Mandolin raises a $5M dollar seed round

Plus Cooler Screens, a big week for healthtech, fitness coaching, and more...

Oct 11, 2020

Welcome to Excoastal, a newsletter covering deals, startups, venture capital, and more from Chicago to Boulder, Detroit to Columbus, and beyond. I’m Evan Lonergan, a native Midwesterner.

You can connect with me on Twitter @evanjlonergan, on Medium, and send deals/jobs/intel to evanlon92@gmail.com

What’s New

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On the Radar

🧑‍💻 Virtual Startup Wisconsin Week is coming up in November. See the schedule here.

2020 Inno On Fire - 50 people and companies heating up Chicago tech

ICYMI: the Excoastal Investors Airtable sheet:

Midwest Venture Capital Firms and Angels

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Venture Capital Deals

📍 Chicago

Cooler Screens, a startup that replaces the glass doors to store aisle coolers with interactive digital displays, raised $80 million in Series C funding from Verizon Ventures, M12, Great Point Ventures, and SVB.

NOCD, a startup treating obsessive-compulsive disorder, raised $12 million in a Series A funding. Health Enterprise Partners led the round and was joined by investors including 7Wire Ventures, Chicago Ventures and Hyde Park Angels. Term Sheet

📍 Ohio

Datavant, a Cleveland-based health data management company, raised $40 million in Series B funding. Transformation Capital led and was joined by Johnson & Johnson, Cigna Ventures, Roviant Sciences, and Flex Capital.

📍 Indianapolis

Mandolin, a digital platform designed to help artists, venues, and fans connect through live music, has raised $5 million in seed funding. Investors include High Alpha Capital and Marc Benioff.

📍 Pittsburgh

Abridge, developer of an app designed to improve patients’ understanding of their medical care and ability to follow their doctor’s advice, announced that it has raised $15 million across seed and Series A rounds co-led by Union Square Ventures and UPMC. Other investors include Bessemer Venture Partners, Pillar, and KdT Ventures.

📍Denver/Boulder

Engrain, a Denver-based developer of data visualization and mapping software designed to help users identify and manage property, has raised $3.7 million. The round was led by RET Ventures.

Denver-based Good Buy Gear, an online marketplace for gently used baby, toddler, and children’s items, raised $6 million in Series A funding. The round was led by Revolution Ventures and was joined by Access Venture Partners and Relay Ventures.

Exer Labs, a Denver-based fitness startup with a motion coaching apps, raised $2 million in seed funding. Investors include GGV, Jerry Yang's AME Cloud Ventures, Morado Ventures, Range VC, Service Provider Capital, Shatter Fund, and Signia Venture Partners.

📍 Silicon Slopes

Alucent Biomedical, a Salt Lake City-based medical technology company for vascular disease treatments, raised $35 million in Series B funding. Investors included Fresenius Medical Care Ventures. Term Sheet

ICON, a Utah-based connected fitness company whose brands include NordicTrack, raised $200 million in growth equity funding at a valuation north of $7 billion. L Catterton led, and was joined by Pamplona Capital Management. Axios

📍 Texas

HUVRdata, an Austin-based maker of products that help industrial companies integrate data from inspections, raised $5 million in funding. Cottonwood Venture Partners led the round.

Austin-based Everlywell, the maker of Covid-19 home-testing kits, is in talks to raise new funding at a $1 billion-plus valuation, per Bloomberg.

Private Equity Deals

Gridiron Capital has made an investment in Cubii, a Chicago-based provider of elliptical-style fitness equipment, and other wellness services.

YCharts, a Chicago-based maker of cloud-based investment analytics and communications tools for investors, has completed a growth recapitalization in partnership with LLR Partners. Axios

M&A

Quorum Software, a provider of customer management software for the oil and gas industry, has purchased Landdox, a Dallas-based software developer for the energy and infrastructure sectors.

New Funds

RiverVest Venture Partners of St. Louis is raising $200 million for its fifth fund, per an SEC filing.

NewRoad Capital Partners, a Rogers, Ark.-based growth equity and buyout firm, raised $176 million for its third fund.

Others

RootInsurance, a Columbus, Ohio-based auto insurer, filed for an IPO that Renaissance Capital estimates could raise $800 million. It plans to list on the Nasdaq (ROOT) with Goldman Sachs and Morgan Stanley as lead underwriters and reports a $145 million net loss on $245 million in revenue for the first half of 2020. Root raised around $520 million in VC funding, including from Columbus-based Drive Capital which holds a 26.6% pre-IPO stake. Axios

Culture Break

📚Read- On Corruption in America - Sarah Chayes

🎬Watch- Fargo (Series on Hulu)

🎧Listen-

🧐Think- A mentally ill man, a heavily armed teenager, and the night Kenosha burned

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