Funding / Venture capital

In Q3, DC-area companies raised nearly $700M in venture capital

The funds were spread across 72 deals and came in quite a bit lower than the $1.3 billion the area raised in Q3 of 2021.

Pie Insurance's HQ. (Courtesy photo)

Editor’s note: These figures may vary slightly, as some deals aren’t accounted for until weeks after quarterly VC reports are published.

A sentence you don’t read every day: In Q3, iced tea was responsible for one of the region’s top funding deals.

Today, PitchBook and the National Venture Capital Association released their joint Q3 2022 Venture Monitor report, which measures top investment trends and deals nationwide. In the DC area, it looks like raises didn’t quite shape up to the previous quarter, but there might still be some space to grow as we close out the year.

In Q3, DMV companies raised $699.28 million across 72 deals. Breaking that down further: DC brought in $485.35 million through 28 deals, Maryland had $171.48 million across 32 deals and Virginia raised $542.92 million in 57 deals (the Maryland and Virginia numbers include raises outside the DC metro area).

Comparatively, in last year’s Q3, DC-area companies raised $1.3 billion across 93 deals. In addition, this quarter’s total was only half of the last one’s, which came in at $1.34 billion. However, as some deals aren’t accounted for until after the report, a few more dollars may be lurking under the radar.

Here are the region’s top 10 deals for the third quarter:

  1. Insurance tech company Pie Insurance raised a $315 million Series D round led by Centerbridge Partners and Allianz X. According to Pie, the deal brought the company’s total funding to $615 million and was the largest financing round for a US insurance tech company in 2022.
  2. Edtech company GiveCampus raised $50 million in late September, bringing the company’s post-raise valuation to $250 million.
  3. AI-based performance software company Arthur, which has an office in DC, raised $42 million co-led by Acrew Capital and Greycroft Ventures. A statement from the company said the funds would “accelerate our mission to make AI work for everyone.”
  4. Bethesda, Maryland-based Collage Group, a SaaS platform for marketing data, raised $25 million in June. The round was led by Wavecrest Growth Partners.
  5. College Park, Maryland cybersecurity company Cybrary raised $25 million in August, courtesy of a Series C led by BuildGroup and Gula Tech Adventures.
  6. AURA, a McLean, Virginia communications company specializing in airspace, raised $20 million in August.
  7. Wearable device company Otolith Labs, which created technology to help with vertigo, raised a $20 million Series A led by Morningside Ventures. The company was previously backed by “Shark Tank’s Mark Cuban.
  8. Tysons, Virginia compliance tech company RegScale raised $20 million in August, led by SYN Ventures. The funds brought the company’s post-valuation to $50 million.
  9. Falls Church, Virginia healthtech company careviso raised a $17 million Series B in September, led by Ballast Point Ventures. With the funds, the company is now valued at $48 million.
  10. Eat The Change, a snack company from Honest Tea founder Seth Goldman, raised $14 million to put its Just Ice Tea product on the market. The move comes after Coca-Cola announced it would be discontinuing Honest Tea earlier this year.
Companies: RegScale / Pie Insurance / GiveCampus / Cybrary / National Venture Capital Association

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