April 2020 Trends in Growth Capital Financings

Magnifying lens over doodles

Our investment banking arm – Growthink Capital – just released its assessment of growth capital financings that occurred during April 2020.

April 2020, in spite of the virus crisis, saw considerable venture and growth capital funding events.

In fact, we tracked $5 billion in new funding events during the month (up from $4 billion in March).

Stripe, the online payment platform, led April 2020 funding with a $600 million Series G round from investors including Andreessen Horowitz, General Catalyst, GV, and Sequoia.

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

  • Confluent ($250 million), a provider of an enterprise-ready event streaming platform.
  • Cohesity ($250 million), a developer of a web-scale platform designed to simplify the way companies protect, manage and extract value from their data.
  • Erasca ($200 million), a developer of oncology drugs intended to provide precision oncology options.
  • Legend Biotech ($150 million) which offers a CAR-T cell therapy platform intended to accelerate the science and bring innovative therapies for their patients.
  • AvidXchange ($128 million), an automated invoice and payment processes platform.
  • Podium ($125 million), a provider of an enterprise-class customer review management platform designed to change the way businesses communicate with their customers.
  • iTeos Therapeutics ($125 million), a developer of immuno-oncology treatments aimed at developing innovative anti-cancer agents.
  • Affinivax ($120 million), an vaccines development company which focuses on treating various infectious diseases.
  • Collibra ($113 million), a cross-organizational data governance platform designed to deliver openness and freedom.
  • Stash ($112 million), a personal finance and investment application intended to make saving and investment accessible to everyone.
  • Pivot Bio ($100 million) a creator of microbial nitrogen technology that increases crop yields and farmer revenue.
  • RefleXion Medical ($100 million), a developer of biology-guided radiotherapy to create a new cancer treatment modality.
  • CircleCI ($100 million), a creator of a continuous delivery automation platform designed to offer automated testing and continuous integration tools.

Appropriately the healthcare industry as a whole received significant funding during April. The hottest sectors during the month were BioTech, HealthTech, FinTech and Cybersecurity.

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

  1. BioTech deals included Erasca ($200 million), Legend Biotech ($150 million), iTeos Therapeutics ($125 million), Affinivax ($120 million), Pivot Bio ($100 million), RefleXion Medical ($100 million), Pandion Therapeutics ($80 million), Aspen Neuroscience ($70 million), Accent Therapeutics ($63 million), Tango Therapeutics ($60 million), ROME Therapeutics ($50 million), Nitrome Biosciences ($38 million), Avalyn Pharma ($36 million), Actym Therapeutics ($34 million), Taysha Gene Therapies ($30 million), LifeSprout ($29 million), GPB Scientific ($26 million), Rgenta Therapeutics ($20 million), 54gene ($15 million), Unlearn.AI ($12 million),. Zikani Therapeutics ($8 million), PIC Therapeutics ($5 million)
  2. HealthTech deals included Aledade ($64 million), Olive ($51 million), Tyto Care ($50 million), SonderMind ($27 million), Clever Care ($20 million),  SilverCloud Health ($16 million), RDMD ($14 million), H1 Insights ($13 million), Particle Health ($12 million), Ferrum Health ($9 million), XRHealth ($7 million), Yes Health ($6 million). 
  3. FinTech deals included Stripe ($600 million), AvidXchange ($128 million), Stash ($112 million), Digits ($22 million), OpenInvest ($10 million), Sila ($8 million), Wise ($6 million), Auditoria.AI ($6 million), Causality Link ($5 million)
  4. Cybersecurity deals included ForgeRock ($94 million), Axonius ($58 million), Randori ($20 million), SafeBreach ($19 million), Bridgecrew ($14 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.