLogic Inc. (No. 9)
Headquarters: Reston
Leadership: Founder and CEO Dave Link
Most recent valuation: $770 million as of Feb. 23, 2021
The software firm raised $105 million in February to capitalize on a Covid-driven market opportunity in IT operations management. ScienceLogic’s products allow customers to monitor applications and systems across their networks, allowing them to, say, predict and fix outages through automation. The company is also pouring its product development resources into some key sectors nowadays — cloud technology, artificial intelligence and machine learning — helping fuel its already fast growth in both the private and public sectors. Most recently, the business secured a five-year, $43 million contract with the Department of Veterans Affairs, in partnership with McLean-based Swish Data Corp. ScienceLogic was a Fire Awards winner of 2021.
Read more here.
Headquarters: Reston
Leadership: Founder and CEO Dave Link
Most recent valuation: $770 million as of Feb. 23, 2021
The software firm raised $105 million in February to capitalize on a Covid-driven market opportunity in IT operations management. ScienceLogic’s products allow customers to monitor applications and systems across their networks, allowing them to, say, predict and fix outages through automation. The company is also pouring its product development resources into some key sectors nowadays — cloud technology, artificial intelligence and machine learning — helping fuel its already fast growth in both the private and public sectors. Most recently, the business secured a five-year, $43 million contract with the Department of Veterans Affairs, in partnership with McLean-based Swish Data Corp. ScienceLogic was a Fire Awards winner of 2021.
Read more here.
Joanne S. Lawton
Class Technologies Inc. (No. 8)
Headquarters: D.C.
Leadership: Co-founder and CEO Michael Chasen
Most recent valuation: $805 million as of July 28, 2021
The online education company raised an eye-popping $105 million in July to fund an aggressive expansion — pushing it closer to unicorn status — less than a year after its launch. The company from former Blackboard CEO Michael Chasen hit the scene as the pandemic sparked a surge in virtual learning and demand for remote teaching tools skyrocketed. And its Zoom-based platform allows teachers to proctor live tests, have one-on-one conversations, take attendance, distribute assignments and do other tasks that are taken for granted during in-person learning. It’s also starting to penetrate the corporate training arena. The company was one of our 2021 Startups to Watch.
Read more here.
Headquarters: D.C.
Leadership: Co-founder and CEO Michael Chasen
Most recent valuation: $805 million as of July 28, 2021
The online education company raised an eye-popping $105 million in July to fund an aggressive expansion — pushing it closer to unicorn status — less than a year after its launch. The company from former Blackboard CEO Michael Chasen hit the scene as the pandemic sparked a surge in virtual learning and demand for remote teaching tools skyrocketed. And its Zoom-based platform allows teachers to proctor live tests, have one-on-one conversations, take attendance, distribute assignments and do other tasks that are taken for granted during in-person learning. It’s also starting to penetrate the corporate training arena. The company was one of our 2021 Startups to Watch.
Read more here.
Joanne S. Lawton
Pie Insurance (No. 7)
Headquarters: D.C. and Denver
Leadership: Co-founder and CEO John Swigart
Most recent valuation: $876 million as of March 25, 2021
The workers compensation and insurance startup, which also has a HQ in Denver, locked down $118 million in the spring — less than a year after raising $127 million. Pie leans heavily on data analytics and eschews the traditional model of a human underwriter to help streamline and digitize its offerings, which it says keeps its costs down and is key to upending the competition. The company was a Fire Awards winner of 2020.
Read more here.
Headquarters: D.C. and Denver
Leadership: Co-founder and CEO John Swigart
Most recent valuation: $876 million as of March 25, 2021
The workers compensation and insurance startup, which also has a HQ in Denver, locked down $118 million in the spring — less than a year after raising $127 million. Pie leans heavily on data analytics and eschews the traditional model of a human underwriter to help streamline and digitize its offerings, which it says keeps its costs down and is key to upending the competition. The company was a Fire Awards winner of 2020.
Read more here.
Pie Insurance
Interos Inc. (No. 6)
Headquarters: Arlington
Leadership: Founder and CEO Jennifer Bisceglie
Most recent valuation: $1 billion as of July 22, 2021
The risk management startup became Greater Washington’s latest unicorn in July with a whopping $100 million in fresh funding. Interos also joined an even more elite group of women-led companies to surpass the $1 billion valuation mark; about 4% of unicorns have female founders and CEOs, according to Crunchbase. Interos uses machine learning to develop complex databases of supplier relationships to track companies’ supply chains and assess risk factors. Its software-as-a-service platform helps those customers manage their supply chains and business relationships. To that end, the company plans to use the $100 million to speed up its growth amid cyberattacks and supply chain shortages resulting from the pandemic. The company was a Fire Awards winner of 2020.
