The Austin startup scene started the year off strong with a flurry of funding, including a whopping three deals in the nine figures. Read on to learn more about the Austin startups that raised the most capital in January. Bonus: Most of them are now hiring to grow their teams.
#5. $14 million, January 27
In 2019, veteran Austin health tech founders Jason Bornhorst and Colin Anawaty launched First Dollar, a unified health wallet that makes it easier for consumers to pay for HSAs, FSAs and other health benefits. The company has built a staff of 24 with help from angel and seed investors, but this Series A investment will help the company double its staff and expand the platform’s functionality to include other supplemental benefits, such as stipends for over-the-counter medications and groceries.
#4. $56 million, January 12
Tecovas, the purveyor of handmade cowboy boots, leather bags and other western wear apparel, launched in 2015 as an online-only, direct-to-consumer company but now operates 20 brick-and-mortar retail stores. The Series C funding, which brings the company’s total fundraising to $120 million, will help the company open another five to seven retail stores in 2022. The company also plans to hire at least 40 additional employees at its headquarters by the end of the year,
#3. $100 million, January 4
Atmosphere is a streaming video platform for restaurants, gyms and other public businesses. After raising a $14 million Series A in 2020 and a $25 million Series B last year, the company upped its game this month with its Series C announcement, which included $80 million in funding and $20 million debt financing. This capital raise brings the company’s total fundraising to more than $140 million.
#2. $123 million, January 25
SparkCognition develops artificial intelligence-enabled technology for a wide array of global industries. This Series D raise boosts the company into unicorn territory with a $1.4 billion valuation. The company has raised a total of $300 million, including a $100 million Series C in 2019 and a $56.5 million Series B in 2018.
#1. $150 million, January 19
Wheel is a virtual health platform that triages the patient’s care needs, determines the best care setting, matches the patient with the best clinician for them and then facilitates follow-up care.
The startup’s Series C raise from flashy investors including Lightspeed Venture Partners, Salesforce Ventures and Tiger Global comes less than a year after raising a $50 million Series B and boosts its total funding to $216 million. The new funding will be used to double employee headcount, expand its clinician network and include direct-to-consumer lab testing and diagnostic follow-up care.
