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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.
What a week for big rounds — as nine of them hit $100 million or more. While there were no multibillion-dollar rounds like last week, there was still a lot of money invested into everything from renewable energy to a soccer entertainment company.
1. Form Energy, $405M, renewable energy: The biggest round of the week was one of the biggest this year in the renewables space. Form Energy, a renewable energy company developing and commercializing multiday energy storage systems, raised a $405 million Series F led by T. Rowe Price. Long-duration energy storage has proven to be a tough nut to crack, but Form has been able to get some commercial traction as it looks to ramp up manufacturing operations and commercial deployments of its iron-air battery systems. The Somerville, Massachusetts-based company, founded in 2017, has raised a total of $1.5 billion in a mix of equity and grants, per Crunchbase.
2. (tied) City Therapeutics, $135M, biotech: The big biotech raise this week came from a brand-new company. City Therapeutics launched with a $135 million Series A led by Arch Venture Partners. The Cambridge, Massachusetts-based biotech firm is building a product engine for RNAi therapeutics across multiple diseases.
2. (tied) EvenUp, $135M, legal: EvenUp, a legal tech startup creating artificial intelligence products for the personal injury sector, raised a $135 million Series D led by Bain Capital Ventures at a valuation of more than $1 billion. The San Francisco-based startup’s platform is powered by an AI model trained on hundreds of thousands of injury cases, medical records and internal legal knowledge. The platform helps with document generation and case and negotiation preparation. Founded in 2019, EvenUp has raised $235 million, according to the company. Legal tech has seen a huge bump this year — mainly thanks to AI. Per Crunchbase data, legal tech startups have already raised $1.9 billion this year. Last year, VC-backed legal tech startups raised less than $1 billion. The EvenUp raise is the second largest of the year thus far. In July, Vancouver-based legal tools platform Clio locked up a $900 million Series F at a $3 billion valuation.
4. AtVenu, $130M, event management: San Clemente, California-based startup AtVenu, which helps manage retail sales at live events, raised $130 million from Sixth Street. The firm provides payments and inventory logistics software to help artists, venues and others manage the sale of merchandise, food and beverages at live events like festivals and sports games. Founded in 2012, the company has raised $161 million, per Crunchbase.
5. Maven Clinic, $125M, healthcare: New York-based teletherapy startup Maven Clinic raised a $125 million Series F funding round led by StepStone Group that values the startup at $1.7 billion. Maven partners with employers and health plans to provide clinical support concerning preconception, family building, pregnancy, parenting and menopause. The company previously raised a $90 million Series E led by General Catalyst.
6. (tied) Auger, $100M, supply chain management: Bellevue, Washington-based Auger launched this week with a $100 million seed round led by Oak HC/FT. The new startup was founded by Dave Clark, former CEO of Amazon’s worldwide consumer division and co-CEO at Flexport. Clark resigned at Flexport last year after board pressure and a company shakeup. He’s back in the startup realm now, developing an AI-powered tool for existing inventory management platforms to deliver real-time insights.
6. (tied) Cytovale, $100M, health diagnostics: Cytovale, a medical diagnostics company focused on detection technologies to diagnose fast-moving and immune-mediated diseases, raised a $100 million Series D led by Sands Capital. Founded in 2013, the San Francisco-based company has raised nearly $229 million, per Crunchbase.
6. (tied) Glooko, $100M, healthcare: Palo Alto, California-based Glooko, an integrated digital health company for patients, providers, biopharma and medical device firms, secured a $100 million Series F led by Georgian. Founded in 2010, the company has raised $301 million, per Crunchbase.
6. (tied) Toca Football, $100M, sports: Toca Football, a soccer experience company that offers training center and entertainment venues, raised approximately $100 million from several investors. Founded in 2016, the Costa Mesa, California-based company has raised more than $240 million, per Crunchbase.
10. (tied) Imprint, $75M, payments: New York-based Imprint, which creates co-branded credit cards, raised a $75 million Series C led by Khosla Ventures at a $600 million valuation. Founded in 2020, the company has raised $202 million, per Crunchbase.
10. (tied) Judo Bio, $75M, biotech: Cambridge, Massachusetts-based Judo Bio, a biotechnology company developing oligonucleotide medicines delivered to the kidney, launched with $100 million in initial financing, including a Series A of $75 million co-led by Atlas Venture, Droia Ventures and TCG.
Big global deals
The biggest deal of the week outside the U.S. came from down south.
- Brazil-based Asaas, which helps companies automate financial processes, raised approximately $148 million in a Series C.
Methodology
We tracked the largest announced rounds in the Crunchbase database that were raised by U.S.-based companies for the seven-day period of Oct. 5 to Oct. 11. 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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