Chicago VC Fundraising Summary 2023
Chicago Business VC Fundraising $ummary
✘
2023
✘
Chicago Business VC Fundraising $ummary ✘ 2023 ✘
Each month, HirexHire recaps Chicago startup funding. Which startups closed what deal and for how much money? Our team is passionate about supporting startup growth by connecting candidates with Chicago tech jobs and providing employers with talent recruitment solutions after securing new funding. If you need support recruiting top talent, contact us.
2023 Chicago Startup Seed and Venture Capital Fundraising Summary
JANUARY | FEBRUARY | MARCH | Q1 SUMMARY | APRIL | MAY | JUNE | Q2 SUMMARY |
JULY | AUGUST | SEPTEMBER | Q3 SUMMARY | OCTOBER | NOVEMBER | DECEMBER | Q4 SUMMARY
Chicago Startups Raised Over $353M Seed and Venture Capital in Q4 2023
As the curtains drew to a close on the year, the Chicagoland startup market continued to surge ahead without any signs of slowing down. The final quarter of 2023 saw a whopping 47 deals being sealed, marking yet another fruitful period for the region's expanding startup ecosystem.
At the top of funding for this quarter included INGENIOUS.BUILD, with a massive funding of $37M, followed closely by Fingerprint with $33M, On Target Laboratories with $30M, and Mozaic with two separate funding rounds of $25.6M and $20M.
Looking to grow your team? This is where we at HirexHire come in. Our unique recruitment models are tailor-made to cater to the needs of PE and VC-backed companies in the region. Whether you're looking to scale up your niche team quickly or need to fill a specific technical role, we've got you covered.
Get in touch with HirexHire today to explore sustainable recruitment solutions and take your team to the next level. If you're on the lookout for an exciting job opportunity in the Chicago tech world, be sure to check out our job board.
Chicago Startups Raised Over $37M in December 2023
As the year comes to a close, we celebrate the 11 local companies that raised funds this past month. Coming from extremely diverse backgrounds, these 11 companies span the market, from cutting edge bio tech to clean energy to food and beverage. No matter the industry, each of these companies is providing valuable advancements to both local residents and customers worldwide.
Aiming to bridge the gap between influencer culture and expert recommendations, The Desire Company, which raised $8.4M, is an e-commerce platform that brings quality products to consumers from trusted sources. Also raising $7M is Clever Carnivore, a food tech startup that grows real meat from tiny tissue samples, yielding a safer, completely cruelty-free meat product.
Keep reading for information on all this month’s dealmakers!
Bio Tech:
BiomeSense is an exciting biotechnology startup unlocking the potential of at-home microbiome tracking in order to improve health and develop the field of precision medicine. They raised $6.2M in December.
Software & AI:
Alphathena raised $3.9M. This AI platform delivers personalized investing experiences to financial advisors and the wealth tech industry.
Raising $3.1M, Fyllo provides audience-targeting and brand compliance software to companies big and small.
Fynite Corp, an AI platform for supply chain management, raised $800K in seed money.
Percent Pledge is a B2B SaaS company that offers a platform for managing non-profit fundraising. They secured $600K in venture capital.
Other Companies:
GigaStar raised $3M for their marketplace that matches content creators with investors.
Clean Core Thorium Energy, a clean energy provider that works with nuclear fuel, secured $2.6M this month.
DePIN DAO raised $2M in seed money for their blockchain-based big data platform.
Finally, You’re A Cookie! raised a delicious $125K for their allergen-free cookie company.
Congratulations to our December Deal-makers!
Chicago Startups Raised Over $159M in November 2023
It's getting cold in the Windy City but the start-up community is HOT! November was another strong month in the Chicagoland area when it comes to startup growth, with 17 deals closed totaling over $159M across various industries including FinTech, Healthcare, Food and Beverage, and more!
INGENIOUS.BUILD, a project management SaaS tool for tech efficiency, topped the charts with $53M in funding in November. Additionally, On Target Laboratories, a biotech company developed for treating cancer cells, also had an impressive month with $30M in funding.
Let’s celebrate these Chicagoland startups with significant funding in November!
Fintech($34M):
-Mozaic, a fintech payment platform, raised $20M in funding.
-CFX Labs, a fintech platform for banking, which raised $9.5M.
-Early Bird, a platform allowing individuals to contribute to a child's future financials, raised $4.5M.
Healthcare ($9.5M):
-First Stop Health, a telehealth provider, allowing access to doctors 24/7, who received $9.1M.
-Atraverse Medical, a medical device company for left heart technology, raised $400K.
