February 2023 Venture Growth Funding Recap

Growthink Capital Research tracked $3.59 billion in new venture funding in February 2023, down from the $4.2 billion tracked in January 2023. 

The month’s biggest funding event belonged to Wiz ($300 million), a cloud security platform designed to help businesses to secure their cloud infrastructure, enabling businesses to identify vulnerabilities, misconfigurations, network exposure, manage identities and privileges and discover exposed secrets.

11 companies raised $100 million or more in February. Other than Wiz, the 10 companies that raised the most are as follows:

1. Spreetail ($208 million) an e-commerce fulfillment centers across the United States and abroad offering suppliers a better customer experience coupled with efficient large-scale logistics. 
2. Marco ($200 million) a trade financing platform designed to provide reliable access to working capital for small and medium-sized enterprises enabling businesses to save time on bankers and grow their companies.
3. ShiftMed ($200 million) a staffing platform designed to connect providers and healthcare professionals enabling families to interview, hire and manage fully credentialed, insured, and bonded caregivers.
4. Indrive ($150 million) a ride-hailing services intended to offer passenger, freight, and intercity transportation services enabling users to get trips that are simple, fair, and profitable by giving them the freedom of choice and the ability to determine the most suitable terms for the ride.
5. Colossal Biosciences ($150 million) a bioscience and genetic engineering company committed to building radical new technologies to advance the field of genomics enabling environmental organizations to restore Earth to a healthier state, while also solving for the future economies and biological necessities of the human condition.
6. Hemab Therapeutics ($135 million) a prophylactic therapeutics designed for bleeding and thrombosis disorders enabling patients to form hemostatic plugs or clots to prevent life-threatening complications.
7. Juniper Square ($133 million) a real estate investment management software designed to transform the real estate investment experience enabling clients to improve productivity and avail enhanced digital investment experience.
8. Via ($110 million) a mobility application designed to regulate transportation service enabling customers to lower the cost of public transit and provide accessible options at a reduced environmental impact.
9. R-Zero ($105 million) a biosafety technology-based products designed to reduce the damage each one of the viruses causes to health and the health of the economy enabling the cleaning crew to reduce the spread of all infectious diseases.
10. Vytalize Health ($100 million) a medical accountable care organization intended to monitor and enhance patient care through bold value-based incentives and smart technology enabling doctors to deliver better medical care to the patients, while simultaneously lowering the overall cost of care.

The hottest sectors for funding during the month were Biotech, A.I./Machine Learning, Cryptocurrency/Blockchain, Mobility Tech, and Healthtech.

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

1. Biotech deals included Colossal Biosciences ($150 million), Hemab Therapeutics ($135 million), Hexagon Bio ($77 million), Avilar Therapeutics ($75 million), Garuda Therapeutics ($62 million), IgGenix ($40 million), Peel Therapeutics ($36 million), Codagenix ($25 million), Slingshot Biosciences ($11 million), Verismo Therapeutics ($8 million), and Nanite ($6 million).
2. A.I./Machine Learning deals included Typeface ($65 million), Canoe Intelligence ($25 million), Fortem Technologies ($17.8 million), MindsDB ($16.5 million), Lavender ($13.2 million), Axion Ray ($7.5 million), and Kanarys ($5 million).
3. Cryptocurrency/Blockchain deals included Chaos Labs ($20 million), Monad Labs ($19 million), BlockJoy ($11 million), Elementus ($10 million), Huma ($8.3 million), Sentio ($6.4 million), and Archimedes ($4.9 million).
4. Mobility Tech deals included Indrive ($150 million), Via ($110 million), Spiffy ($30 million), ZEVX ($20 million), Hypercraft ($6.5 million), and Ottometric ($4.9 million).
5. Healthtech deals included ShiftMed ($200 million), R-Zero ($105 million), Vytalize Health ($100 million), Faro Health ($20 million), and Thatch ($6 million).

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