Online consignment marketplace Swap.com raises $20M
Swap.com, a online consignment shop selling used clothing and other goods, raised $20 million to expand operations. The company’s selection of 1.5 million items is attracting users from rural areas who don’t want to travel many miles to malls and big-box stores to get fashionable items. The round was led by Swedish private equity firm eEquity and brings Swap.com’s total funding to about $50 million. [Wall Street Journal]
Hyde Park Angels co-founder launches fintech fund
Angel investor Jeff Carter, who co-founded Hyde Park Angels, has raised $3 million toward a planned $30 million venture fund to back financial technology startups. West Loop Ventures will invest about $500,000 in seed stage companies and Series A fundings. [Crain’s Chicago Business]
Lightbank introduces tool to reduce application friction at member companies
Venture capital firm Lightbank is making it easier for its portfolio companies to attract new talent. The firm’s application tool lets potential employees apply to as many portfolio startups as they want with just one application. Lightbank Connect will help member startups quickly build up tech teams by accessing more candidates. [Chicago Inno]
Pilsen incubators merge to form arts-and-tech hub
Pilsen’s tech incubator Blue1647 is relocating to art-focused Lacuna 2150 to form a new incubator called Blue Lacuna. The move comes as Blue1647 was outgrowing its current space and Lacuna founder Joe Cacciatore was looking to add tech options to his creative space. [Chicago Tribune]
University of Chicago launches $25M investment program
The University of Chicago has set aside $25 million to invest in Series A funding rounds of local companies. The UChicago Startup Investment Program will invest up to $500,000 or 20 percent of a funding round of three or four university-affiliated companies each year. Funding rounds will have to be led by established venture capital firms and Polsky Center staff will vet the startups before the university’s investment office makes the final decision. [Press Release]
ItemMaster teams up with Wal-Mart on retail partnership
Coming on the heels of a $7.5 million funding round, ItemMaster announced a partnership with Wal-Mart to improve its digital storefront. ItemMaster is working with the retail giant to insure that the product images it displays online match the latest brand-approved images, ensuring that customers receive what they see on the web. [Press release]
Kenna Security raises $15M Series B
Chicago cybersecurity startup Kenna Security closed a $15 million Series B led by PeakSpan Capital. The funding will help Kenna boost hiring on its tech team in Chicago. The round will also lead to boosted sales and marketing efforts. [Built In Chicago]
Tyson Foods launches incubator to avoid disruption
Meat maker Tyson Foods is launching an incubator in Chicago to help it stay ahead of food tech trends. The company is investing in startups that are developing alternative proteins, ensuring food security and altering the food chain with the internet. [Crain’s Chicago Business]
Images via listed companies, Shutterstock
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