Food and Beverage ($8.9M):
-Fooda, a SaaS platform that allows workplaces to coordinate catering with restaurants, secured $7.8M in funding.
-Varcode, a software company monitoring temperature sensitive products, with $1.1M raised.
Other Companies ($24.2M):
-inquirED, an e-learning platform for grades K-8, securing $6.2M.
-AHEAD, a cloud computing SaaS platform providing an optimized service delivery platform, which brought in $5.8M.
-Fractory, a cloud based platform allowing manufacturing companies to be more sustainable, raised $4.8M.
-Responsiv, an AI assistant designed for the legal industry, who secured $3M.
-Honeycomb Holdings, a business development company assisting brands and markets, raised $1.8M.
-American Mattress, a furniture company specializing in mattress and sleep accessories, announced $1.4M in funding.
-Blue Meteor, an application service provider, raised $1M.
-PromoShare, an e-commerce platform specific for ticket sales and ambassadors, raised a total of $215K in funding.
Congratulations to our November Deal-makers!
Chicago Startups Raised Over $156M in October 2023
As the Windy City got a little windier and fall began, we had another impressive month for Chicagoland startups with 19 deals closed with VC/PE funding totaling over $156M, including companies in FinTech, BioTech, Cybersecurity, and more!
The top-funded company for October was Fingerprint, a cybersecurity software company designed for engineers on high-scale applications with $33M in funding. Up next was Mozaic, a FinTech payment platform, with a total of $25.6M in funding.
Help us celebrate these additional local companies with significant funding milestones this past month!
Retail and E-commerce($30M):
-Azul 3D, a 3D printing manufacturing company with $15M in funding.
-Swag Golf, a sporting goods manufacturer and supplier of golf gear, raised $10M.
-Public Rec, an e-commerce leisure apparel company, raised $5M.
Healthcare ($10.4M):
-Clarix Imaging, a biotech medical device company for imaging, received $10M.
-Smart Scan Medical Imaging, a medical device company with advanced magnetic resonance imaging technology, raised $400K.
FinTech ($20M):
-Cube Group, a fintech cryptocurrency trading platform, pulled in $9M in funding.
-Aera, a blockchain cryptocurrency platform for portfolio management advice, was close behind with $8M raised.
-Clockwork AI, a FP&A software built for professionals, raised $3M.
Other Companies ($30.9M):
-Cultivate Power, a renewable energy solar company, with $10M raised.
-Goose, a SaaS platform providing daycare and boarding services for pets, brought in $8.2M.
-Leap, a technology platform targeting retail store growth, raised $7.3M.
-MyShell, a platform for developing AI content, came in with $5.6M in funding.
-Rhodian Group, a cybersecurity SaaS company developed for safe work environments, raised $3.5M.
-Funny Water, a food and beverage company providing alcoholic beverages, announced $1.7M in funding.
-Human Core, an AI software company for employee growth, raised $1.3M.
-Qumis, an AI-powered InsurTech software platform, with $215K in funding.
-Foresyte, a travel app for planning trips and an itinerary with others, raising a total of $100K in funding.
Congratulations to our October Deal-makers!
Chicago Startups Raised Over $553M Seed and Venture Capital in Q3 2023
The Chicagoland area experienced an impressive third quarter in Seed and Venture Capital investments. The 47 deals in our community surpassed the previous quarter and showed strong year-over-year growth for our region.
The third quarter highlighted funding milestones for several companies, including Pixis ($85M), Evozyne ($81M), Mediafly ($80M), Chowbus ($40M), and Kin Insurance ($33M).
HirexHire specializes in recruiting for PE and VC-backed companies. In Q3 we placed 51 new hires at our clients at an average cost per hire of 6.1%! Contact HirexHire to discuss recruitment solutions to sustainably scale your team. If you're seeking a job in Chicago tech or professional services, view our job board.
Chicago Startups Raised Over $325M in September 2023
It was a monumental month for Chicagoland startups - the community raised the most amount of VC funding in any month so far this year! September featured a total of 23 deals worth over $325M in capital raised and included companies in AI, Health-Tech, and many others.
The top-funded company last month was Pixis, an AI platform for brand marketing with $85M in funding. Evozyne, a biotech AI company that works on therapeutic discovery through protein design came in next with $81M.
Join us in celebrating these other local fundraising success stories!
Healthcare ($62.5M):
- Vivante Health, a digital health tech company focusing on digestive health care solutions received $31M.
- Synapse Health, a medical device company that provides a solution for reducing cost was close behind with $25M.
