Startup Funding In March Doubles to $260M; Internet Edges Out Healthcare
Spring has sprung for the state’s tech and life sciences startups. After raising a slim $130.9 million in February, things really warmed up last month. Thirty-nine startups pulled in a whopping $260 million in equity-based funding, with a few sectors in particular taking sizeable chunks of cash, according to data from CB Insights’ FundingFlash, a daily roundup of companies receiving venture capital, angel investment, and growth equity funding.
Investments in the Internet sector took the top spot for dollars raised, at $66.1 million across 11 deals. They have the $32 million raised by Cambridge, MA-based online marketing company HubSpot to thank for that. Lexington, MA-based Gemvara, an online jewelry customization retailer, also helped out with a $15 million Series C round.
Healthcare came in at a close runner-up, at $63.2 million raised in nine deals. That’s not a super sunny statistic for the industry, though. Investments for the healthcare sector actually dropped in March, from the $73.6 million brought in by seven deals in February for life sciences and biotech companies.
Waltham, MA-based Harvest Power took the top deal for the month, with a $51.7 million Series B round. The waste-to-energy startup got some of the funding from Generation Investment Management, a London-based firm co-founded by Al Gore and David Blood. New investors DAG Ventures and Keating Capital also participated in the round, alongside existing Harvest backers Kleiner Perkins Caufield & Byers, Waste Management, Munich Venture Partners, and TriplePoint Capital. The energy sector came in third for dollars raised, with $55.8 million.
The mobile sector hasn’t been known for its big monthly funding pots, but a $25 million round for Littleton, MA-based Movik Networks pushed the mobile and telecom space to fourth place in dollars raised, with a total of $43.6 million. Movik, which makes hardware and software systems for helping mobile devices better deliver video and Web-based content, raised $25 million in Series C funding.
We’ll have to see next month if the state’s innovation community can sustain the strong fundraising throughout the spring. Meanwhile, read below for the full March details.
Companies also pulled in a sizeable pot of non-equity based funding, at $19.3 million. Check below for the details on those nine financings.