October 2022 Venture Growth Funding Recap

october funding report

Growthink Capital Research tracked $4.18 billion in new venture funding in October 2022, compared to $5.2 billion in September. 

The month’s biggest funding event belonged to Form Energy ($450 million) a sodium-based energy storage system for renewable energy projects providing businesses with cost-effective and multi-day energy storage alternatives.

Ten companies raised $100 million or more in October. Other than Form Energy, the 9 companies which raised the most are as follows:

  1. NetSPI ($410 million) a penetration testing software that transforms the cyber security testing industry with tech-enabled services and prevention-based cyber security techniques enabling them to find, fix and prevent threats using adaptable processes, trusted automation, and experienced insights.
  2. Ascend Elements ($200 million) a battery resources technology that changes the dynamics for processing end-of-life lithium-ion batteries enabling clients to have maximum return on assets to economically drive recycling and low-cost battery materials.
  3. OpenWeb ($170 million) a social engagement platform that provides an on-site community for improving online conversation enabling publishers to take back ownership of the conversation going on around their content and helping their digital media partners to curate their communities’ social interactions directly.
  4. Bilt Rewards ($150 million) a rewards platform that allows renters to earn points on rent enabling cardholders to build a path toward homeownership.
  5. SingleStore ($146 million) a real-time analytics platform that ingests data and produces time to insight enabling clients to promote their business through analytics and combine semi-structured data into a consolidated big data platform.
  6. Bright Machines ($132 million) an automation software that assists businesses to meet the growing demands of manufacturing enabling clients to have improved yields at lower costs.
  7. Jasper ($125 million) a content writing platform that helps businesses in marketing by enabling them to avoid copywriting issues and maintain their brand image.
  8. Soli Organic ($125 million) a fresh organic herb that adds flavor to food allowing consumers to make delicious dishes using them.
  9. Swift Navigation ($100 million) a Global Positioning System (GPS) technology that offers automated navigation for autonomous applications enabling clients to use this technology in autonomous vehicles, UAVs, robotics, survey, control, agriculture, and other industries at an affordable price.

The hottest sectors for funding during the month were Cybersecurity, A.I./Machine Learning, Financial Software, Business/Productivity Software, and Real Estate Tech. 

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

  1. Cybersecurity deals included NetSPI ($410 million), Anonos ($50 million), Stairwell ($45 million), Valence Security ($25 million), Endor Labs ($25 million), Eclypsium ($25 million), Elpha ($20 million), Spyderbat ($10 million), and Arnica ($7 million). 
  2. A.I./Machine Learning deals included Bright Machines ($132 million), Sima.ai ($67 million), Tellius ($16 million), Xembly ($15 million), SYSO Technologies ($10 million), Wispr ($10 million), Gather AI ($10 million), and StoryFit ($5.5 million). 
  3. Financial Software deals included NorthOne ($67 million), CloudPay ($50 million), Jiko ($40 million), Finexio ($35 million), Northstar ($24.4 million), Onward ($9.7 million), and OatFi ($8 million). 
  4. Business/Productivity Software deals included Enable ($94 million), Merge API ($55 million), WorkSpan ($30 million), Allstacks ($12.3 million), Shadowbox ($6 million), and Kubiya ($6 million). 
  5. Real Estate Tech deals included Bilt Rewards ($150 million), CrowdStreet ($43 million), SwiftConnect ($17 million), Fintor ($6.2 million), and Pinnacle Realty Advisors ($5 million). 

Take our Fundability Test. If you had additional capital, could you use it to grow your company? Or to fund a liquidity event for you and your shareholders?

We’ve built a unique network of investors who are looking to invest in companies that they find to be fundable.

To see if your company qualifies, take our “Fundability Test.”

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.

[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]
[class^="wpforms-"]