- Third Eye Health, a telehealth tech company providing post-acute and senior care solutions raised $6M.
- EDGe Surgical, a medical device company providing orthopedic surgery measurement solutions announced its $500K round.
- Palos SurgiCenter, which provides services for pre and post-surgical care came in at $68.8K.
FinTech ($36.5M):
- Kin Insurance, which offers home insurance options, tops the Fintech list with $33M in funding.
- Infinimos, a cryptocurrency company for maximizing staking rewards raised $3M.
- Supervest, an investment platform for increased engagement with the MCA sector received $475K.
Artificial Intelligence ($19.4M):
- Teragonia, a SaaS company focusing on the financial sponsor industry brought in $10M.
- SAVVI AI, which offers a SaaS machine learning product allowing companies to save time and manage data raised $5.5M.
- Echo Labs, a newly created system that will be achieving human-level transcription received $2M.
- Arvist, a machine learning system increasing productivity with digital twins technology for warehouses raised $1M.
- nuTRADE.IO, a platform for retail brand and distributor connections brought in $500K.
- entigenlogic, a system for unstructured text data discovery announced a $400K investment.
Other Companies ($40.9M):
- Arturo, an advanced enterprise platform specializing in providing precise measurement and anticipatory data announced a $13.7M round.
- Site Technologies, a real estate software to enhance decision-making for asset management raised $10M.
- The Bettering Company, a cannabis manufacturer brought in $6.7M.
- DataForge, a tech company with a platform for managing data accurately came in at $4M.
- FoodReady, a food and beverage software platform allowing manufacturing companies to monitor their compliance needs raised $3.9M.
- Science on Call, an IT restaurant software for POS, ordering, internet, etc. announced at $2.6M round.
Congratulations to our September Deal-makers!
Chicago Startups Raised Over $186M in August 2023
Chicagoland startups proved how resilient they are raising almost five times the funding in August than the previous month. Windy city start-ups saw a total of 13 deals worth $186.4M in VC funding. This month includes food and beverage, healthcare, manufacturing, and more industries!
Mediafly, a revenue enablement platform for B2B teams, was the top-funded company with $80M. Chowbus, a local Asian food delivery platform, was next with a total of $40M. Other food and beverage companies included in funding this month were Goodsport, a sports drink manufacturer derived from milk ($5.94M); Clever Carnivore, a cell-cultured meat manufacturer startup ($4.2M); and Iya Foods, developing products focused on nutrition and flavor ($1M).
Healthcare companies made strides in funding with Dentalogie, a dental clinic that offers general dental work and procedures, cosmetic procedures, and orthodontics with $23.9M in funding; The Firm of Dickinson Schneider, a healthcare product and service manufacturer, following close behind with a total of $16.29M; and AMOpportunities, a platform to connect med students to medical professionals for clinicals ($2M).
Congrats to these two Web3 companies, DRiP, a content distribution platform ($3M), and IronMill, an infrastructure provider ($2.6M). Finishing up the impressive list this month is Azul 3D, a 3D printing company ($4M); Rent Butter, a fintech software for bank transactions and credit history ($3M); and Diamond Fulfillment Solutions, a logistics and supply chain management company ($400K).
Congratulations to our August Deal-makers!
Chicago Startups Raised Over $40M in July 2023
Summer is flying by in the Windy City as we close out another month of VC funding for Chicagoland startups. 11 deals were closed worth almost $41M. July’s funding included HealthTech, AI, FinTech, and more!
The top-funded company in July was Site Technologies, a real estate asset management software company that brought in just under $10M. Ambient, a Fintech cryptocurrency company also made waves this month pulling in $6.5M. Rounding out the top three with a $5M round was MSPbots.ai, an IT service company for automation, followed by Snapsheet, a fintech software for claim management, which raised $4.9M.
Hubly Surgical, a medical device company changing the future of drilling technology; Lion Pose, a cosmetics company that combines actives to combat hyperpigmentation for brown skin; and OFFSITE, an IT company providing cloud computing and data center solutions each brought in $3M in seed funding in July.
Other successful seed rounds closed were Ion Protocol ($2M), a cryptocurrency company for lending; Quiller ($1.2M), an AI program that develops fundraising content; The Bettering Company ($1.7M), a cannabis manufacturer; and When Insurance ($600K), a platform designed for employee healthcare access!
Congratulations to our July Deal-makers!
Chicago Startups Raised Over $581M Seed and Venture Capital in Q2 2023
The Chicagoland area experienced an impressive second quarter in Seed and Venture Capital investments. The 45 deals in our community surpassed the previous quarter and showed strong year-over-year growth for our region.
