Chicago tech starts the year off hot with $115M in funding

by James Risley
February 1, 2017

Chicago tech kicked off the year right with more than $115 million raised last month, a 15 percent increase over January of last year. Much of that money came from a flurry of fresh fundings announced early in the month, including three of the top five largest raises which came in the same week. Each of the top five fundings were for $10 million or more, and companies funded ranged from healthtech darlings to e-commerce startups.


1. Networked Insights, $30M, Jan. 6th

Investors: Sands Light Capital, Cherng Family Trust, Goldman Sachs, American Family Ventures

Bio: Data analytics firm Networked Insights offers insights into what a company’s target demographic is talking about online. The service lets marketers understand how they can be a part of conversations happening around their products and appropriately utilize natural buzz in their industries.   

News: Capping off a three-day funding spree, the $30 million round will enable up to 40 new hires for the company this year, helping it to maintain momentum. The company has said it has grown sixfold within the 24 months prior to its January funding.


2. CloudCraze, $20M, Jan. 5

Investors: Insight Venture Partners, Salesforce Ventures

Bio: E-commerce solutions provider CloudCraze builds native B2B solutions on top of Salesforce, enabling them to quickly build online storefronts that can leverage Salesforce data. Its current clients include Coca-Cola, AB InBev and Kellogg’s.

News: With its $20 million round, CloudCraze plans to expand it team by up to 40 people and boost product development. The company is growing both across the U.S. and internationally. This round of funding was the company’s first infusion of institutional capital.


2. Shiftgig, $20M, Jan. 17

Investors: DRW Venture Capital, FJ Labs, GGV Capital, KDWC Ventures

Bio: Shiftgig connects companies with employees looking to pick up shifts, building on the model set forth by Uber, Postmates and other “gig economy” players. It allows businesses to access parts of the labor force previously only available to consumers through apps like TaskRabbit.

News: The $20 million Series C will enable Shiftgig to hire as many as 100 new employees, increasing its workforce by 50 percent. The funding comes just months after the acquisition of BookedOut, a Chicago competitor that focused on experiential marketing.


4. Endotronix, $12M, Jan. 9

Investors: Silicon Valley Bank

Bio: By offering cloud-based tools to track advanced heart failure, Endotronix offers deeper insight for both doctors and patients. The system can give caregivers a heads up on changes in blood pressure and other signals so care can be administered soon, bringing down overall costs and improving outcomes.

News: The $12 million funding builds on the $32 million Series C the company raised last summer, which helped to fund studies into its implantable, cloud-connected sensor for heart patients.


5. Mediafly, $10M, Jan. 4

Investors: Boathouse Capital

Bio: Mediafly helps companies share information and multimedia content internally, helping to ensure the whole company is on the same page.

News: With the fresh funding, Mediafly plans to add as many as 30 new hires this year, expanding its 40-person team. The new roles will fill openings in product, marketing and sales. The company has raised $22 million to date.


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