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

Featured Posts

Find Stuff

Built with Webflow

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

Liked this article? Sign up for the DL, my weekly newsletter 📬

Thank you! You'll receive your first issue of the DL on Monday!
If you want to check out older issues - click here for the archives.
Oops! Something went wrong while submitting the form.