These 5 Chicago Tech Companies Raised the Most Funding in May

See how the largest tech funding rounds from last month are being put to use in Chicago.

Written by Cassidy Ritter
Published on Jun. 01, 2023
These 5 Chicago Tech Companies Raised the Most Funding in May
Buckingham Fountain in Chicago at night.
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From foodtech to insurtech, Chicago-area companies from various industries raked in capital last month. The five largest rounds raised in May totaled $100.7 million, slightly up from the $98 million secured in April’s top 5 rounds. Read on the learn how the local tech companies that raised the most funding last month plan to spend their investments.

Largest Chicago Tech Funding Rounds, May 2023

  1. Hallow
  2. Obie
  4. Stella
  5. Mycocycle


#5. $2.2 million, May 9

Coming off a fresh round of seed funding, Mycocycle removes toxins from waste with mushrooms. Its process converts the waste into a low-carbon, renewable material. The company, which has raised $3.7 million in total funding, doubled its operations last year and expects to double its Chicago-area office and lab space this year.


#4. $7 million, May 9

Founded in 2020, Stella is a healthtech company that treats anxiety, depression, stress, traumatic brain injuries, long Covid and post-traumatic stress. The company raised $7 million in a growth equity round to continue its research in the mental health space and open new locations in the U.S. and abroad. Stella also opened its new Chicago facility in May, which will host the company’s medical training, clinical trials and research operations.


#3. $16 million, May 23’s product recommendation and discovery platform helps businesses quickly find products that fit their needs. With its recent $16 million Series A roundthe business-to-business platform plans to expand its offerings to include marketing and lead generation, service configuration, quote estimates and more.


#2. $25.5 million, May 17

Providing insurance to residential real estate investors, insurtech startup Obie raised a $25.5 million Series B round to roll out new products and expand its partnerships. This round was led by Battery Ventures and come one year after Obie raised a $10.7 million Series A.


#1. $50 million, May 18

Led by Goodwater Capital, Christian prayer app Hallow secured a $50 million Series C. This funding comes six months after the company secured a $40 million round. In addition to raising capital, Hallow recently partnered with Mark Wahlberg and Mario Lopez, and its app exceeded 10 million downloads. The company is hiring for several roles, including writers, engineers, developers and sales managers, to name a few.

Methodology: Built In tracked the largest funding rounds of the month using previous reporting, data from Crunchbase and articles from other publications and companies. This list highlights the five largest funding rounds raised in May by tech companies with a headquarters in Chicago. We only include venture capital and equity raises and do not include debt or post-IPO funding rounds in this list.

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