Trends in Growth Capital Financings – March 2020

March 2020, in spite of everything going on (for those reading this post in the future, March 2020 was when the coronavirus really took its impact on the world), saw considerable venture and growth capital funding events.

In fact, we tracked over $4 billion in new funding events during the month.

Impossible Foods, the animal-free meat and dairy foods company, topped March 2020 funding with a $500 million Series F round led by Mirae Asset Global Investments.

Other $100 million+ funding events in March included the following:

• HashiCorp ($175 million), a multi-cloud infrastructure automation software

• ElevateBio ($170 million), a creator and operator of a portfolio of innovative cell and gene therapy companies

• iCapital Network ($146 million), a platform for access and efficiency in alternative investing

• Element Science ($145.6 million), a clinical-grade wearables firm for the monitoring and treatment of heart disease

• Alignment Healthcare ($135 million), a mission-based medicare advantage insurance company

• Nurix Therapeutics ($120 million), a developer of novel therapies that modulate protein levels through small molecule drugs targeting E3 ligases

• Kallyope ($112 million), a biotechnology company focused on identifying and pursuing therapeutic opportunities involving the gut-brain axis

• SutroVax ($110 million), a company that delivers superior and novel vaccines designed to prevent or treat some of the most common and deadly infectious diseases worldwide

• Kymera Therapeutics ($102 million), a company that’s advancing the field of targeted protein degradation, accessing the body’s innate protein recycling machinery to degrade dysregulated, disease-causing proteins.

• Xilio Therapeutics ($100.5 million), a tumor-selective immunotherapy R&D firm

• UserTesting ($100 million), a company that enables organizations to deliver better customer experiences powered by human insight.

• Pliant Therapeutics ($100 million), an R&D firm focused on novel treatments for fibrosis

Appropriately the healthcare industry as a whole received significant funding during March. The hottest sectors during the month were PharmaTech, FinTech, MedTech, Developer Software, Cybersecurity, FoodTech, Data Analytics, HealthTech.

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

1. PharmaTech deals included ElevateBio($170 million), Nurix Therapeutics ($120 million), Kallyope ($112 million), SutroVax ($110 million), Kymera Therapeutics ($102 million), Xilio Therapeutics ($100.5 million), Pliant Therapeutics ($100 million), Sigilon Therapeutics ($80.3 million), ReCode ($80 million), Silverback Therapeutics ($78.5 million), Castle Creek Biosciences ($75 million), Amunix ($73 million), Apexigen ($65 million), Circle Pharma ($45 million), Design Therapeutics ($45 million), Regenacy Pharmaceuticals ($30 million), Redpin Therapeutics ($15.5 million) and Primmune Therapeutics ($7 million)

2. FinTech deals included iCapital Network ($146 million), SpotOn ($50 million), Addepar ($40 million), AirBase ($23.5 million), One ($17 million), Boro ($12 million), Rivet ($8.25 million), Jassby ($5 million), and Zabo ($2.5 million)

3. MedTech deals included Element Science ($145.6 million), Sight Sciences ($30 million), BillionToOne ($15 million), VIDA Diagnostics ($11 million), Centerline Biomedical ($10 million), Diligent Robotics ($10 million), Kinnos ($6 million), ReadySet Surgical ($5.5 million) and Professional Credentials ($3.5 million)

4. Developer Software deals included HashiCorp ($175 million), Netlify ($53 million), Rancher Labs ($40 million), Lightbend ($25 million), unitQ ($11 million), Rollbar ($11 million) and Fritz AI ($5 million)

5. Cybersecurity deals included Axis Security ($17 million), DisruptOps ($9 million), OpsCompass ($6.78 million), Mailprotector ($5 million), and WorldWatch ($2.9 million)

6. FoodTech deals included Impossible Foods ($500 million), Nature’s Fynd ($80 million), Allset ($8.25 million), POWERFUL Foods ($5 million), AquaGuidance ($3 million) and Proud Source Water (undisclosed)

7. Data Analytics deals included Dremio ($70 million), mParticle ($45 million), Deep North ($25.7 million), Remesh ($25 million) and Humio ($20 million)

8. HealthTech deals included Lyra Health ($75 million), RubiconMD ($18 million), AristaMD ($18 million), Quit Genius ($11 million) and Bright.md ($8 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 Growthink Capital’s contact form here.