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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March 2020 PNW Venture Deals

Here are the PNW startups that announced new fundraising rounds in the month of March. These 20 companies raised $200M+ last month!

Series B and Later Rounds 🚀

  • Silverback Therapeutics - Therapies designed to potently modulate fundamental disease pathways - $78.5M Series B led by US VP
  • Conversa Health - Conversation platform for patient relationship management - $15M Series B led by Northwell and Builders VC
  • ZincFive - Nickel-zinc based energy storage and delivery systems - $13.1M Series C led by 40 North Ventures
  • Textio - Augmented writing platform designed to help companies write better job listings - $12M round
  • OtoNexus - Ultrasound devices for accurate assessment of ear infection - $9.8M Series C led by Keiretsu Forum
  • Bright.md - Virtual-care platform designed to modernize direct-to-patient telehealth - $8.1M Series C co-led by Seven Peaks and B Capital

Series A Rounds 🛫

  • Fantuan Delivery - Restaurant ordering and delivery mobile app - $12M Series A led by Vision Plus Capital
  • Ride Report - Micromobility management tools for cities - $10M Series A led by Unusual Ventures
  • Checkfront - Online booking system for tours and activities - $9.3M CAD Series A led by Framework Venture Partners
  • CoreStack – Continuous and autonomous cloud governance platform - $8.5M Series A led by Naya Ventures
  • Banzai - Event marketing automation platform - $7M Series A led by DNX Ventures
  • Membrion - Membranes for electrodialysis reversal desalination market - $6M Series A led by Bellingham Angel Investors
  • Recompose - Services intended to convert human remains into the soil - $4.7M Series A2 led by ImpactAssets

Seed Rounds 🌱

  • Certn – Near real-time global background checks - $4.5M Seed led by Tribe Capital
  • Reserved.ai - Automation and optimization platform for AWS spend - $3.3M Seed led by Amplify and Pioneer Square Labs
  • Imperative - Platform designed to connect and support employees as peer coaches - $3.3M round
  • Soileos - Bio fertilizers intended to increase crop yield - $2.9M round led by Seattle Angel Conference
  • Goumi - Online retail platform for organic baby clothing - $1M Seed led by Kevin O'Leary
  • Stably - Reserve-backed stable coin designed to work across multiple blockchains - $750K Series A3
  • Sunspear Games - Real-time strategy game developer - $650K Seed

M&A and IPOs 💥

  • OfferUp - Online shopping platform designed to offer a simple way to buy and sell locally - $120M deal led by OLX to acquire letgo
  • NurseGrid - Staffing, communication and schedule management tools for healthcare facilities - $25M acquisition by Healthstream

Thoughts and Observations 🧐

  • Interesting that two-thirds of the Series B and later deals were in the healthcare or life sciences sectors. Coincidence?
  • Good number of Series A! But fewer seed deals than normal (see article below)
  • OfferUp purchasing letgo is interesting because OLX (which invested $120M to finance the acquisition) was already a majority investor in letgo, and the founder of letgo was previously the founder of OLX. Will be fun to read about this one in a future investor update

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