Dallas is home to a slew of Fortune 500 companies and a number of recognizable tech startups. While investments are not as flashy or as high-yielding as New York or Silicon Valley startups, the DFW metro is steadily carving out a spot of its own.
These local companies not only had the largest funding rounds in 2021 but also showcase the diversity of the metro’s tech sector.
#12. $32 million, October 20
New to the crypto market but already making waves, Element Finance secured $32 million in October, despite launching just four months prior. Following this funding round, the DeFi startup now has a valuation of $320 million. Element seeks to let people earn predictable returns by investing in cryptocurrencies. Here’s how it works: Users buy Element tokens and earn APR whilst they hold the token. Element’s latest funding round was led by Polychain Capital.
#11. $40 million, March 10
Dallas-based esports entertainment company Envy Gaming raised a $40 million Series C funding round led by Gray Television back in March. Envy Gaming is part-owned by Grammy-winning artist Post Malone. In addition to having competitive e-sports teams for some of the most popular video games, including Call of Duty, Rocket League and Overwatch, Envy also runs an education foundation. The foundation is geared towards middle and high schoolers in North Texas and provides students access to physical and mental health support.
#10. $45 million, June 28
The Dallas-based ride-hailing company raised $45 million in a Series B round earlier in the year, bringing its total amount fundraised to $60 million. Instead of paying per ride, Alto offers a monthly membership at different tier levels for on-demand rides and currently only operates in Dallas, Huston, Los Angles, Miami, and Washington, D.C. According to the Dallas Business Journal, the company took a hit with the pandemic but still plans on reaching 1,000 employees.
#9. $55 million, June 22
Hospitality, education and healthcare solutions software company Enseo secured a $55 million investment for Prospect Capital Corporation back in June. The company provides solutions ranging from hospital entertainment software to wifi-enabled home management systems. According to a press release from Prospect Capital, Enseo the investment comes in the form of a floating rate form and the investment group selected the company for its great customer experience.
#7 (tied). $60 million, January 26
Fort Worth-based telehealth company TimelyMD has seen exponential growth over the past year. As universities opted for remote classes, so did grade schools that typically provide health services. In January, TimelyMD secured a $60 million investment from JMI Equity. TimelyMD brands itself as a “complete care solution for campus health,” according to its website. Through its app, students can schedule virtual medical appointments as well as appointments with behavioral health specialists.
#7 (tied). $60 million, February 4
Early into 2021, before the pandemic and rise of online shopping pushed supply chains to their breaking point, Slync.io closed a $60 million Series B funding round led by Goldman Sachs. Slync is an operating platform for logistics service providers and global shippers. It uses intelligent automation to digitize the shipping and booking process for logistics companies and streamlines and accelerates freight shipping. The Dallas-based company told VentureBeat it would use the new funding to grow its presence in Asia and Europe and also expand its core team.
#5 (tied). $80 million, October 21
Recode, a pharmaceutical therapeutics company announced it secured an $80 million investment in a Series B round led by Pfizer Ventures in the fall. The investment will be used to continue research to develop medicines and mRNA therapy treatments for respiratory illness. As part of the investment, Oleg Nodelman, founder of biotech advising group EcoR1 joined Recode’s board of directors. Recode is based in Dallas and Menlo Park, California.
#5 (tied). $80 million, January 22
Based in Finland with a U.S. office in Plano, M-Files creates automation software using AI and metadata. Its software helps manage teams or facilitate client collaboration and is easily embedded with other office suite platforms, such as Google Docs. In January, M-Files secured an $80 million investment from European growth capital firm Bregal Milestone. The funds will be used to expand M-Files’ U.S. presence in addition to other “key geographies,” Cyrus Shey, managing partner at Bregal, said in a statement.
#4. $300 million, November 22
LTK launched in 2011 under the name rewardStyle before rebranding to LIKEtoKNOW.it (LTK). The Dallas-based influencer marketing and social platform raised $300 million from SoftBank Vision Fund 2 in November, bringing its valuation to $2 billion. These funds will be used to “aggressively” hire, increase LTK’s international presence and offer new products for brands and creators.
#3. $500 million, April 21
In April, Richardson-based telecommunication company Mavenir announced it secured a $500 million minority equity investment from Koch Strategic Platforms. Mavenir is an end-to-end network software provider that helps other telecommunication companies integrate 5G into their networks and also offers network protection. The new funds will be used to break into new industries needing 5G capabilities.
#2. $830 million, May 11
In May, Caris Life Sciences announced the closing of an $830 million growth equity round. With the investment, the Irving-based company hit a valuation of $1.3 billion, securing unicorn status. Caris focuses on using artificial intelligence to better develop treatments for cancer patients. The company uses AI to analyze DNA and RNA to create an individualized molecular blueprint that can be used to develop treatment plans.
#1. $1.2 billion, December 9
Topping the list of the largest 2021 funding rounds in DFW tech is Integrity Marketing Group with its massive $1.2 billion investment from Silver Lake. Integrity is an insurtech company founded in 2006. Its platform uses data to provide customers with the top of line insurance products. The company also aids in insurance and financial planning. Headquartered in Dallas, Integrity has over 5,000 employees. According to a prepared statement, the new capital will be used to expand its platform. Silver Lake will also gain a seat on Integrity’s board of directors.
Funding data are compiled from SEC filings, press releases, confirmed news reports and other public databases. Funding includes venture capital and private equity announced during 2021, but excludes acquisitions and debt financing.
