Although the tech sector saw a decline in venture capital raises in 2022, several Seattle companies pulled in hundreds of millions of dollars in sectors ranging from e-commerce to energy. With 2022 in the rearview mirror, Built In Seattle is taking a look back at the largest funding rounds of 2022. Totaling nearly $3.2 billion, these funding rounds may continue to fuel the growth of the Seattle tech scene in the coming year.
Largest Seattle Tech Funding Rounds in 2022
- TerraPower
- Group14 Technologies
- Ziply Fiber
- ISpot.tv
- Highspot
- Swiftly
- A Place for Mom
- Zap Energy
- Fabric
- Vontive
#10. Vontive: $135 million, April 6
Vontive is a no-code mortgage platform for investment properties. The platform helps banks, credit unions and proptech startups offer investment property mortgages on their websites in less than a week by connecting them with financial institutions. The Series B funding, led by Zigg Capital, went toward growing Vontive’s engineering team, adding new business-to-consumer partners and adding a debt marketplace to its platform.
#9. Fabric: $140 million, February 24
Fabric helps e-commerce companies improve their digital storefronts. The platform takes the headless e-commerce approach, which means the back end of the website is separated from the front end that consumers see. This approach allows brands to launch and scale new products and functionalities. This Series C financing round boosted fabric to unicorn territory with a $1.5 billion valuation. In February, the company said the funding would be used to improve user experience and incorporate automation.
#8. Zap Energy: $160 million, June 7
Zap Energy is working to develop fusion energy, a carbon-free energy source, through a technique that requires less capital and space than other methods. The company said it would use this fresh capital to add 30 to 40 people to its team. Zap Energy’s scientists work out of a lab in Everett, while most of its corporate employees are in Mukilteo.
#7. A Place for Mom: $175 million, January 24
A Place for Mom employs a national team of local experts that helps families and caregivers care for the seniors in their lives by matching them with senior living facilities nationwide. The equity funding, led by Insight Partners, went toward accelerating A Place for Mom’s multi-year growth plan.
#6. Swiftly: $200 million, March 8 and September 19
Swiftly helps small and mid-size grocery stores reach more customers who are searching for products on apps and websites. Swiftly uses APIs to create a personalized shopping experience for users, and it allows the grocery store to better market to that consumer. The Seattle-based company raised $100 million in March and then scored another $100 million six months later in September. Swiftly’s most recent round, led by BRV Capital Management, valued the company at more than $1 billion.
#5. Highspot: $248 million, January 13
Highspot is a sales enablement platform where sales and revenue teams can store client content, get analytics on customer interactions and train sales representatives. Co-led by B Capital Group and D1 Capital Partners, this Series F financing round valued the company at $3.5 billion. With fresh funding in hand, the company said it planned to grow its team and expand its reach internationally.
#4. ISpot.tv: $325 million, April 27
ISpot.tv’s analytics software measures the impact of TV advertisements, including real-time data about live ads. When this funding was announced in May, the company said its software was trusted and licensed by over 400 networks. The company said this investment from Goldman Sachs would help it accelerate product growth.
#3. Ziply Fiber: $450 million, September 8
Ziply Fiber is a Kirkland-based fiber internet provider serving residential customers, small businesses and enterprise customers. Since it was founded two years ago, the company has upgraded its copper network to fiber in more than 80 markets across four states. This investment, which includes $50 million from Cable One, will allow the company to continue its fiber network expansion in the northwestern U.S.
#2. Group14 Technologies: $614 million, May 4 and December 14
Group14 Technologies, which supplies silicon-carbon technology for lithium-silicon batteries, raised a $614 million Series C round. In May, the company landed $400 million led by Porsche AG. Seven months later, it pulled in an additional $214 million from Microsoft’s Climate Innovation Fund and other investors. Group14 also received a $100 million grant through the Infrastructure Investment and Jobs Act that was signed into law in November. This fresh funding will be used to build the company’s second commercial-scale battery manufacturing facility in the U.S. The company will also partner with SK Inc. to build a battery factory in South Korea.
#1. TerraPower: $750 million, August 15
TerraPower, a nuclear energy company founded by Microsoft founder Bill Gates in 2006, is advancing the development of carbon-free energy production as well as the use of nuclear isotopes to fight cancer. This $750 million funding round was led by a $250 million investment from South Korean-based SK Group. It also included a contribution from Gates himself. The company will use the fresh capital to continue its work in nuclear energy and medicine.
