Clearcover Raised $200M, HomeX Got $90M, and More Chicago Tech News

April 19, 2021
clearcover office
photo: clearcover / built in

Last week in the Windy City, new developments found their way onto the city’s tech scene. With several new funding rounds and other moves, find out what’s under way. This is the Built In Chicago weekly refresh.

HomeX got $90MIts tech employs language processing, machine reasoning and knowledge engineering to help virtually guide homeowners through a repair process, or help them determine what professional they should call for service. With its new funding led by New Mountain Capital, HomeX wants to nationally expand its business. [Built In Chicago]

Hazel Technologies secured $70MWorking to expand the shelf life of produce, this startup develops packing inserts called sachets that help prevent decay by releasing a vapor when produce is shipped from an agricultural company. Its Series C round will go toward international expansion as Hazel looks to bring its technology to Africa, Europe and Southeast Asia. [Built In Chicago]

Chicago Tech Quote of the Week

“We believe that winning in insurance isn’t necessarily about doing one big thing, but about doing a lot of smaller things correctly, and in ways that delight the digital consumer. So we’re proud to be part of this broader digital transformation industry, and excited about where we sit within that ecosystem.” —Clearcover CEO Kyle Nakatsuji

Clearcover pulled in $200MIt automates certain points of the auto insurance process through its digital platform in order to provide customers with insurance coverage at a lower cost. Now, with its Eldridge-led Series D funding, Clearcover is planning to double its headcount of 250 over the next 12 to 18 months. It’s also planning to expand its business across more states. [Built In Chicago]

Starting Line launches $30M fundHaving backed companies like Cameo, Made in Cookware, and Unchained Capital, the Chicago-based VC firm is gearing up for its second round of investments. Its focus is expanding access to tech, products and experiences for people across the country. [PR Newswire]

Chicago and Denver saw significant VC growth last quarterNew data from PitchBook and the NVCA reports that these markets had the highest year-over-year growth in venture capital deals during Q1 2021 among the 10 major tech markets it analyzed. Prominent startups like Cameo and FourKites contributed to Chicago’s growth of 331.2 percent in venture deals over Q1 2020. [Built In Chicago]

Ensono to be acquired by KKRThe investment firm is making the acquisition of Downers Grove-based IT service provider Ensono for about $1.7 billion from Charlesbank Capital Partners and M/C Partners. Ensono is pursuing further growth within its new parent company as it looks to expand and continue developing its solutions. [Built In Chicago]

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