March 2021 Trends in Growth Capital Financings

Growthink Capital Research tracked $15.4 billion in new venture funding in March 2021, a significant increase from the $8.5 billion we tracked in February. 

The month’s biggest funding event belonged to the food/alcohol/snack delivery company GoPuff, which raised $1.15 billion as a follow-up round to the $380 million it raised in October.

In a typical month, 15-30 companies raise $100 million or more. In March, however, 55 companies achieved this milestone. Other than goPuff, the 10 companies which raised the most are as follows:

1. Stripe ($600 million) an online payments processing platform.
2. ElevateBio ($525 million)a portfolio of cell and gene therapy companies.
3. ServiceTitan ($500 million) a cloud-based software built to accelerate the home and commercial service industries.
4. Ro ($500 million) a direct-to-consumer telehealth platform intended to handle everything from diagnosis to the convenient delivery of medication.
5. Dataminr ($475 million) an AI platform designed to discover critical information from publicly available data sets and deliver real-time alerts.
6. Insitro ($400 million) a data-driven drug discovery and development company.
7. BlockFi ($350 million) a wealth management platform designed to seamlessly manage crypto assets and maximize earning potential.
8. Weee! ($315 million) an online Chinese supermarket offering authentic gourmet delicacies from Asia.
9. Squarespace ($300 million) a cloud-based content management system.
10. Snyk ($300 million) a developer of security analysis tools designed to identify open-source vulnerabilities.

The hottest sectors for funding during the month were BioTech, Cybersecurity, HealthTech, Cryptocurrency/Blockchain, Business/Productivity Software, FinTech and MarTech.

Key funding events in each these sectors for the month are below:

1. BioTech deals included ElevateBio ($525 million), Pyxis Oncology ($152 million), eGenesis ($125 million), Artiva Biotherapeutics ($120 million), Amunix Pharmaceuticals ($117 million), Entrada Therapeutics ($116 million), Caribou Biosciences ($115 million), FogPharma ($107 million), Tenaya Therapeutics ($106 million), Monte Rosa Therapeutics ($95 million), StrideBio ($81.5 million), Aura Biosciences ($80 million), Aktis Oncology ($72 million), BlossomHill Therapeutics ($71 million), Ossium Health ($63 million), Janux Therapeutics ($56 million), Fortis Therapeutics ($40 million), Emalex Biosciences ($35 million), Cybrexa Therapeutics ($25 million), Tavotek Biotherapeutics ($20 million), Carisma Therapeutics ($12 million) and Curi Bio ($6 million).




2. Cybersecurity deals included Orca Security ($210 million), Coalition ($175 million), Jumio ($150 million), ID.me ($100 million), Socure ($100 million), Axonius ($100 million), Axis Security ($50 million), Cynet ($40 million), Cyware ($30 million), Securonix ($24 million), Tausight ($20 million), Living Security ($14 million), Lumu ($7.5 million), LoginID ($6 million) and HeraSoft ($5 million).




3. HealthTech deals included Forward Health ($225 million), DispatchHealth ($200 million), Strive Health ($140 million), Valo Health ($110 million), Rightway ($100 million), ixlayer ($75 million), Bigfoot Biomedical ($57 million), Cleo ($40 million), L7 Informatics ($13 million), SpineZone ($12 million), Lifelink Systems ($10 million), PaceMate ($8 million) and Pandemic Insights ($5 million).




4. Cryptocurrency/Blockchain deals included BlockFi ($350 million), NYDIG ($200 million), Fireblocks ($133 million), Chainalysis ($100 million), TaxBit ($100 million), Lukka ($53 million), FalconX ($50 million), Avanti ($37 million), Eco ($26 million) and TrustLayer ($6.6 million).




5. Business/Productivity Software deals included ServiceTitan ($500 million), Squarespace ($300 million), Productiv ($45 million), Tetrate ($40 million), DataGrail ($30 million), Redeam ($12 million), Parabol ($8 million) and Utilis ($6 million).




6. FinTech deals included Greenwood ($40 million), Republic ($36 million), MPower Financing ($30 million), Ethic ($29 million), Autobooks ($25 million), Immediate ($15.5 million), AcreTrader ($12 million) and Cube ($10 million).




7. MarTech deals included Yotpo ($230 million), 6sense ($125 million), Jungle Scout ($110 million), ActionIQ ($100 million), Postscript ($35 million), Sonar ($12 million), Connected2Fiber ($12 million) and Rollick ($8.5 million).

If you’re looking for outside funding to grow your company, please don’t hesitate to call us at (213) 927-3968 or fill out our contact form here.