SpaceX lifts off; The resilience of biotech startups locks in a huge tower

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This is a monthly feature that showcases the top 10 fundraising rounds of the month in the United States.

Much has been said about the downturn in venture capital. Although the statistics seem to indicate that this year won’t resemble last year’s record fundraising numbers, June still seems to show some strength, albeit anecdotally. Five US VC-backed startups have raised rounds of a quarter billion dollars or more, and investors have spread their money across a wide range of sectors, from space travel to AI to agriculture. In fact, the only sector to see two startups in the top 10 was biotechnology.

Let’s review the biggest deals for June. We’ll start with a man who can’t stay away from the news:

1. SpaceX, $1.7 billion, space travel: Elon Musk made a lot of headlines in June. If it wasn’t for the endless drama surrounding his potential purchase on Twitter, it was for Tesla allegedly laying off employees. In between, his “other company” – SpaceX – raised $1.68 billion, although the Hawthorne, Calif.-based company was apparently looking to raise $1.725 billion. News broke in May that the company was looking to raise at least $1.5 billion, according to The Wall Street Journal. SpaceX has now raised about $9.5 billion, according to Crunchbase data.

2. National resilience, $625 million, biotech: While most people are familiar with SpaceX, San Diego-based National Resilience may be a little more under the radar. However, the biotech company has now raised two rounds of $600 million or more in about 10 months. Resilience, an end-to-end biopharmaceutical manufacturing and development company, raised a $625 million Series D in June after closing a previously unannounced $600 million Series C last August. The company develops therapeutic products at its 10 facilities in North America. While he did not announce who specifically participated in the round, he said it included “venture capital funds, public mutual funds, pension funds, biopharmaceutical companies, sovereign wealth funds and private family offices, among others”. The company claims to have raised more than $2 billion in equity capital since its inception in 2020.

3. Electrify America, $450 million, electric vehicle charging: With current prices at the pump, it’s no surprise that an EV fast-charging provider made this list. Electrify America, based in Reston, Va., raised a $450 million equity investment at a post-money valuation of $2.45 billion. Siemens, through its financing arm Siemens Financial Services, invested a “three-digit million dollar” amount in the round and became a minority shareholder. Additionally, Volkswagen Group has announced that it will increase its initial $2 billion investment through 2026 in Electrify America. The company has big goals, planning to expand its operations to 1,800 charging stations and more than 10,000 ultra-fast chargers in the United States and Canada by 2026.

4. Wonder, $350 million, food delivery: Marc Lore’s food delivery startup Wonder landed fourth place this month after The Wall Street Journal reported the New York-based startup raised a $350 million seed round led by Bain Capital Ventures at a valuation of $3.5 billion. Wonder operates a network of food trucks from which consumers can order through a mobile app. The truck then drives close to the customer’s home and prepares the fresh food. Lore knows retail as he previously served as CEO of the e-commerce division of retail giant Walmart.

5. Little Leaf Farms, $300 million, agriculture: Agtech is having a moment with investors right now, and Devens, Mass.-based Little Leaf Farms is the latest in the space to see major funding. The company closed a $300 million equity financing led by TPG’s The Rise Fund. The startup plans to open its fourth hydroponic greenhouse, which will help make its lettuces accessible to more than half of the country’s population by 2026. Its lettuce is grown under glass and uses up to 90% less water than field-grown greens, according to the company. Founded in 2015, the company has now raised $435 million, according to data from Crunchbase.

6. AlphaSense, $225 million, artificial intelligence: Searching the Internet can be difficult. AlphaSense tries to improve it, at least when it comes to researching structured and unstructured market analysis and business intelligence. The New York-based company raised a $225 million funding round led by Goldman Sachs Asset Management and Viking Global, valuing the company at $1.7 billion. That’s almost double the value of the company after its $180 million Series C round in September. The $225 million figure includes “substantial debt investment from funds and/or accounts managed by BlackRock,” the company said in a statement. Founded in 2011, AlphaSense has raised $520 million, according to Crunchbase.

seven. Knock, $220 million, fintech: The New York-based home-buying app closed a $220 million round led by the Foundry Group in June. Knock’s app lets people move quickly to buy a home, allowing existing homeowners to get the cash they need before they even sell their current home. Founded in 2015, Knock has now raised a total of $900 million in debt and equity, according to the company.

8. Upstream Bio, $200M, Biotechnology: Upstream Bio, based in Waltham, Mass., has set up a $200 million Series A jointly led by OrbiMed and Maruho to continue its development of therapies for allergic and inflammatory diseases. The biotech company, second on this list, is developing an antibody that could be useful for asthmatics.

9. Electric hydrogen, $198 M, clean technologies: While venture capital funding may have slowed this year, investors seem keenly interested in cleantech startups that can help companies reduce emissions. This month, Boston-based Electric Hydrogen closed a $198 million Series B — a mix of equity and venture debt — led by Fifth Wall Climate Tech. The round also included an impressive list of strategic investors such as Amazon’s Climate Pledge Fund, Honeywell and Mitsubishi Heavy Industries. Electric Hydrogen has created its own patented approach to electrolysis – the process of producing hydrogen from electricity and water – designed for industrial applications. The clean tech and clean energy sectors saw a record $10.1 billion investment in venture capital-backed startups last year, and $5.5 billion has already been put in the pipeline. market this year, according to data from Crunchbase.

ten. Guild education, $175 million, edtech: Guild, the Denver-based upskilling platform, raised $175 million in a Series F funding round led by Wellington Management that values ​​the company at $4.4 billion. Even Oprah Winfrey invested. The company helps frontline workers upskill, which has become popular because teaching new skills to current employees can be lucrative for the employee and cheaper than recruiting for the employer. Founded in 2015, the company has raised more than $553 million, according to data from Crunchbase.

big world business

Three of the top five global rounds in June went to startups outside the US

  • London-based consultancy and software developer The Access Group has closed a funding round worth more than $1.2 billion from existing shareholders Hg and TA Associates.
  • London-based fintech firm SumUp has closed a venture capital round worth around $622 million.
  • Paris-based EcoVadis, which enables companies to assess the environmental and social performance of their suppliers, has closed a $500 million funding round.

Methodology

We’ve been tracking the biggest rounds in the Crunchbase database that were raised by US-based companies for the month of June. Although most announced rounds are represented in the database, there might be a small time lag as some rounds are reported at the end of the month.

Illustration: Dom Guzman

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