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The Week’s 10 Biggest Funding Rounds: CleanCapital and Upstream Bio Lead Huge Week

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This is a weekly feature that runs down the week’s top 10 announced funding rounds in the U.S. Check out last week’s biggest funding rounds here.

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It was a big, big week in funding, with eight rounds topping $100 million and the top two totaling $700 million. Biotech and health care again saw several huge rounds — taking six spots on this week’s list. However, cleantech, cyber and even the insurance sector saw some meaningful cash.

1. CleanCapital, $500M, clean energy: Cleantech led the way this week, thanks to this monster round. New York-based CleanCapital, a solar and storage developer that invests in early-stage projects, locked up a $500 million commitment from Canadian insurer Manulife Investment Management. CleanCapital will use the money to fund early-stage solar and storage development and acquire other renewable energy assets in the U.S. The company also announced it has now deployed more than $1 billion to fund operating, new construction, and early-stage solar and storage development. Founded in 2015, the company has received about $1.1 billion, per Crunchbase.

2. Upstream Bio, $200M, biotech: It was almost exactly a year ago when Waltham, Massachusetts-based Upstream Bio locked up a $200 million Series A. This week it’s back for another $200 million; a Series B led jointly by Enavate Sciences and Venrock Healthcare Capital Partners. Upstream Bio is developing an antibody that targets thymic stromal lymphopoietin and its receptors that can inflame when things like smoke or allergens are introduced into the environment. The treatment could be useful to those with asthma. Founded in 2004, the company has now raised $400 million, per Crunchbase.

3. Blackpoint Cyber, $190M, cybersecurity: Cybersecurity, like most sectors, has experienced a slowdown when it comes to venture funding. However, that did not stop Maryland-based Blackpoint Cyber from cashing in. The startup, which offers a security suite of products to managed service providers, raised a $190 million growth investment led by Bain Capital Tech Opportunities. Founded in 2014, the company has now raised more than $200 million, per Crunchbase.

4. Alkeus Pharmaceuticals, $150M, biotech: Every week, one needs not to go very far down this list to find a big biotech raise. Cambridge, Massachusetts-based Alkeus Pharmaceuticals made the list with a $150 million Series B led by Bain Capital Life Sciences. The company specializes in pharmaceuticals to fight Stargardt disease, which is a leading cause of blindness in children and young adults. In addition to the new funding, Alkeus has also named Dr. Joshua Boger, the founder of Vertex Pharmaceuticals, its executive chairman.

5. Bitterroot Bio, $145M, biotech: Cardiovascular disease is the leading cause of death for men, women and many ethnic groups and races in the U.S. and worldwide. Ideally, Bitterroot Bio would like to change that. The Palo Alto, California-based company is focused on novel immunotherapies in cardiovascular disease, and launched from stealth this week with a $145 million Series A led by Arch Venture Partners and Deerfield Management. The company, founded in 2021, hopes to use immunology — including the identification of novel targets and the development of innovative protein therapies — to fight the deadly disease.

6. Incline P&C Group, $125M, insurance: Austin, Texas-based Incline P&C Group, an insurance program market services firm, locked up a $125 million investment from Braemont Capital. Founded in 2015, this is the firm’s first outside raise, per Crunchbase.

7. (tied) Acepodia, $100M, biotech: Alameda, California-based clinical-stage cancer biotech firm Acepedia announced a $100 million Series D financing led by Digital Mobile Venture. Founded in 2016, the company has now raised $256 million, per Crunchbase.

7. (tied) Charm Industrial, $100M, cleantech: San Francisco-based carbon removal technology company Charm Industrial raised a $100 million Series B led by General Catalyst. Founded in 2018, this is the company’s first outside funding, per Crunchbase.

9. Upperline Health, $58.4M, health care: Nashville, Tennessee-based Upperline Health, a provider network for specialty care, raised $58.4 million in new capital led by Crestline. Founded in 2016, the company has now raised $137 million, per Crunchbase.

10. Kate Therapeutics, $51M, biotech: San Diego-based Kate Therapeutics, a gene therapy company, emerged from stealth with a $51 million Series A financing co-led by founding investors Westlake Village BioPartners and Versant Ventures.

Big global deals

Once again, even though U.S.-based startups cleaned up this week with venture dollars, the largest round came from across the pond.

  • U.K.-based Gigaclear, a developer of ultra-fast broadband networks based on pure fiber technology, raised a venture round of more than $450 million.


We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of June 2 to June 9. Although most announced rounds are represented in the database, there could be a small time lag as some rounds are reported late in the week.

Illustration: Dom Guzman

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