The Chicago tech scene started February off on a slow note with one company restructuring and another appointing a new chief marketing officer. Catch up on the latest local tech news with the Built In Chicago Weekly Refresh.
At least three companies announced acquisitions. We’re only one month into the new year and already three Chicago tech companies in the marketing, HR and sports sectors have announced plans to acquire other brands. Following the close of these acquisitions, the businesses plan to expand their product offerings and reach. Some companies also have plans to grow their headcount. [Built In Chicago]
The four largest funding rounds in January totaled a collective $6.35M. January was a slow start for venture capital funding in Chicago, but four local tech companies managed to still raise funds. Several businesses said they will use their fresh capital to expand their product offerings and some will hire additional staff, including career development platform Stride. [Built In Chicago]
Chicago Tech Quote of the Week
“The worldwide economy is changing rapidly. By developing its own products and investing in promising new projects, Mitgo will make a major contribution to the development of industries such as e-commerce, adtech and martech. An innovation-focused approach is the very backbone of Mitgo’s business operation. This new company structure will allow us even more freedom to launch ventures, acquire, invest and attract investment.” — Alexander Bachmann, CEO of Mitgo and founder and CEO of Admitad
Admitad restructured and announced a new parent company. Marketing platform and IT solutions provider Admitad launched Mitgo, its new parent company, to simplify the company’s structure. Mitgo will grow into new fields, like edtech, and act as a startup incubator. Mitgo said it plans to invest $75 million to $100 million in Chicago and Midwest tech startups by 2025. [Email]
P33 named a new CMO. P33 is a nonprofit tech advocacy group that aims to make Chicago the most inclusive tech hub in the U.S. The company recently brought on Tifair Hamed as its new chief marketing officer. Prior to P33, Hamed advised Fortune 100 clients and served as the head of social media marketing at Burrell Communications. [Chicago Inno]
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