Read more here.
Headquarters: Arlington
Leadership: Founder and CEO Jennifer Bisceglie
Most recent valuation: $1 billion as of July 22, 2021
The risk management startup became Greater Washington’s latest unicorn in July with a whopping $100 million in fresh funding. Interos also joined an even more elite group of women-led companies to surpass the $1 billion valuation mark; about 4% of unicorns have female founders and CEOs, according to Crunchbase. Interos uses machine learning to develop complex databases of supplier relationships to track companies’ supply chains and assess risk factors. Its software-as-a-service platform helps those customers manage their supply chains and business relationships. To that end, the company plans to use the $100 million to speed up its growth amid cyberattacks and supply chain shortages resulting from the pandemic. The company was a Fire Awards winner of 2020.
Read more here.
Interos
Morning Consult LLC (No. 5)
Headquarters: D.C.
Leadership: Co-founder and CEO Michael Ramlet
Most recent valuation: $1.01 billion as of June 8, 2021
A fast-growing software firm, Morning Consult raised $60 million in June, which yielded its $1.01 billion valuation and gave it “unicorn” status. That came about a year after the company raised $31 million in its first institutional round, and seven years after launching from a D.C. rowhouse. The company is expanding to a new D.C. headquarters this year and is actively hiring as demand for its business grows. Morning Consult’s software-as-a-service technology offers polling and research platforms for its commercial clients. The company was a Fire Awards winner of 2021.
Read more here.
Headquarters: D.C.
Leadership: Co-founder and CEO Michael Ramlet
Most recent valuation: $1.01 billion as of June 8, 2021
A fast-growing software firm, Morning Consult raised $60 million in June, which yielded its $1.01 billion valuation and gave it “unicorn” status. That came about a year after the company raised $31 million in its first institutional round, and seven years after launching from a D.C. rowhouse. The company is expanding to a new D.C. headquarters this year and is actively hiring as demand for its business grows. Morning Consult’s software-as-a-service technology offers polling and research platforms for its commercial clients. The company was a Fire Awards winner of 2021.
Read more here.
Courtesy Morning Consult
Rebellion Defense Inc. (No. 4)
Headquarters: D.C.
Leadership: Co-founder and CEO Chris Lynch
Most recent valuation: $1.15 billion as of Sept. 15, 2021
The company, which develops AI products for the defense and security industry, surpassed the coveted $1 billion valuation when it raised $150 million in venture capital dollars in September. The software startup launched in 2019.
Read more here from Axios.
Headquarters: D.C.
Leadership: Co-founder and CEO Chris Lynch
Most recent valuation: $1.15 billion as of Sept. 15, 2021
The company, which develops AI products for the defense and security industry, surpassed the coveted $1 billion valuation when it raised $150 million in venture capital dollars in September. The software startup launched in 2019.
Read more here from Axios.
Christopher Michel
Cava Group Inc. (No. 3)
Headquarters: D.C.
Leadership: Co-founder and CEO Brett Schulman
Most recent valuation: $1.3 billion as of April 27, 2021
The fast-casual Mediterranean restaurant chain raised $190 million in April to fund an expansion into new markets. The company has more than 130 locations across the country, holdings that expanded significantly since 2018 when it bought competitor Zoës Kitchen and brought on a major investor in Panera Bread founder Ron Shaich. The company also sells its hummus and other dips and spreads in grocery retailers. The capital it secured in the spring brought the District company’s total raised since its founding in 2006 to just under $650 million, per PitchBook.
Read more here.
Headquarters: D.C.
Leadership: Co-founder and CEO Brett Schulman
Most recent valuation: $1.3 billion as of April 27, 2021
The fast-casual Mediterranean restaurant chain raised $190 million in April to fund an expansion into new markets. The company has more than 130 locations across the country, holdings that expanded significantly since 2018 when it bought competitor Zoës Kitchen and brought on a major investor in Panera Bread founder Ron Shaich. The company also sells its hummus and other dips and spreads in grocery retailers. The capital it secured in the spring brought the District company’s total raised since its founding in 2006 to just under $650 million, per PitchBook.
Read more here.
