Hey, I'm Dan! I invest in startups at Madrona and write the DL, a weekly newsletter about tech in the Pacific Northwest

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August 2020 PNW Venture Deals

Here are the PNW startups that announced new fundraising rounds in the month of August. These 23 companies raised more than $350M last month!

Series B and Later Rounds 🚀

  • Chinook Therapeutics - Precision medicines for kidney diseases - $106M round
  • Kymeta - Hybrid satellite-cellular broadband networks - $85M round led by Bill Gates
  • Dutchie - Ecommerce platform for dispensaries - $35M Series B
  • Dapper Labs - Platform to build games on the blockchain - $23M round
  • AppDetex - Brand protection platform - $12M round

Series A Rounds 🛫

  • Prescryptive - Prescription intelligence platform - $26M Series A led by Morningside Group
  • Optimize.health - Remote patient monitoring software and services - $15M round
  • Barn2Door - Platform to help farms sell direct online - $6M Series A led by Bullpen Capital
  • Xealth - Digital content and services for healthcare teams - $6M round from Cerner and LRVHealth

Seed Rounds 🌱

  • Atomo Coffee - Molecular coffee created without coffee beans - $9M Seed led by Horizons and S2G Ventures
  • Stratify - Intelligent budgeting tools for finance teams - $4.9M Seed led by Madrona
  • Copper - Digital banking solution for teens - $4.3M Seed led by PSL
  • Starform - Game development studio - $4.15M round
  • PANDA AI - Natural language processing to help teams communicate - $3.46M Seed led by PSL
  • HerdDogg - Livestock data and insights platform - $3.16M round
  • KitoTech - At home wound closure kit - $3M round
  • Resonance AI - AI platform to analyze video content - $2.28M round
  • Special Project - Subscription video platform for creators - $2.26M Seed led by Next Frontier Capital
  • Minnow - Contact-free food pickup pod - $2.2M Seed led by Elevate Capital
  • Alpha Ledger - Direct marketplace for municipal bonds - $1.61M round led by Ten Eighty Capital
  • Genemod - Inventory and project management software for life sciences - $1.5M Seed led by Defy
  • Reflective - Platform for automating and managing recurring processes - $1.32M Seed led by Founders’ Co-op
  • Candidate - Personal referrals for startup jobs - $1M Seed

M&A and IPOs 💥

Thoughts and Observations 🧐

  • Napster is still worth $70M! Equally as surprising… a VR company has enough cash to acquire it!
  • Between Barn2Door, MilkRun, Crowd Cow, and Canlis selling out of their $200 grocery box every week, seems like the PNW loves “direct from farm” ecommerce
  • Seed deals have been slowing down for a few months, but this month we saw a ton of them! And they were mostly led by local investors - Madrona, PSL, Next Frontier, Elevate, and Founders’ Co-op!
  • Many of the seed deals spun out of local startup groups like MVL, AI2, UW, and VentureOut, or were incubated within another company

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