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The Week’s 10 Biggest Funding Rounds: Madhive Tops In Very Slow 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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This week in venture can be described in two simple words — slow and quiet. Only one company saw a nine-figure round — and that oddly was an advertising startup. Aside from that, rounds were on the smaller side, with it taking only $25 million to make this list. The “June Gloom” seemed to hit VC this week.

1. Madhive, $300M, adtech: Advertising software companies rarely make it this high on the list, but that fact didn’t stop Madhive. The New York-based firm raised $300 million from Goldman Sachs Asset Management, which valued the company at $1 billion, per Axios. The deal gives Goldman a minority stake in the company. Launched in 2015 at Otter TV, Madhive sells its CTV (connected TV) advertising software platform to local TV companies that sell CTV ads. The company already has $100 million, per the Axios report.

2., $87M, environmental consulting: Climate changes and weather-related issues continue to dominate the news. is hoping to let people know of those problems earlier, and locked up an $87 million Series E led by Activate Capital to that end. The company has built a weather intelligence and climate adaptation platform — which includes a weather and climate generative AI tool nicknamed “Gale” — and just launched its R2 weather satellite. The Boston-based startup is hoping to help businesses and governments solve their weather- and climate-related challenges. Founded in 2016, the company has raised $271 million, per Crunchbase.

3. FZ Sports, $74M, sports: Miami-based FZ Sports locked up a $74 million round from a handful of investors this week, including 777 Partners and MEP Capital. The round is a mix of debt and equity capital; however, the exact makeup was not disclosed. The sports media and technology startup — which operates 1190 Sports, Fanatiz and Nunchee – manages the international broadcasting rights for leagues in Latin America, including the Brasileirão, Liga Argentina de Futbol and recently added Liga1 Peru. Soccer is the world’s most popular game, and there is no doubt a rabid following for many of the top leagues in Latin America.

4. Primer Technologies, $69M, defense: Late last year we all saw the potential interest in defense tech as Costa Mesa, California-based Anduril locked up a Series E worth nearly $1.5 billion that values the company at $8.5 billion. This week, Primer locked up a round that is smaller but still significant. The San Francisco-based company specializing in AI-powered data analysis announced a $69 million “first close” of its Series D. The new cash will be used to accelerate the development of AI solutions for the government and commercial customers. Primer’s government offerings focus on software for intelligence gathering and analysis through natural language processing. The funding was led by Additionwhich also was in the news this week. Founded in 2015, Primer has raised $237 million, per Crunchbase.

5. Octave, $52M, health care: San Francisco-based behavioral health care startup Octave closed a $52 million Series C round led by Cigna Ventures, Novo Holdings and Avidity Partners as it looks to expand its in-network therapy services nationally. The company has both in-person and virtual clinics, and offers personalized care plans for individuals, couples and families that often is covered through insurance. Founded in 2018, the company has raised $86 million, per Crunchbase.

6. CubicPV, $33M, solar: Bedford, Massachusetts-based solar manufacturing startup CubicPV announced it has received $33 million in the first tranche of a $100 million investment led by SCG Cleanergy. Founded in 2021, the company has raised $58 million.

7. CloudZero, $32M, cloud: Boston-based cloud cost intelligence platform CloudZero closed a $32 million Series B led by Innovius Capital and Threshold Ventures. Founded in 2016, the company has now raised $48 million, per Crunchbase.

8. Theradaptive, $26M, biotech: Frederick, Maryland-based Theradaptive, a biopharmaceutical company focusing on targeted regenerative therapeutics, closed a $26 million Series A. The company did not release investors. Founded in 2016, this is the company’s first disclosed outside raise, per Crunchbase.

9. (tied) FIA Tech, $25M, financial services: New York-based FIA Tech, a provider of financial and legal agreements and brokerage services, closed a $25.4 million round led by six existing shareholders: Bank of America, Barclays, Citi, Goldman Sachs, JP Morgan and Wells Fargo. Founded in 2008, FIA Tech has raised almost $70 million, per the company.

9. (tied) Paro, $25M, fintech: Chicago-based Paro, which provides on-demand bookkeeping, raised a $25 million Series C led by Top Tier Capital Partners. Founded in 2015, Paro has raised $67 million to date, per the company.

Big global deals

The biggest round of the week was Madhive’s, but another pretty large round occurred in Europe.

  • London-based Beacon Therapeutics, which is looking to treat blinding retinal illnesses and restore and enhance eyesight, raised a $123 million Series A.


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 10 to June 16. 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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