March 2020 PNW Venture Deals

Here are the PNW startups that announced new fundraising rounds in the month of March. These 20 companies raised $200M+ last month!

Series B and Later Rounds 🚀

• Silverback Therapeutics - Therapies designed to potently modulate fundamental disease pathways - $78.5M Series B led by US VP
• Conversa Health - Conversation platform for patient relationship management - $15M Series B led by Northwell and Builders VC
• ZincFive - Nickel-zinc based energy storage and delivery systems - $13.1M Series C led by 40 North Ventures
• Textio - Augmented writing platform designed to help companies write better job listings - $12M round
• OtoNexus - Ultrasound devices for accurate assessment of ear infection - $9.8M Series C led by Keiretsu Forum
• Bright.md - Virtual-care platform designed to modernize direct-to-patient telehealth - $8.1M Series C co-led by Seven Peaks and B Capital
  

Series A Rounds 🛫

• Fantuan Delivery - Restaurant ordering and delivery mobile app - $12M Series A led by Vision Plus Capital
• Ride Report - Micromobility management tools for cities - $10M Series A led by Unusual Ventures
• Checkfront - Online booking system for tours and activities - $9.3M CAD Series A led by Framework Venture Partners
• CoreStack – Continuous and autonomous cloud governance platform - $8.5M Series A led by Naya Ventures
• Banzai - Event marketing automation platform - $7M Series A led by DNX Ventures
• Membrion - Membranes for electrodialysis reversal desalination market - $6M Series A led by Bellingham Angel Investors
• Recompose - Services intended to convert human remains into the soil - $4.7M Series A2 led by ImpactAssets
  

Seed Rounds 🌱

• Certn – Near real-time global background checks - $4.5M Seed led by Tribe Capital
• Reserved.ai - Automation and optimization platform for AWS spend - $3.3M Seed led by Amplify and Pioneer Square Labs
• Imperative - Platform designed to connect and support employees as peer coaches - $3.3M round
• Soileos - Bio fertilizers intended to increase crop yield - $2.9M round led by Seattle Angel Conference
• Goumi - Online retail platform for organic baby clothing - $1M Seed led by Kevin O'Leary
• Stably - Reserve-backed stable coin designed to work across multiple blockchains - $750K Series A3
• Sunspear Games - Real-time strategy game developer - $650K Seed
  

M&A and IPOs 💥

• OfferUp - Online shopping platform designed to offer a simple way to buy and sell locally - $120M deal led by OLX to acquire letgo
• NurseGrid - Staffing, communication and schedule management tools for healthcare facilities - $25M acquisition by Healthstream
  

Thoughts and Observations 🧐

• Interesting that two-thirds of the Series B and later deals were in the healthcare or life sciences sectors. Coincidence?
• Good number of Series A! But fewer seed deals than normal (see article below)
• OfferUp purchasing letgo is interesting because OLX (which invested $120M to finance the acquisition) was already a majority investor in letgo, and the founder of letgo was previously the founder of OLX. Will be fun to read about this one in a future investor update