Rise Buildings Acquired, M1 Finance Got $75M, and More Chicago Tech News

March 15, 2021
Rise buildings
photo: rise buildings

As a couple of companies raised new funding rounds last week, other businesses on the Chicago tech scene were pursuing other avenues of growth. Learn more about what’s new. This is the Built In Chicago weekly refresh.

Rise Buildings acquired by VTSThe startup’s platform allows users to control the operations and tenant experience in properties. The $100 million deal will enable leasing and management company VTS to offer landlords methods to sign renewals early and reduce vacancies. At the same time, Rise will be able to grow its presence and expand into the office, retail and industrial spaces VTS’s tech occupies. [Commercial Observer]

Guaranteed Rate launched GatelessOne of the Windy City’s biggest names in mortgage lending announced the launch of its mortgage tech startup, Gateless. Its Mortgage AI platform employs AI and machine learning tech to automate key elements of the loan origination process. The startup also secured Series A funding from Guaranteed Rate’s CEO and Thomas H. Lee Partners, L.P. [Built In Chicago]

Chicago Tech Quote of the Week

“We want to become the 21st century leading financial institution on the planet. Our mission is to help people improve their personal financial well-being. And so we’re going to do that with everything we have now and everything we create in the future.” —Bob Armour, CMO of M1 Finance

M1 Finance secured $75MWith the recent rise in stock market activity, this fintech startup is looking to help educate people to become investors rather than traders with its platform that promotes automated investing. M1 witnessed a year of huge growth having expanded its usership, managed assets and headcount. The Coatue-led Series D funding will allow M1 to expand its product portfolio and grow its headcount to 300 by the end of this year. [Built In Chicago]

AeroPay raised $5MIts fintech platform allows small businesses to make bank transfers. AeroPay offers a suite of payment tools specifically for businesses in the cannabis industry, where it has seen plenty of success. The startup closed on its latest funding round led by Chicago Ventures in order to develop more platform features and grow its team. [Built In Chicago]

Gearset expands into ChicagoBased in Cambridge, England, this startup makes DevOps software that enables companies building on Salesforce to expedite the release of their projects. It announced its plans to move into a Chicago office, which will be led by Simon Bishop, previously of Copado. Gearset also has plans to grow its team, aiming to fill 80 positions in mainly sales and customer success roles. [Chicago Inno]

West Monroe’s new management teamThe business and technology consulting firm announced the promotion of seven individuals as managing directors. Saurabh Bansal, Jason Cutler, Sam Dawes, Michael Guckian, Andy Johnson, Chris Stafford and Sam Uyeno are taking on their new leadership positions as the firm pursues its plans for future growth. [Press Release]

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