The top deals of Q2 included Alera Group ($100M), Augmedics ($82.5M), Fly.io ($70M), Hallow ($50M), and Mezzion ($40M). Three companies of note, Augmedics, Fly.io, and Hallow, are emerging players in the tech startup industry. Augmedics provides technology to improve surgical outcomes, Fly.io delivers a network that helps website owners communicate with customers, and Hallow is an app for catholic prayer and meditation. We're excited to see what they do next!
Contact HirexHire to discuss recruitment solutions to sustainably scale your team. If you're seeking a job in Chicago tech or professional services, view our job board.
Chicago Startups Raised Over $260M in June 2023
As spring came to a close making way for the summer season, the Chicagoland area witnessed a remarkable surge in VC funding. A total of 18 deals were successfully closed for a sum of $260.8M, surpassing the previous two months. This month's industries included HealthTech, Fintech, Food and Beverage, and more!
Augemedics, a medtech company providing surgical image guidance solutions, was number one for highest raised funding, with $82.5M. Following closely behind was Fly.io, an innovative platform facilitating connections between website owners and customers, which raised an impressive $70 million. The next two top fundraisers were also tech platforms: Paro, a FinTech platform leveraging AI software ($25M), and Leap Services, a retail platform dedicated to store development and operations, secured $15M.
Congrats to these Health companies that had an impressive month of funding, including Blueprint, a mental health platform for mental health clinicians ($9M); ConnectCareHero, a HealthTech company for social activity management ($1.8M); and Flow Medical, a medical device company creating catheters for diagnosing and treating illnesses ($1M).
Shout out to these Finance companies that also had successful fundraising rounds: CoPilot, an assistant commerce platform for big-ticket purchases ($9.9M); TapiocaDAO, an organization focused on the development of full-link decentralized financial (DeFi) products ($6M); and Bonside, a financial services company for business funding ($4.4M
Rounding out the list of June dealmakers are IncubEx, a product and business development firm that raised ($10.2M); Songfinch, a music creator platform ($9.5M); Hyfé, a BioTech company for decarbonization ($9M); Bitewell, a personalized meal planning tool platform who raised ($4M); Every Body Eat that raised $1.5M, a food and beverage company providing clean snacks; Listener Brands, a company for business development on consumer brands ($1M); Cat Paradise, a game developer for digital cat pet development ($1M); and MPB Essential Technology that raised $80K, a B2B technology and manufacturing company.
Congratulations to our June Deal-makers!
Chicago Startups Raised Over $133M in May 2023
Another month has passed in the Chicagoland area, witnessing an impressive surge in VC funding. A total of 15 deals were closed, raising an investment of $133.2M. The industries this month included Fintech, Biotech, Pharmaceuticals, and more!
Hallow, an edtech app developed for Catholic prayer and meditation, is standing tall in the top spot raising $50M in venture capital funding. Coming in second raising $25.5M is Obie, a fintech startup for insurance and real estate investors. Logik.io, a SaaS platform for e-commerce, was close behind them, raising $16M.
Other SaaS companies recorded significant rounds this month too including APP Tour, an app developed for pickleball players ($7M); Ashling Partners, a platform providing AI work automation ($5.3M); Bonfire Woman, a talent development training program ($3.1M); TwinUp, an online architecture design platform ($3M); K4 Mobility, internet services for maritime ships ($2.1M); BrooqLy, a saas social platform for consumers brand ($150K); and Unplex, a fintech startup for money movement ($100K).
Other companies making our list this month include Climate Vault, an environmental services technology company raising ($7.3M); Stella, a pharmaceutical company for PTSD raising ($7M); SonarMD, a pharmaceutical company targeting chronic disease ($4.3M); Mycocyle, a biotech company for waste management ($2.2M); and Visual Feeder, a digital marketing company for advertising with $100K raised.
Congratulations to our May Deal-makers!
Chicago Startups Raised Over $186.8M in April 2023
Startups in the Greater Chicagoland area continued their impressive growth trajectory last month, with 12 deals and an even higher investment of $186.8M raised compared to the previous month. These industries span a wide range, including Financial, Food, Education tech, and more!
In April, the top spot for venture capital fundraising went to Alera Group, a financial services firm that raised an impressive $100M. Mezzion, a pharmaceuticals company, was not far behind with $40M raised, and Visibly, a vision health tech company, also made a significant impact on the list, raising $24.6M.
