Following an impressive $158 million raised in December, Chicago tech companies upped the ante in January by raising nearly $169 million. That number was driven in large part by three rounds of $30 million or more, with a total of 13 companies raising funds overall. Check out the month’s four biggest rounds below.
4. Packback, $4.2M, January 31
Investors: University Ventures, Mark Cuban, Wintrust Ventures, Wildcat Capital
Bio: Packback makes AI-driven learning software for college students designed to foster deeper engagement with course materials. Its core platform, Packback Questions, assesses the questions students ask each other as well as the answers they provide to questions raised by others.
In the news: Founded in 2012 as a digital textbook rental company, Packback introduced its first student engagement platform in 2015. Packback has raised more than $8 million to date.
3. HighGround, $5M, January 2
Investors: Undisclosed
Bio: A maker of employee engagement software, HighGround provides a data-driven way for companies to keep a pulse on their teams and find ways to reduce employee turnover and improve productivity and collaboration.
In the news: "The additional funding we raised from our investors is helping us advance our rate of innovation and support continued business growth," said CEO Andee Harris when reached by Built In Chicago about the funding. "We are excited to be partnering with our customers, human capital leaders, who want to accelerate meaningful workplace cultures and get the best work from their teams."
2. Evive, $43M, January 12
Investors: Susquehanna Growth Equity
Bio: Evive’s technology helps employees understand and use their benefits. Its platform puts all the resources a company provides in one place, offering reminders to team members about benefits they’re eligible for but not currently using.
In the news: January’s round marks Evive’s first infusion of outside capital since its 2007 founding. The company will use the funding to expand its team and accelerate its product development efforts.
1. VillageMD, $80M, January 5
Investors: Athyrium Capital Management
Bio: As doctor compensation shifts toward paying for quality of care, rather than quantity, VillageMD offers analytics, technology and support to help physicians improve outcomes for their patients and make their operations more efficient.
In the news: VillageMD will use its $80 million Series C to accelerate development of its technology platform and expand its services into new markets. The company has raised $116 million to date.
