Local Tech Companies Raise $83M for Startup Funding in 2 days
Chicago is steadily making a name for itself in the technology world. With startups popping up all around the city and Ideas Week fast approaching, ideas are in the air. This past week four startup companies raised a combined $83 million to fund their marketing, hire new employees, develop different platforms, etc. Raise, a payments-solution provider, raised the most money with about $60 million in this round of funding. Among the existing investors, PayPal joined in on the company making Raise’s funding total at an impressive $147 million. Raise wants to focus this investment on furthering its marketing plan and developing its mobile platform.
The second largest funding this round goes to Clearcover, an insurance-technology company, which received over $11 million in initial funding. The Insuretech (as they call it) startup takes a data-driven approach to assist customers and streamline the whole auto-insurance purchasing process. Clearcover wants to devote this investment into launching its first market in California before the year is over.
ThinkCERCA, an education-based startup, landed $10 million in investments this round. College discussion board startup PackBack announced $1.5 million in investments this week.