Hey, I'm Dan! I'm the CEO of Plus and a venture partner at Madrona. I write the DL, a newsletter about tech in the Pacific Northwest

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December 2020 PNW Venture Deals

Here are the PNW startups that announced new fundraising rounds in the month of December. These 22 companies raised more than $400M last month!

Series B and Later Rounds 🚀

  • Zenoti - All-in-one software for salons, spas, and medspas - $160M Series D led by Advent
  • FLEXE - Marketplace for on-demand warehousing - $70M Series C led by T. Rowe Price
  • Kymeta - Satellite communications on mobile platforms - $30M round led by Hanwha
  • Boast.AI - Tax credit automation system – C$30M Series A led by Radian
  • Rec Room - Online universe to play and create games with friends - $20M Series C led by Madrona
  • Group14 Technologies - Silicon-carbon composite materials for lithium-ion batteries - $17M Series B led by SK Materials
  • Freespira - Digital therapeutic to reduce or eliminate panic attacks and PTSD - $10M round led by Lightspeed
  • DomainTools - Domain and DNS threat intelligence platform - Round led by Battery Ventures

Series A Rounds 🛫

  • Beta Hatch - Insect-rearing technology for animal feed and fertilizer - $9.3M Series A led by Cavallo
  • iUNU - Greenhouse management platform - $7M Series A led by S2G
  • Voodle - Short video communication platform for work - $6M round led by Madrona and Vulcan
  • Pienza - Enterprise software startup studio - $5.1M round
  • CoreStack - AI-powered cloud management platform - $4M round led by Iron Pillar

Seed Rounds 🌱

  • Crave Delivery - High end food delivery from award winning restaurants - $7.3M Seed led by StagedotO
  • NextStep - Online CNA training and placement program - $6.75M Seed led by SpringRock
  • Symbl - Technology to help companies transcribe conversations - $4.7M round led by Crosscut
  • Recurrent - Independent reports on the condition of used electric car batteries - $3.6M Seed led by Wireframe
  • Vouched - Digital ID verification platform - $3M round led by Flying Fish
  • ZeroWall - Holistic approach to information security across the enterprise - $2M Seed led by Susa
  • FleetNurse - On-demand healthcare staffing platform - $1.1M Seed led by Portland Seed Fund
  • Koan - OKR and status tracking platform - $1M round from BMNT
  • Sike Insights - Emotional intelligence platform for teams - $1M Seed
  • Picovoice - End-to-end platform for adding voice to edge devices - $500K Seed led by Founders’ Co-op

M&A and IPOs 💥

  • AbCellera - AI-powered antibody discovery platform - $483M IPO
  • Silverback Therapeutics - Therapies designed to modulate fundamental disease pathways - $241.5M IPO
  • Precor - Commercial fitness equipment manufacturer - $420M acquisition by Peloton

Thoughts and Observations 🧐

  • 🔥 Biotech IPOs are even hotter than SaaS! AbCellera and Silverback both raised big rounds in the last six months and went on to IPO last month. AbCellera is extra hot right now because they are developing antibody treatments for COVID-19
  • 🦄 Unicorn alert! Congrats to the Zenoti team on becoming the 9th PNW startup to reach a $1B valuation this year! (10th if you include Athira hitting $1B post-IPO!)
  • 🎉DL SHOUTOUT goes to… Rec Room (Madrona’s latest investment)! Rec Room is building a metaverse for people to build and play games with friends. And it sits right in the middle of my investment themes of low code tools and online communities

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