If February is the month of love and friendship then it is also the month of tech unicorns — at least in Seattle it is. The past month saw two local companies secure unicorn valuation following $100 million investments.
To fuel pursuits ranging from virtual events to medical worker staffing, the five largest Seattle tech funding rounds brought in a combined $287.6 million in February. Read on to see who is making moves on the Puget Sound.
#5. $12.1 million, February 14
With the Covid-19 pandemic stretching medical workers thin, HR startups have been making strides to find solutions. One of those startups is Seattle-based Kevala, and it raised $12.1 million in February. Kevala offers a nurse-specific job platform where registered nurses can sign up for shifts and medical facilities can post openings. The platform is currently available in five states currently. The new funds will be used to continue to expand the platform.
#4. $14 million, February 7
Modumetal is a manufacturer of an anti-corrosion liquid coating for metal surfaces and it raised $14 million in a Series A-2 round in February. The Seattle company was founded in 2007 and has raised $95.3 million since its launch. With the fresh funding, Modumetal plans to market its product to the automotive industry and also work on attaining licensure to develop new products.
#3. $18.5 million, February 10
From online dating to virtual events, the Covid-19 pandemic forced this Seattle startup to shift industries and is now reeling in fresh funds to support its growth. The startup works with companies to produce live virtual events when employers are seeking to reward workers and build morale. The caveat is that, as the name suggests, events are a mystery and neither employers nor workers know beforehand the scope of the entertainment. The Series A round that netted the company $18.5 million was led by Greylock.
#2. $103 million, February 16
Temporal, a software company that has worked with companies such as Netflix, Snapchat, Stripe, DoorDash secured $103 million in fresh funding in February and reached a valuation of $1.5 billion, clinching unicorn status. With the new capital, the company will look to expand its team, focusing on reeling in software developers. Temporal’s platform aims to simplify processes that help with scalability and improve reliability.
#1. $140 million, February 24
Joining Seattle’s tech unicorn club is fabric, a “headless” e-commerce platform that lets businesses create or upgrade their digital store with ease. The platform is geared for B2C businesses and works with companies like GNC, McDonald’s and Pier 1 Imports, among others. The $140 million funding round included participation by SoftBank, Forerunner Ventures, Glynn Capital, Redpoint Ventures and Stripes. In a statement, the company announced that the Series C funds would be used to implement automation onto its platform which is meant to improve user experience.
