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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.
Health care led the way this week with two huge raises totaling nearly $700 million. However, the second week of 2023 produced a lot of big rounds. In fact, U.S.-based startups have seen more than a dozen rounds of $100 million or more so far this calendar year. While uncertainty looms, thus far VCs are pulling out their checkbooks.
1. Monogram Health, $375M, health care: Nashville-based Monogram Health is the first of several health care startups to make the list this week by raising a huge $375 million funding round. The round included strategic investments from the likes of CVS Health, Cigna Ventures and others.The startup is a specialty provider of in-home care for patients living with polychronic conditions, including chronic kidney disease. More than 37 million American adults live with chronic kidney disease, according to the company. Founded in 2019, the company has raised $555 million, per Crunchbase data.
2. ShiftKey, $300M, health care: The medical system is battling a significant labor shortage and investors are looking at startups to battle the massive problem. ShiftKey is one of those, and the Dallas-based startup locked up a $300 million round at a more than $2 billion valuation. The round was led by Lorient Capital. The company’s scheduling platform connects licensed health care workers to facilities with staff openings. ShiftKey joins other startups such as San Francisco-based Incredible Health and Los Angeles-based Greater Good Health that aim to help solve the labor and staffing issues in the health care sector. ShiftKey works with more than 10,000 health care organizations across the U.S. Founded in 2016, the company has raised $300 million, per Crunchbase.
3. VettaFi, $175M, financial services: In the financial realm, data is gold and VettaFi has a lot of that apparently. The New York-based startup formed last year and provides data analytics and indexing for financial advisers, asset managers and institutional investors. The company received a $175 million investment from global market developer TMX Group — whose operations include both the Toronto Stock Exchange and Montreal Exchange. The deal gives TMX a 21% common equity stake in VettaFi.
4. Xpansiv, $125M, financial services: San Francisco-based Xpansiv had a busy week. The company announced the acquisition of Evolution Markets — which helps with transacting environmental commodities — and the closing of a $125 million round. Xpansive said the new capital is “linked to the recent $400 million capital raise led by Blackstone Energy Partners which closed in August 2022.” New strategic investors Bank of America and Goldman Sachs participated in the new round. Xpansiv is looking to grow its market infrastructure platform which helps with energy transactions such as carbon credits and renewable energy certificates. Founded in 2017, the company has raised more than $700 million, according to Crunchbase.
5. Chronosphere, $115M, analytics: New York-based Chronosphere, which helps companies monitor cloud-native applications, raised an additional $115 million Series C from investors including GV and Geodesic Capital, valuing the company at $1.6 billion. The company actually hit unicorn status in October 2021 with a $200 million round. Unlike many companies that have slashed their valuation, Chronosphere has increased its value as companies are looking for more observability tools to enhance customer experience. Founded in 2019, the company says it has raised nearly $343 million.
6. Carbon Health, $100M, health care: San Francisco-based Carbon Health, a health care startup that uses technology to better manage users’ health, received $100 million from CVS Health Ventures as part of an initial close of its Series D. Founded in 2015, the company has raised a total of nearly $623 million, according to Crunchbase data.
7. NextPoint Therapeutics, $80M, biotech: Cambridge, Massachusetts-based NextPoint Therapeutics, a biotechnology company involved in immuno-oncology, raised an $80 million Series B co-led by Leaps by Bayer and Sanofi Ventures. It was the company’s first announced funding.
8. (tied) Capella Space, $60M, space: San Francisco-based Capella Space, a satellite manufacturer, closed $60 million in growth equity financing from the US Innovative Technology Fund. Founded in 2016, the company has raised a total of $239 million, per Crunchbase.
8. (tied) Consumer Edge, $60M, consumer tech: New York-based Consumer Edge, a startup focused on data insights and analytics about consumers, raised a $60 million-plus equity financing from funds managed by CoVenture. The round is the company’s first announced financing.
10. Tigo Energy, $50M, energy: Campbell, California-based Tigo Energy, a developer of solar and energy storage solutions, sold $50 million of convertible notes to L1 Energy. Founded in 2007, the company has raised nearly $200 million, according to Crunchbase.
Big global deals
Two rounds from outside the U.S. cracked the top five financings globally.
- Germany-based Enpal, which provides solar power systems to homeowners, raised a Series D worth about $232 million.
- China-based Yuze Semiconductor, a development manufacturer of N-type solar monocrystalline silicon rods and silicon wafers, raised a Series B worth approximately $179 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 Jan. 7 to 13. 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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