Today 3 startups based in Chicago raised a mouthwatering sum of $71 million. The biggest among them is Fusion Risk Management which raised $41 million. This company specializes in helping large companies plan for and respond to emergencies when a disaster strikes. This is done through a software platform that creates plans for companies to be followed in case of a disaster. The funding was led by Catalyst Investors which is a New York-based company. In addition to that Level Equity has also come out in support of the company. The huge amount which is released will go towards product development. The company was founded in 2006 and has raised in excess of $50 million dollars in form of findings. It has around 160 Fortune 500 companies as its clients which include companies such as TransUnion and Walgreens.
Another company to raise a big sum of money is ShipBob. This startup specializes in helping e-commerce companies handle shipping and logistics. ShipBob announced that it has raised $17.5 million. The funding was led by Bain Capital Ventures in collaboration with Hyde Park Ventures Partners, Hyde Park Angels, FundersClub and FJ labs. This company was founded in 2014 and the company says that it has shipped in excess of 2M packages over a period of 3 years. It also announced that the company’s business has grown over 500% in the last one year.
The third company to raise a big amount of money is Snapsheet. This is a Chicago bases insurance tech company that help is users file insurance claims virtually without having to visit company’s offices. Snapsheet raised $12 million with the help of Tola Capital. The company which has been in business for more than 7 years has raised in excess of $43 million in that time. It raised $20 million last year which overshadows this year’s amount by $8 million. The raised amount is expected to be used to improve their tech and also the artificial intelligence and machine learning.
These three companies have raised a total of $71 million which is a very big deal since there are not many companies that get this kind of reception from the customers.