In the second quarter, DC-area companies raised $1.34 billion in venture capital

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Editor’s note: These figures may vary slightly, as some transactions are only taken into account several weeks after the publication of the quarterly venture capital reports.


What’s wrong with Q2 deal flow amid this economic downturn we keep hearing about?

PitchBook and the National Venture Capital Association today published their Q2 2022 business monitor report, measuring key trends and offerings across the country. And in the DMV, it turns out we’re on a pretty good streak for 2022.

In the second quarter, DMV Companies raised $1.348 billion in venture capital, spread across 76 deals. The DC founders alone completed 20 of these deals for $582.5 million raised. Maryland had $748 million from 49 deals, while the Virginia founders took home $260.7 million from 55 deals (though, of course, both include deals outside the DMV scope).

How does this compare to 2021, the strongest year for DMV funding yet? In the second quarter of 2021, businesses in the district region raised $1.4 billion across 87 deals, putting 2022 around the same level as its previous counterpart.

Below, find the 10 companies that would have won the DMV’s top deals award in Q2 2022. (Note that any discrepancy means the totals for the quarter may change or be slightly different from the amounts actually raised.)

  1. Robotic research, the Maryland-based autonomous vehicle company, raised $243 million in a Series A round. In 2021, the Clarksburg-based company won the biggest raise of the year with a $228 million Series A round. . The company did not respond to Technical.ly’s request to verify whether this was separate from the December increase or an extension of that cycle.
  2. After raising $200 million in May, a climate tech company Arcadia reached unicorn status with a valuation of $1.45 billion.
  3. A few weeks ago, Upside down signed a $165 million deal, raising $65 million in equity and $100 million in debt financing, also achieving unicorn status at a $1.5 billion valuation.
  4. In June, Bethesda, a Maryland medical technology company Aledade raised $123 million in a Series E.
  5. To crown the quarter of the three unicorns, Caribou Financialformerly known as MotoRefi, also won the status change with a $115 million Series C.
  6. Federated Wireless, an Arlington, Va.-based shared spectrum and CBRS technology provider, added an additional $14 million to its Series D, bringing its total funding to $72 million. The company first raised $58 million in February.
  7. After adding a new investor, a biotech company based in Gaithersburg, Maryland Adaptive phage therapy closed its Series B round at $40.75 million in April.
  8. League of Professional Fightersa McLean, Va.-based sports entertainment company, according to the report, raised $30 million in a Series E.
  9. Ion storage systemsa College Park, Maryland-based energy startup also raised $30 million in a Series A round in June.
  10. And finally, Void Star Holdingsa technology company still in stealth mode in Vienna, Va., also raised $30 million.

All of this comes against the backdrop of a looming (or current) recession that is plummeting startup valuations and investments at all stages. We’ll be watching as the year progresses to see if the DMV remains relatively unaffected by market changes.

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