Boston Deals: ShopAdvisor, Evolv, Christensen, CareCloud
A few startups—some more secretive than others—and a notable business professor’s private investment fund are in this roundup of deal news to round out your week:
—ShopAdvisor, which adds e-commerce functions to publishers’ digital ads, has raised about $5 million in venture funding. The Maynard, MA-based company, which had previously raised about $2 million, said last year that it was planning a Series A round of about that size. The investment was reportedly led by Pittco Capital Partners.
—Evolv Technologies, a stealthy startup tied to Cambridge’s General Catalyst Partners, has filed paperwork for an $11.8 million investment. I couldn’t find a Web presence for the startup (which is apparently not this similarly named maker of enterprise software). The SEC filing names as an executive Michael Ellenbogen, who is an entrepreneur-in-residence at General Catalyst. Named as directors are GC’s Joel Cutler and Lux Capital partner Bilal Zuberi, who left GC earlier this year. E-mails to General Catalyst and Zuberi were unanswered as of this publication.
—Famed Harvard Business School professor Clayton Christensen has added about $2.6 million to an offshore fund operated by his investment office, according to this SEC filing. The fund is, naturally, called the Disruptive Innovation Offshore Fund—a reference to Christensen’s famous theory of how entrenched business incumbents get knocked off their pedestals by innovative new competitors. This 2011 profile by Technology Review noted that Christensen’s financial firm had invested more than $100 million so far, with money from family and other private investors.
—CareCloud, a Miami-based health-tech startup with a notable Boston office, says it has raised another $9 million. The money, from Adams Street Partners, is an addition to the company’s previously disclosed $20 million Series B round. The company sells online healthcare software to manage electronic health records, medical billing, and medical practices. It’s now raised about $55 million in total.