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In terms of funding, Chicago’s summer has been a little cooler than its weather. In June, the city’s largest reported funding was just $10 million. In July, the tech scene raked in a combined, but respectable $50 million. But August’s dog days of summer really cranked up the heat. In total, digital tech companies in Chicago raised a massive $472.6 million in funding this month.
Chicago mammoth Avant brought in $339 million on its own behalf, but even without the e-loan provider’s significant contribution, the tech community still corralled an honest $133 million.
Here’s hoping September keeps that momentum going strong. In the meantime, check out the top five largest fundings for Chicago in August.
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5. SpotHero, $20 million, August 19
Investors: Insight Venture Partners, Battery Ventures, Bullpen Capital, Chicago Ventures, Draper Associates, OCA Ventures, Pritzker Group Venture Capital and 500 Startups.
Bio: SpotHero is a parking app hoping to make life easier for the daily driver. Their app allows drivers to get their perfect parking spot whenever they want for a fraction of the price and half the headache. They operate in 12 markets across the country and have helped over a million drivers find parking.
In the News: In April, SpotHero acquired San Francisco’s ParkPlease in order to start expanding in the tech capital of the world.
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4. LaunchPoint, $20 million, August 19
Investors: San Francisco-based Carrick Capital Partners led the round.
Bio: LaunchPoint provides information-centric enterprise services and solutions for healthcare organizations, specializing in the powerful blend of information management, analytics and cloud computing. Corporate divisions Ajilitee and Discovery Health Partners deliver highly flexible, scalable and cost-efficient solutions that enable customers to innovate with information and advance their competitive position.
In the News: At the time of the funding, the Chicago Tribune commented that the round of funding represented a broader trend for Chicago fundings: larger rounds trickling in from bigger investors on either coast.
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3. Base CRM, $26.5 million, August 13
Investors: The round saw investment from Index Ventures and OCA Ventures.
Bio: Frustrated by their own experience with CRM, Base was founded in 2009 based on a strong internal belief that businesses deserve better, smarter software. The company has come a long way since then, helping thousands of businesses grow.
In the News: August’s round follows a $15 million round in March of 2014 that was used to double the company’s employee count.
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2. Maestro Healthcare Technology, $35 million, August 11
Investors: Not reported
Bio: Maestro Healthcare Technology is a cutting-edge health benefits service company that is the first to introduce an employer benefit solution that features both private exchange and self-funding capabilities on a single platform. The Maestro solution is designed to significantly contain costs, simplify administration and enhance convenience for employers.
In the News: In September of last year, Maestro acquired Florida-based Workable Solutions from Alegeus Technologies in a move to strengthen their benefit solutions by adding private exchange and billing functionality to the platform.
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1. Avant, $339 million, August 20
Investors: Avant’s funding comprises two transactions. One of those transactions — a $139 million in debt financing provided by Jefferies LLC — is Avant’s very first asset-backed securitization. The other, a $200 million revolving warehouse with lenders like J.P. Morgan, Credit Suisse, and Waterfall Asset Management, will provide debt financing to US borrowers as Avant continues to scale.
Bio: Utilizing advanced algorithms and machine-learning capabilities, Avant offers a unique and highly customized approach to the personal loan process. The combination of technology, analytics and customer service capabilities allows the company to provide a simple process for personal loans and line of credit products to borrowers, all entirely online.
In the News: In June, Avant graduated from its already impressive 30,000 square-foot office to a sprawling, shiny new office with 80,000 square feet of room to grow into.
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