LogicGate Got $113M, M1’s New Product, and More Chicago Tech News

August 2, 2021
photo: shutterstock

While thousands of music fans descended on Grant Park for the return of Lollapalooza, the Chicago tech scene capped off July with a quieter week of news. Find out who raised fresh funding and what other developments are in the works on the lakefront. This is the Built In Chicago weekly refresh.

SupplyHive raised $2M. Using AI, machine learning and NLP, this startup’s platform helps enterprises centralize, standardize, scale and automate their supplier performance processes. Loud Capital led the company’s seed round, which will help SupplyHive expand its sales and marketing efforts as well as further product development and integrations. [FinSMEs]

M1 Finance is offering a new credit card. The latest development from the fintech company is a credit card that lets customers get up to 10 percent cash back from retailers where they own stock, if they bought that stock through M1’s app. The company provides users with a no-fee investment platform. Following its latest round of funding (announced earlier in July), the company is continuing along its mission of becoming a one-stop-shop finance app for consumers. [Chicago Inno]

Chicago Tech Quote of the Week

“We’re really excited for the community and the GRC ecosystem. I think it’s been a very underserved technology market for a very long time, and we believe that we’re the company to come in and really help our customers. At the end of the day, that’s our mission: change the trajectory of [an] organization, make the lives of our customers better through flexible, easy-to-use GRC technology.” — Matt Kunkel, LogicGate co-founder and CEO

LogicGate pulled in $113M. The Series C round for the company was led by PSG, and brings its total funding to $156 million to date. LogicGate offers a no-code risk and compliance platform to help organizations automate and operationalize their company’s risk management processes. It’s investing the new capital in doubling its team of 174, as well as fueling product innovation and future expansion into European markets. [Built In Chicago]

Snapsheet partnered with Openly. Looking to expand its presence in the home insurance space, cloud-native claims management software company Snapsheet acquired Openly, a homeowners insurance provider. Snapsheet’s platform works to deliver claims faster by digitizing the claims management process, and it plans to continue supporting Openly’s claims to better the experience for home insurance customers nationwide. [Snapsheet]

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