Last Week in Boston Tech Deals (12/23-12/30)
Seven Companies Raised $50M During the Holidays
Welcome Back!
It was an expectedly slow week in the New England startup scene as everyone is still enjoying their holiday break. With that said, seven companies still raised $50M before the year-end (Although $42M of that funding was from just one company).
As we close out 2019, I’m excited to take a look at the annual funding data and uncover trends in Boston tech VC. In the meantime, the New England Venture Capital Association shared their “Year in Review” impact report that does a great job summarizing many of the biggest developments in the space. Give it a read here.
VC Financing Deals
Stealth-mode e-commerce return optimization company Returnalyze has raised $1.5M in venture funding from undisclosed investors. Led by CEO & Founder Tim Jones, the company’s total funding is now $2M. According to Pitchbook, “The company's platform offers return optimization tools which use customer-centric data and decision-making algorithms to increase top-line and bottom-line to view to understand consumer experience, enabling retailers to manage disposition inventory from the first touch and efficiently diagnose deliverability issues.”
CloudZero, a cost-management solution for enterprise cloud computing expenses, just raised $2.13M in their second round of venture funding, bringing their total raised to $7.13M. Founded in 2016, the company’s platform connects engineering activity and cost data in real-time, helping decision-makers identify and counteract cost anomalies. According to Linkedin, the firm now has 16 employees.
Beverly Farms-based New England Hydropower, which offers small-scale hydroelectric generators or “micro hydros,” has raised a $1.43M Angel Round. The company’s technology is based on Archimedes Screw Turbines (ASTs), popularized by the ancient Archimedes Screw design. These electric generators “produce power 55% better than that of wind or solar” and allow fish to safely swim directly through the screw mechanism.
Image: An animated diagram of how the Archimedes screw design raises water.
Host Events, a platform that helps skilled bartenders get connected with event hosts in need of mixologists, has raised $342K in Angel Funding. Founded by Michelle Carazas, Host allows event coordinators to easily request local bartenders through a mobile app and rate the quality of their experience. According to Statista, the US demand for bartenders in the restaurant industry alone is expected to exceed 696K by 2026. As millennials continue to drink less, it’s possible that platforms specializing in drinking “experiences” and delivering higher-end specialty cocktails (and mocktails) to consumers may capture otherwise missed market share.
Image: A screenshot of the Host mobile app
Cambridge-based BetterLesson just secured $2M in convertible debt funding from undisclosed investors, bringing their total raised to just shy of $20M. Backed by esteemed EdTech investors like Owl Ventures, the Dell Foundation, Reach Capital, the Gates Foundation, and more, the company helps educators connect to share high-quality lesson plans and also produces its own “Master Teacher” lesson plans in-house. BetterLesson was first covered in TechCrunch nine years ago and has since grown to over 100 employees.
Kyruus just raised $42M in later stage VC funding from so far undisclosed investors. The HealthTech company has now raised over $125M in venture funding. The Kyruus ProviderMatch platform is aimed at helping healthcare providers match patients with the best providers to boost patient acquisition and conversion while improving patient experiences. According to the company website, Kyruus is used by over 50 health systems, 550 hospitals, and 250K providers.
Medical device company Kyra Medical received $360K in funding in part of their planned $1.1M Series A set to close by the end of the year. The company develops lithotomy position devices with foot support to reduce interference in pre-operative prepping. They currently produce and sell 8 medical stirrup components that aid in gynecology, laparoscopy and urology procedures.
That’s all from me until next year! — If you’d like to connect with me, you can find me on Linkedin and Twitter or check out my website at nickstu.art.
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