Rebecca Cooper
FiscalNote Inc. (No. 2)
Headquarters: D.C.
Leadership: Founder and CEO Tim Hwang
Most recent valuation: $1.4 billion as of April 15, 2021
The legislative and regulatory dashboard raised $40 million in May, just a couple of days after the company announced it had acquired Fireside, a D.C. firm that makes software-as-a-service tools used by Congress; and TimeBase, an Australian firm that, like FiscalNote, builds legislative research and tracking tools. Those acquisitions built on others: FiscalNote acquired U.K.-based Oxford Analytica in February and Factsquare of Arlington in January, after purchasing CQ Roll Call in 2018. FiscalNote had raised $160 million in late 2020, bringing its total raised at the time to $347 million. It is now reportedly working with an adviser on a public debut. The company was one of our 2021 Startups to Watch.
Read more here.
Headquarters: D.C.
Leadership: Founder and CEO Tim Hwang
Most recent valuation: $1.4 billion as of April 15, 2021
The legislative and regulatory dashboard raised $40 million in May, just a couple of days after the company announced it had acquired Fireside, a D.C. firm that makes software-as-a-service tools used by Congress; and TimeBase, an Australian firm that, like FiscalNote, builds legislative research and tracking tools. Those acquisitions built on others: FiscalNote acquired U.K.-based Oxford Analytica in February and Factsquare of Arlington in January, after purchasing CQ Roll Call in 2018. FiscalNote had raised $160 million in late 2020, bringing its total raised at the time to $347 million. It is now reportedly working with an adviser on a public debut. The company was one of our 2021 Startups to Watch.
Read more here.
Joanne S. Lawton
ID.me (No. 1)
Headquarters: McLean
Leadership: Founder and CEO Blake Hall
Most recent valuation: $1.57 billion as of March 18, 2021
The McLean identity security company helps customers manage and verify online user identities. After raising a gargantuan $100 million round in March — securing its unicorn status — to fund hiring and expand its customer base, the business secured another $100 million in debt financing in September. ID.me, founded in 2010 as TroopSwap and led by founder and CEO Blake Hall, makes login and identity credentials portable across platforms, and saw demand for its services increase, particularly in unemployment claims, as the Covid-19 pandemic accelerated demand to deter fraud online. The company was a Fire Awards winner of 2021.
Read more here.
Headquarters: McLean
Leadership: Founder and CEO Blake Hall
Most recent valuation: $1.57 billion as of March 18, 2021
The McLean identity security company helps customers manage and verify online user identities. After raising a gargantuan $100 million round in March — securing its unicorn status — to fund hiring and expand its customer base, the business secured another $100 million in debt financing in September. ID.me, founded in 2010 as TroopSwap and led by founder and CEO Blake Hall, makes login and identity credentials portable across platforms, and saw demand for its services increase, particularly in unemployment claims, as the Covid-19 pandemic accelerated demand to deter fraud online. The company was a Fire Awards winner of 2021.
Read more here.
Joanne S. Lawton
Greater Washington’s venture-backed businesses mean business. Just look at their valuations.
The region is home to a growing group of companies that have raised tremendous rounds of financing, with some standouts claiming the highest valuations.
Among them are those that have left town, such as Mapbox, which started in the District but now calls San Francisco its home — and clinched a nearly $1.2 billion valuation in April 2020.
There’s also a handful of companies that have reached noteworthy values in recent years, including D.C.'s Vox Media with a $1.066 billion valuation as of August 2015; Innovative Cellular Therapeutics of Rockville with a $980 million valuation as of May 2018; D.C.'s Optoro with a $550 million valuation as of July 2018 and EverFi, also of the District, with a $540 million valuation as of April 2017.
Now, we’re homing in on the 15 most valuable local startups based on valuations within the last two years. (Click through the gallery above to see the list.) That’s per data as of Sept. 28 from venture analytics firm PitchBook, which combines public documents with voluntary reporting to give as complete of a picture of the region's startup ecosystem as is available. See a company we missed? Shoot us an email and let us know.
It’s also important to note that this list highlights the gaps in the venture capital world, in which less than 10% of funding goes to women, less than 1% of funding goes to Black entrepreneurs, 0.4% to Latina founders and 0.2% to female Black founders. Among the region’s 135 biggest VC deals from 2013 to 2019, only four involved Black founders — two for the same person — and four included women founders, three in 2017 alone. More on that here. Of the 15 company CEOs on this list, one is a woman.
