Chicago tech kicked its funding efforts into high gear the second half of September, after only raising $22.2 million in the months first two weeks. Raise started the party with a $60 million Series C, and a week later Tempus one-upped that with a $70 million Series C of its own.
All told, the city’s tech companies raised $201.3 million in September — the highest monthly total since May. Check out the month’s five biggest funding rounds below.
5. Clearcover, $11.5M, September 19
Investors: Not disclosed
Bio: Clearcover uses data analytics to make car insurance more user friendly. The company uses targeted digital outreach to find those who might actually need coverage, and its tech gleans publicly available data to autofill applications.
News: Clearcover, which was in stealth mode before announcing this round, is launching in California before year’s end. The insurtech company plans to expand into other states in early 2018.
4. Fooda, $12.5M, September 26
Investors: Valor Equity Partners, Lightbank, KGC Capital
Bio: Fooda is a food delivery startup that makes it easier for office workers to order lunch. Its menu is filled with offerings from local eateries, and the company handles all the delivery logistics. In addition to online ordering, Fooda also operates pop-ups in office lobbies.
News: Fooda, which currently operates in 11 cities, is planning to expand its reach across the United States. The company just launched in Washington D.C., and CEO Orazio Buzza told Crain’s that his goal is to be in the country’s 50 largest cities.
3. ForeverCar, $15M, September 5
Investors: CMFG Ventures, Method Capital, City Capital Advisors
Bio: ForeverCar sells extended automotive service warranties. The company creates custom policies using market data, predictive analytics and self-submitted information about driving habits. In addition to selling policies, ForeverCar also handles everything from towing to negotiating with the repair shop.
News: ForeverCar plans to make a big investment in chatbot technology, and will roll out a virtual customer agent soon. It also plans to grow its team, which currently has 25 employees, and move into a new downtown Chicago office soon.
2. Raise, $60M, September 19,
Investors: Accel, New Enterprise Associates, Bessemer Venture Partners, PayPal
Bio: Raise was originally founded as a marketplace for gift cards, but the startup has increased its focus on mobile payments. The company partners with brands to sell discounted prepaid store currency, although its platform still allows users to buy and sell unwanted gift cards.
News: The Raise platform is getting an upgrade soon with new anti-fraud technology and features like shareable cards and wallets. The company is also implementing a major marketing push to increase brand awareness and grow its customer base, which currently sits at 2 million customers.
1. Tempus, $70M, September 25
Investors: Revolution Growth, New Enterprise Associates
Bio: Tempus takes a personal and data-driven approach to fighting cancer. The company uses deep learning to help doctors determine which treatments a cancer patients would be most receptive to.
News: This round brings Tempus’ total funding to $130 million. Founder Eric Lefkofsky said the company will continue to build out its cancer research database.
Images via Shutterstock, social media and listed companies
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