Investment in Washington Startups Totaled $25M (or $51.4M, Depending on How You Count) in August
Last month sure seemed like a busy one for Seattle-area startup financings, especially for summer. But the hard data paints a much more modest picture. Venture capitalists invested $25 million into four companies headquartered in Washington state last month, according to data provided to Xconomy by ChubbyBrain, a New York-based information services company that develops tools for investors, startups, and entrepreneurs. There was also one debt financing for a Washington company, worth $10 million. Two other firms with Seattle offices, but whose headquarters are elsewhere, raised $16.4 in venture funding.
The deals were spread evenly across software, mobile, gaming, and energy. The biggest one was Bellevue, WA-based Apptio’s $14 million Series B financing from Madrona Venture Group, Greylock Partners, and new investors Shasta Ventures and Andreessen Horowitz Fund. Apptio makes software to help businesses manage their IT costs.
A couple of notes about the companies that did not make the table below. Bellevue, WA-based Smith & Tinker’s most recent venture round, which we and others reported in August, didn’t make the list, as it closed in July. (The company has raised $29 million in funding to date.) Jambool, a virtual currency startup founded in Seattle and now headquartered in San Francisco, raised $5 million led by Madrona. And Profibrix, a Netherlands-based healthcare company focused on stopping surgical bleeding, which has a Seattle subsidiary, raised $11.4 million led by Gilde Healthcare Partners.
Four of the six venture financings in firms with ties to Washington state were Series B rounds, versus one Series A round—Madrona’s $3 million investment in mobile social gaming startup Z2Live—and one unspecified round, Portland, OR-based Pivotal Investments’ $2 million backing of Seattle solar developer Tuusso Energy (an early-stage deal). Madrona was the most active Seattle-area VC firm in August, being involved in three of the Washington deals.
In addition to the venture deals, Seattle-based NewPath Networks, a wireless infrastructure company, raised $10 million in debt financing from Square 1 Bank, to help expand its distributed antenna systems in the U.S.