Venture Capital: Startups Higi and Tock Raise Most of Chicago’s VC Haul of $68M in May

June 1, 2020 | News, Venture Capital
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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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