For the inaugural months of 2016, the venture capital and startup scene in Chicago tech was killing it: companies in the city raised about $100 million and $150 million in January and February, respectively. Amidst talk of a national tech bubble and tightening wallets across the country, Chicago seemed like it had the potential to be an outlier of smaller rounds and plateauing valuations.
That could still be the case, but the final month of the first quarter saw VC dollars cool significantly. In March, local tech companies raised just shy of $70 million dollars in funding (and that includes a $25 million debt financing check written out to Cumulus Funding).
Here’s hoping the city picks up some of its lost momentum in Q2. Until then, we’ve rounded up all the companies who took in some cash during February. Here’s your leaderboard:
5. $3.8 million Series A, March 17
Investors: KDWC Ventures, KGC Capital, Formation 8, 500 Startups
Bio: OfficeLuv is an office maintenance and management companies that uses technology to provide.
News: After launching in early summer of 2015, OfficeLuv saw their employee count skyrocket from two to 20 in a matter of months.
4. $4 million, March 2
Investors: not disclosed
Bio: Figo is an 1871 graduate who’s tech-powered insurance platform helps pet owners gather and store important information about their furry friends, including shots and reminders and medical history.
News: Having just launched in 2015, Figo already insures pets in every state of the country (except for Kentucky).
3. $7.6 million Series A, March 18
Investors: KDWC, CNTP, Lightbank
Bio: HighGround is the Chicago-based innovator behind an employee engagement and development platform that’s used by some of the top companies around, including Patagonia, Allianz and Cision.
News: HighGround had previously raised an $8 million round in 2014 and a $3.5 million round in 2013.
2. $13.4 million, March 14
Investors: not disclosed
Bio: Signal helps brands connect with the people who matter most: you. Their platform is a leader in real-time, people-based marketing, helping brands interact with consumers across a number of channels and devices.
News: Signal had a busy 2015, landing a spot on Inc’s Top 5000, Deloitte’s Technology Fast 500, and company leaders picking up EY awards for Entrepreneurs of the Year.
1. $6 million Series A; $25 million debt financing March 18
Investors: Continental Investors LLC, HC Technologies, D-W Investments, Bridge Investments, Service Provider Capital
Bio: Cumulus Funding offers what it calls “Income Share Agreements," lending consumers anywhere from $1,500 to $10,000 in exchange for a chunk of their future incomes.
News: At the time of the funding, CEO Nathan Popkins said the funding will be used to expand their reach into new markets, build strategic partnerships, and grow their Chicago-based team.
Images via featured companies.
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