Money Moves: Federated Wireless adds another $14M

Plus, Enveil raised a Series B Enveil and GetUpside is officially a unicorn with a $165 million investment and new name.

Iyad Tarazi, CEO of Federated Wireless.

(Courtesy photo)

Money Moves is a column where we chart the funding raises of tech companies across the region. Have a tip? Email us at

Federated Wireless adds $14 million to its Series D

Arlington, Virginia shared spectrum and CBRS technology provider Federated Wireless added another $14 million to its Series D, bringing the total funding round raise to $72 million.

The company in February landed a $58 million investment that was led by Cerberus Capital Management, with participation from Allied Minds and GIC. At the time, the company said it planned to simplify the purchasing and deployment of wireless networks. The deal was also one of the largest in Q1 for the area.

“Private wireless is one of the most transformative enterprise technologies to emerge since the cloud,” said Federated Wireless CFO Loren Buck in a statement. “We continue to invest aggressively to support explosive demand, maintain our industry leadership and deliver on the promise of 5G private wireless for our clients.”

The new funds bring the company’s total raised to about $213 million.

Enveil raised $25 million

Enveil, a DC-based company developing privacy-enhancing technology (PET), recently closed a $25 million Series B.

The round, which Enveil says was oversubscribed, was led by USAA. Additional investors included Mastercard, Capital One Ventures, C5 Capital, DataTribe, In-Q-Tel, Cyber Mentor Fund, Bloomberg Beta, GC&H and 1843 Capital — all of whom were existing investors in the company. According to Enveil, the fresh funds will build on a 300% revenue increase since it closed its Series A. To date, the company has raised over $40 million.


With the funds, the company will be looking to expand sales, product development and marketing activity. An Enveil spokesperson told that the company also plans on having a headcount of 75 by July.

“This investment will help solidify Enveil as a leading voice of PETs, which Gartner predicts will be used by 50% of large organizations by 2025,” the spokesperson said.

With a huge raise, GetUpside undergoes a rebrand

With one of the biggest raises this year, DC’s GetUpside crossed the finish line to unicorn status.

The company just inked a $165 million deal, raising $65 million in equity and $100 million in debt financing. The round was led by General Catalyst, with participation from Bessemer Venture Partners and Builders VC, and brings GetUpside’s value to $1.5 billion. The downtown DC-based company uses machine learning to offer rewards on purchases at 30,000 stores across the US. It has previously inked deals with the likes of Uber.

With the raise, the company is rebranding and simplifying its name to Upside. It plans to use the funds to jump into new retail markets.

Here’s who else is raising this week

  • NASA chose several Northern Virginia satellite communications companies as recipients of a $278 million grant, which will be used to develop near-earth communication systems for potential use in future missions. Reston, Virginia-based Inmarsat Government nabbed $28.6 million and SES Government Solutions won $28.9 million while Arlington, Virginia’s Kuiper Government Solutions received $67 million and Telesat US Services received $30.6 million.
  • The Maryland Tech Council, based in Frederick, nabbed $2.5 million in state funding to grow the state’s life science workforce in the BioHub Maryland program.
  • DC’s Zeno Power, which is creating a recycled nuclear power-based battery system, raised $20 million in a Series A led by Tribe Capital. DCVC, 1517 Fund, AIN Ventures and Pallas Advisors also participated in the round.
  • BarTrak, a beverage tech and inventory management company in Sterling, Virginia, received an undisclosed investment from former general David Petraeus. The company announced in April that it had closed $10.5 million in equity financing, and it’s raised $15 million to date.
  • Arlington-based Stand Together Ventures Lab, an early-stage venture firm, raised $1.3 million for Unmudl in Texas.
  • Beltsville, Maryland govtech company ASRC Federal was awarded a Transportation Security Administration DISCOVER contract. The $17 million, one-year contract will go toward updating the technology in airport screening systems across the US.
Companies: GetUpside
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