September 2020 Trends in Growth Capital Financings

Growthink.com September 2020 Venture Capital Financings

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

We tracked $5.7 billion in new venture funding in September 2020, with the month’s biggest funding event being the online payment platform Klarna raising $650 million.

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

  • Bright Health ($500 million) a health insurance service platform designed to deliver the best healthcare experience.
  • Affirm ($500 million) an online alternative lending platform designed to provide an alternative to traditional credit cards.
  • Recursion ($239 million) a drug-discovery company focused on potential drugs for rare genetic diseases, inflammatory diseases, infectious diseases and immuno-oncology.
  • Greenlight Financial Technology ($215 million) a smart debit card designed to help parents monitor their child’s spending habits.
  • AppDirect ($185 million) an end-to-end cloud commerce platform designed to make it easy for customers to find, buy and use any recurring digital service.
  • Alkami Technology ($140 million) a cloud-based banking platform intended to make banking more efficient, strategic, and successful.
  • Beyond Limits ($133 million) an artificial intelligence and cognitive cloud computing-based software designed to automate business processes.
  • Tonal ($110 million) a digital weight platform that delivers a smooth weight lifting experience using magnets and electricity.
  • Within3 ($100 million) a virtual engagement platform for healthcare professionals to collaborate with patients.
  • Palleon Pharmaceuticals ($100 million) a biotechnology platform that offers glycoimmune checkpoint inhibitors to treat cancer.
  • Biofourmis ($100 million) a health analytics platform that analyzes physiology data from clinical-grade wearables.

The hottest sectors for funding during the month were BioTech, Artificial Intelligence, HealthTech, FinTech, Cybersecurity and Business/Productivity Software.

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

  1. BioTech deals included Recursion ($239 million), Palleon Pharmaceuticals ($100 million), Finch Therapeutics ($90 million), Silverback Therapeutics ($85 million), Synthekine ($82 million), Escape Bio ($73 million), Nutcracker Therapeutic ($60 million), Casma Therapeutics ($50 million), Hexagon Bio ($47 million), Graphite Bio ($45 million), Sonoma Biotherapeutics ($30 million), Libra Therapeutics ($29 million), Pyramid Biosciences ($28 million), Attralus ($25 million), Palladio ($20 million), Imvaq Therapeutics ($15 million), Totient ($10 million), Stemson Therapeutics ($8 million) and Manifold Bio ($5 million). 
  2. Artificial Intelligence deals included Beyond Limits ($133 million), Biofourmis ($100 million), Observe.AI ($54 million), Legion Technologies ($22 million), JupiterOne ($19 million), BrandTotal ($12 million), Spectrum Labs ($10 million) and Attunely ($9 million). 
  3. HealthTech deals included Within3 ($100 million), Truepill ($75 million), PicnicHealth ($35 million), Medigate ($30 million), RapidAI ($25 million), CoreMap ($11 million) and Cardeo Bio ($8 million). 
  4. FinTech deals included Klarna ($650 million), Affirm ($500 million), Alkami Technology ($140 million), Deel ($33 million), NextCapital ($30 million) and Adlumin ($6 million). 
  5. Cybersecurity deals included Alloy ($40 million), Axis Security ($32 million), StackRox ($27 million), Cloudentity ($13 million) and Britive ($5 million) 
  6. Business/Productivity Software deals included AppDirect ($185 million), Seismic ($92 million),  eFileCabinet ($12 million) and BoostUp.ai ($6 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.

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