Tech companies also had a strong showing in fundraising last month, with Aqua Cultured Foods, a food tech company focused on providing sustainable seafood alternatives, raising $5.5M. Bixby Research and Analytics, a fintech SaaS platform for private debt marketers, secured $5.5M in funding. CarmaCare, an insurance platform for vehicle repairs, raised $4.1M, while Coast, an IT company specializing in API products, raised $2.1M. Innovare, an ed tech app for education leaders, secured $2M in funding, and Coinflow Labs, a fintech company focused on purchasing, raised $1.5M. Volexion, a battery tech manufacturing company, raised $961K, and Moshun, a tech-based motion control device company, raised $502K. Finally, Aryanews, a news provider, secured $100K in funding.
Congratulations, April Deal-makers!
Chicago Startups Raised Over $234M Seed and Venture Capital in Q1 2023
Chicago's startup community received over $234M in Seed and Venture Capital investments during Q1 of 2023, with AI playing a pivotal role in fundraising.
March experienced a significant turnaround from previous months, accounting for over 50% of the quarter's total funding. The top deals of Q1 were secured by Nanograf Corporation ($65M), Pathos ($20M), Fintech Franchise Network ($18M), Drift Net Securities ($15.6M), and Kin Insurance (15M). Notably, two of these companies incorporate AI into their operations, highlighting the technology's growing focus in industry venture capital funding.
Contact HirexHire to discuss recruitment solutions to sustainably scale your team. If you’re seeking a job in Chicago tech or professional services, view our job board.
Chicago Startups Raised Nearly $132.4M in March 2023
Startups had a phenomenal month of venture capital fundraising in the Chicagoland area in March! 19 companies raised an impressive nearly $132.4M in seed and pre-seed funding across various industries, such as sports tech, health tech, and consumer goods.
Two Fintech companies led the charge in fundraising. Fintech Franchise Network, a consumer credit platform, raised $18M, while Kin Insurance, a personalized home insurance company powered by tech, raised $15M.
It's worth noting that AI is becoming more common in today's business landscape, and several companies on our March dealmakers list have integrated this technology into their platforms including Pathos, a drug discovery platform that raised $20M; Drift Net Securities, a security technology company that raised $15.6M; and Redshelf, an online education technology provider that raised $15M.
Other notable fundraising deals in March included Easymove, an online platform for moving raised $14.5M; Trala, an online platform for music education raised $8M; LUDEX, a sports and trading cards collection SaaS platform raised $8M; and Cohesion, a software platform for digitizing real estate raised $6.3M.
Congratulations, March Deal-makers!
Chicago Startups Raised Over $93.9M in February 2023
The Chicago startup community celebrates a sharp rebound in VC funding this month with 9 companies raising a cumulative total of $94M in seed and pre-seed funding. Manufacturing led the way, followed by four healthtech companies, ecommerce, food and beverage, and a few service companies.
NanoGraf Corporation, a battery manufacturing company, led with the highest funding, totaling $65M, almost accumulating 70% of the funding this month!
Four local healthtech companies participated this month too! Dimension Inx, a healthtech product designed to restore tissue and organ function, raised $12M; Koios Medical, an ultrasound imaging technology for cancer diagnostics brought in $8M; Atraverse Medical raised $3.2M for its left-heart access technology to simplify workflows and improve patient outcomes; and Sanarai, a mental health online platform for the Latinx community, raised $100k.
Other dealmakers in February included Mem Q, a rare-earth-based technology company that raised $2M; Tusk, an e-commerce, shipping, and logistics service company, came in with $1.6M in funding; Funny Water, an alcoholic beverage company, raised a total of $1.2M; and OWND, a brand marketing agency, raised $750K.
Congratulations, February Deal-makers!
Chicago Startups Raised Over $8M in January 2023
We're excited to celebrate these 7 Chicago companies who raised a cumulative total of more than $8M in seed and pre-seed funding in the month of January! These industries include Health-Tech Software, SaaS, skincare, and more.
Two companies came in with an impressive stack of over $2M in investments this month. Aclaimant, a SaaS-based company offering technology for workplace incidents, came in the lead with an investment of 2.5M. Elixir, a SaaS cryptocurrency tool, came in second with an investment of $2.1M. This month had over half of the investments in their seed round, including Stride, a coaching solution for employee development ($750K), Crucial Detail, a design practice and production studio ($650K), and Stupendous Lettuce, a cannabinoid-infused food and beverage production company ($100K).
Additionally, Jupiter DX, a data aggregation and analytics app for healthcare, raised a total of $500k in their Pre-seed funding round this month, while Oars + Alps, a natural, toxin-free skincare company, raised a total of $1.8M.
Congratulations, January Deal-makers!