Startups

Money Moves: VIPC invests in adventure startup Happyly

Plus, Curbio closes in on a $90 million-dollar year, and more funding news in raises and government contracts.

Some of the Curbio team members as of 2019.

(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 dc@technical.ly.


Happyly lands VIPC support

Happyly, a Richmond, Virginia company that curates in-person experiences for its users, just received an investment from the Virginia Innovation Partnership Corporation (VIPC).

Happyly is an app designed to help users find IRL activities, whether they involve volunteering, hiking, events or local eateries. Users can input the type of activity they’re looking for and their time frame, prompting the app to suggest nearby spots. VIPC, a funding entity connected to the state, declined to share financial details on the investment, which comes from its Virginia Venture Partners fund.

VIPC initially invested in the company in 2021. Since that time, Happyly said it added 10 new pilots and added several new customers and referrals; They include Navy Federal Credit Union, Appian, Xometry, Colugo and Xcelerate Solutions. With the investment, Happyly said it will be building out its Employee Connection Platform, which includes live and IRL meetups as well as a culture-connection calendar.

“At the request of our amazing customers, we are thrilled to be launching Happyly connections for meetups, as well as culture-connection calendars,” said Caitlin Iseler, Happyly cofounder and CEO, in a statement. “We are excited to be able to provide the ability to help employees connect in a distributed work environment on top of the planned experiences we provide to the busy workforce. We are grateful for the ongoing support of VIPC’s Virginia Venture Partners to help foster our continued growth.”

Curbio closes a $90 million year

Potomac, Maryland real estate tech company Curbio completed a $25 million credit facility from Cambridge Trust Company, a subsidiary of Cambridge Bancorp.

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The move follows a $65 million Series B the company raised in January, bringing the company’s 2022 total to $90 million. The Maryland company has raised $118 million since it was founded in 2017, with investments from Revolution Growth, Camber Creek, Comcast Ventures, Brick and Mortar Ventures, Kayne Partners, Masco Ventures and Second Century Ventures.

Curbio said in a statement that it plans to commit the funds to expand into new markets, develop the company’s proprietary tech and support its growth. It hopes to drive revenue to $100 million in 2023.

“Curbio is taking an outdated and broken home improvement process and completely re-inventing it to benefit real estate agents, their home seller clients and the broader subcontractor market,” said Rick Rudman, Curbio CEO, in a statement. “Everyone wins in this model, and we’re thrilled to have Cambridge Trust join the rest of our experienced, high-quality investors, to support our transformation of the $80 billion pre-sale home improvement industry.”

Here’s who else is cashing in around DC:

  • Hive Wealth, a Chevy Chase, Maryland-based company that created an app to help users grow their wealth, received an investment from SVB Financial Group for an undisclosed amount.
  • The Internet Society Foundation, based in Reston, Virginia, opened applications for its connectivity and internet access grant program. The Building Opportunities/Leveraging Technologies program offers up to $200,000 for connectivity-supporting projects lasting under a year. Applications close Sept 2.
  • Frolick, a Reston company that created an app for meal delivery, raised $1.8 million in late July in a pre-seed round led by gategroup. With the funds, the company said it plans to pursue hiring, marketing and geographic expansion.
  • HearingAssist, a Virginia Beach, Virginia subsidiary of InnerScope Hearing Technologies, landed a $2.75 million investment in a receivable factoring agreement from Star Funding. Over a two-year period, the funds will help the company market its hearing aids and related products.
  • Vantage Data Centers, a provider based in Denver, Colorado, received a $300 million “green loan” for its data center build in Sterling, Virginia. Societe Generale, a French investment bank, offered the loan.
  • Vienna, Virginia-based Aravenda, a developer of cloud-based forward for sustainable reselling, landed an investment from VIPC’s Virginia Venture Partners. VIPC initially invested in the company in 2021.
  • Chicago, Illinois-based Mesirow, an employee-owned financial services firm, led a $275 million financing for NASA’s DC headquarters on E Street SW. Hana Alternative Asset Management owns the property, which is managed by Ocean West Capital Partners.
  • Richmond-based elder tech company Naborforce, which assists the elderly population with social engagement, inked a $9 million Series A round led by Translink Capital.

Government Contracts

  • Huntington Ingalls Industries, a defense tech company in McLean, Virginia, was awarded an $826 million Decisive Mission Actions and Technology Services task order from the General Services Administration. The order has a one-year base period and four one-year option periods for an extension.
  • Reston’s SAIC was awarded a $319 million Falconer Air Operations Center Weapon System Sustainment contract from the Air Force. Under the order, the company will be helping the Air Force carry out critical air, space and cyber operations
  • HawkEye 360, based in Herndon, Virginia, inked a two-year cooperative R&D agreement with the Army Space and Missile Defense Command to develop commercial overhead RF-sensing capabilities.
  • Fairfax, Virginia-based Gunnison Consulting announced that its cyber subsidiary, CENTERPOINT, was awarded an Information System Security Officer Support contract from the Library of Congress. The contract has a six-month base period with the option of four one-year extension periods and is estimated to be a total award value of $23 million.
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