Hey, I'm Dan! I invest in early-stage startups at Madrona and write a weekly newsletter called the DL

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November 2019 PNW Venture Deals

Here are the PNW startups that announced new fundraising rounds in the month of November. These 24 companies raised ~$600M last month.

Series B and Later Rounds 🚀

  • Convoy - Digital freight network connecting shippers to carriers - $400M Series D led by Generation and T. Rowe Price
  • Viome - Personalized health and weight loss recommendations based on gut microbiome analysis - $36M Series B
  • Wrench - On-demand vehicle maintenance and repair services - $20M Series C led by Vulcan
  • Crowd Cow - Marketplace for high quality craft beef and meats from farms and ranches around the world - $16M financing round
  • CrowdStreet - Platform that gives individuals direct access to commercial real estate investment opportunities - $12M Series C

Series A Rounds 🛫

  • Group 14 Technologies - Novel Li-ion battery materials for electric vehicles - $18M Series A led by ATL, Showa Denko, and Cabot
  • Replenium - SaaS platform for automated replenishment, product subscription and predictive ordering - $13M Series A led by GLP
  • Ideoclick - Managed services firm that helps manufacturers set strategies for selling on Amazon - $12.6M Series A led by GLP
  • Two Hat Security - Risk-based chat filter and moderation software for online communities - $7.5M round led by Tam Holdings
  • Shield Compliance - Compliance platform for the legalized cannabis industry - $5M Series A led by Copia Investments

Seed Rounds 🌱

  • Phoenix Molecular Designs - Developer of precise cancer therapeutics for treating triple-negative breast cancer - $12M Seed
  • Alitheon - AI authentication that can distinguish any solid object from visually identical items using computer vision - $11.8M Seed
  • Rhapsody Vet - Practice management software for veterinary hospitals - $8M Seed
  • CTO.ai - Ops platform for teams to create and share workflow automations - $7.5M Seed led by Tiger Global and Slack Fund
  • Katalyst Fitness - Personalized electrical muscle stimulation training experiences - $5.6M Seed led by Octopus Ventures
  • Picnic - Robotic food assembly systems (starting with pizza) - $5M Seed led by Creative Ventures
  • Casca - Innovative footwear brand pairing high-performance materials with 3D printing - $3.5M Seed led by Khosla Ventures
  • Sanctuary Studios - Bookable, customizable private yoga studios with a life-size film wall - $3.1M Seed
  • MontyCloud - Platform to simplify management and governance of cloud infrastructure - $2.8M Seed led by Madrona
  • Fresh Chalk - Social platform for sharing recommendations about local businesses and professionals - $2M Seed
  • PDX Pharmaceuticals - Nanomaterials from the hybrid of organic and inorganic materials for the treatment of cancer - $1.5M Seed
  • Give InKind - Developer of a platform intended to support and connect with loved ones during times of crises or need - $1.3M Seed
  • Strivve - Fintech app to help cardholders instantly add or update cards online - $1.1M Seed
  • Mendi - CBD products for athletic recovery - $800K Seed

Some fun observations on this list:

  • Congrats to Convoy! Their $400M round overtook Vacasa’s $319M Series C to become the largest PNW venture round in the last decade
  • CrowdStreet had a cool story. They used their own platform to raise their $12M Series C, and it was 75%+ committed in less than a week
  • Replenium and Ideoclick were both founded by ex-Amazonians, they share an office, and both of their Series A rounds were led by GLP, an investment firm focused on logistics real estate
  • A LOT of seed deals (and a lot of seed deals >$5M)

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