Seattle VC Watch: EndoGastric, Dolly, MDmetrix, SeekOut & More
Let’s catch up on some of the notable funding rounds raised by Seattle-area tech and life sciences companies in May:
—EndoGastric Solutions, a Redmond-based business developing minimally invasive medical devices, said it raised $14.5 million from investors. EndoGastric’s devices treat gastroesophegeal reflux disease, which can cause chronic heartburn and injury to the esophageal lining. The new funding increases the company’s previously announced Series I funding round to $45 million. The sole organization EndoGastric named that participated in the latest investment is Accelmed, which backs medical device companies headquartered in the US and in Israel.
EndoGastric Solutions says its flagship device, EsophyX, “enables anatomical correction of the gastroesophageal valve without incisions.” Launched in 2003, EndoGastric Solutions says the device has been used in more than 22,000 endoscopic procedures to date.
—Dolly, a startup developing software to modernize the moving and hauling business, raised more than $9.3 million from 44 investors, according to a regulatory filing. The Seattle-based startup has been described as the “Uber for moving” and is part of the growing on-demand economy. Customers can use the startup’s mobile app to compare various moving services, and to hire movers and rent equipment.
Operating for the past six years, Dolly is available in about a dozen US metropolitan areas—primarily cities on the coasts, according to the startup’s website. It plans to expand to additional cities, including ones in Texas, Florida, and the Midwest. The new money follows an $8 million funding round Dolly raised in 2015.
—NextStep Interactive, a Seattle startup developing products and services to help users recruit, train, certify, and place long-term care workers, raised more than $2.1 million from four investors, according to an SEC filing. Care workers are professionals who assist elderly people and others with medical needs, and work to keep them out of nursing homes and other assisted-living facilities. NextStep estimates that more than 6.2 million additional long-term care workers will be needed in the US by 2027, and the startup’s vision involves using technology and mobile devices to rapidly train new workers. NextStep was founded in 2017, and its backers include Pioneer Square Labs, Jazz Venture Partners, SpringRock Ventures, and Learn Start, according to the company’s website.
—SeekOut, a startup developing recruiting software to help employers attract programmers, engineers, and other professionals, said it raised $6 million as part of a Series A funding round. Madrona Venture Group led the round, with participation from return backer Mayfield Fund, according to a news release. Launched in early 2018, Seattle-based SeekOut said it has built a client roster comprising more than 75 businesses, which are in industries such as defense, financial services, and pharmaceuticals.
—Another Seattle-based startup with ties to Madrona Venture Group, Spruce Up, said in a SEC filing it raised more than $4.5 million in equity funding from 14 investors. Spruce Up, which is developing software to help users to design and decorate their homes, was incubated within Madrona Venture Labs, and officially incorporated two years ago.
—Polyverse, a Bellevue-based startup developing software to help users monitor network security and defend against cyber attacks, raised $1 million in convertible equity funding, according to a regulatory filing. Two Microsoft (NASDAQ: MSFT) veterans, Peter Haynes and Alexander Gounares, co-founded Polyverse in 2012. (The startup previously operated under the name Concurix, but rebranded as Polyverse four years ago.) Polyverse has raised a total of $15 million in outside financing, SEC documents show.
—Carewave Medical, a Seattle-based medical device company developing non-invasive products to help patient manage moderate to severe pain, raised more than $1.6 million in equity funding from seven investors, according to a securities document. Launched in 2014, Carewave Medical has raised nearly $5 million from investors across three funding rounds, per SEC filings.
—Barn2Door, which runs an online marketplace for chefs to buy food directly from farmers, raised more than $1.2 million in equity funding from 23 investors, according to a regulatory filing. Janelle Maiocco founded Seattle-based Barn2Door in 2015, and leads the company as its CEO. Maiocco previously ran Farmstr, a similar marketplace connecting consumers to farmers with food to sell.
—MDmetrix, a healthcare software company developing tools to help providers and hospital executives analyze clinical and financial data, said it raised a $3 million seed funding round. Founders’ Co-op led the round, and other investors that participated included Arnold Venture Group and WRF Capital, according to a news release. Seattle-based MDmetrix was launched in 2016 at Seattle Children’s Hospital, and said it plans to use some of the new funding on new hires and product development.