Venture Capital: Startups Higi and Tock Raise Most of Chicago’s VC Haul of $68M in May
Chicago’s May raise of $68 million was a tad above its April score of $62 million.
According to data from Chicago Inno, tech, and start-up companies in Chicago raised approximately $ 68 million of venture capital during the month of May. At the top of the heap were Higi, which nabbed $ 30 million, followed by Tock, which gained $ 10 million. (Bizjournals/Chicago Business Journal)
Venture capital raisings during April and May of $ 62 million and $ 68 million respectively are substantially lower than the $ 218 million collected in March. The decline is attributed to the coronavirus epidemic.
Start-ups that received funding in May
| Name | Amount raised ($/Millions) | Business | Investors |
| Azul 3D | 8 | 3D printing (PPE for pandemic) | |
| Black Buffalo | 9.75 | Smokeless tobacco alternative | Pendyne Capital, Watchfire Ventures and Open Pantry Food Marts |
| Higi | 30 | Self-screening health stations | Led by U.K.’s Babylon |
| K4 Mobility | 2.3 | Internet connection to yachts and other large ships | |
| Rise Gardens | 2.6 | In-home and IoT-connected hydroponic systems | Led by True Ventures. Investors also included Michael Alter of the Alter Group and owner of the WNBA’s Chicago Sky; Howard Tullman, the former CEO of 1871; and Jai Shekhawat, the founder of Fieldglass. |
| TimeDoc Health | 5.7 | Virtual care management software for hospitals | Led by Atlanta-based VC firm Vocap Investment Partners |
| Tock | 10 | Allows diners to put down a deposit in order to hold a table | Led by Valor Siren Ventures, a fund managed by Chicago’s Valor Equity Partners that counts Starbucks among its investors. |
The Windy City’s VC raise – Q1 of 2020
According to the Venture Monitor report from Pitchbook and the National Venture Capital Association, Chicago VC funding during Q1 of 2020 was $351 million, down from $483 million a year ago and down from $365 million in Q4 of 2019.
A 70mm look over the last decade – Chicago leads
America’s Mighty Middle Report, published by Crunchbase and Omaha-based Dundee Venture Capital, showed that over the last decade, Chicago led the region’s VC funding at $15.2 billion, followed by Austin at $11.8 billion and Denver at $10.5 billion.
The Mighty Middle are the 25 states in America’s heartland, bounded by the Rocky Mountains and Appalachian Mountains.
Related Story: Angel Investment in Michigan Rose 41% in 2019 to $73.7M
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