Weekly Overview: Major Startup Financing in the U.S. (July 4-11, 2023)

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This article highlights the top 10 financing rounds announced in the U.S. for the past week. For a comprehensive look at the largest financing rounds, click here.

Fintech Financing Leads the Way

The week proved to be fruitful for fintech investment, with two companies leading the charge: ICapital and Bilt Rewards. Apart from fintech, there was also substantial funding across various sectors such as micromobility, drug discovery, and green steel.

Top Funding Rounds of the Week

1. ICapital: $820 Million, Fintech

   ICapital, a platform designed for alternative investments, secured a massive $820 million, raising its valuation to over $7.5 billion. This round was co-led by Surgocap Partners and advisors from T. Rowe Price.

2. Bilt Rewards: $250 Million, Fintech

   Bilt Rewards, a tenant rewards program, raised $250 million in funding from General Catalyst and GID, valuing the New York-based company at $10.75 billion.

3. Also: $200 Million, Micromobility

   This Palo Alto startup raised $200 million, led by Green Oaks Capital, to develop small electric vehicles with plans for a product launch next year.

4. Varda: $187 Million, SpaceTech

   Varda, focusing on drug discovery in microgravity, secured $187 million in funding from Natural Capital and Haussier Capital.

5. MaintainX: $150 Million, Equipment Management

   MaintainX observed a significant investment of $150 million in Series D funding, increasing their valuation to $2.5 billion. Key investors include Bessemer Venture Partners.

6. Harmonic: $100 Million, AI

   Harmonic, specializing in AI-driven mathematical reasoning, announced a $100 million Series B funding led by Kleiner Perkins, bringing their total funding to $175 million.

7. Neuros Medical: $56 Million, Neurostimulation

   Neuros Medical raised $56 million for its electrical nerve stimulation system, aimed at treating chronic pain, with financing directed by EQT Life Sciences.

8. ServiceUp: $55 Million, Fleet Management

   ServiceUp secured $55 million in Series B funding, led by PeakSpan Capital, to enhance its platform for fleet operators.

9. Reborn Bio: $54.5 Million, Biopharma

   Reborn Bio initiated its journey with $54.5 million in seed financing, aimed at developing treatments for autosomal polycystic kidney disease, spearheaded by 5AM Ventures.

10. Boston Metal: $51 Million, Green Steel

    Boston Metal announced a $51 million convertible note investment from existing investors including BHP Ventures, part of funding efforts for a new metal plant in Brazil.

Methodology

This review details the largest funding rounds announced in the Crunchbase database from July 4 to 11, 2023. Although most funding rounds are captured in this database, some may be reported later, leading to slight time discrepancies.

Illustration by: Dom Guzman