Seattle tech had an incredible 2021, as evidenced by the fact that the top funding rounds of the year nearly doubled 2020’s total. As companies on the Puget Sound landed new funding, they made ambitious plans to expand their operations, grow their teams and launch new products. Read on to see who led the way, and what they have planned next.
#10 (tied). $130 million, June 8
Stackline is an all-in-one e-commerce platform tailored to retailers. The company has landed partnerships with big names such as Walmart, Instacart and Amazon, making it no surprise that it gained a $130 million strategic investment from equity firm TA Associates.
#10 (tied). $130 million, September 14
As the pandemic continues, companies are relying more on remote workforces and cloud computing. SkyKick provides software products that help companies successfully transition to operating on the cloud. SkyKick gained $130 million in a financing round from Morgan Stanley and other investors that will allow it to expand and continue to develop its products. The company also planned to add another 100 employees to its headcount over the next year.
#9. $143 million, February 9 and July 20
Fabric helps mid-size brands sell their products with a suite of commerce tools that can easily be tailored to their specific needs. The company landed a second round of $100 million just five months after its $43 million Series A. The company says its year-over-year revenue grew 800 percent as it added high-profile clients like GNC and Barkbox and eyed a global expansion.
#7 (tied). $150 million, January 29
Kirkland-based Tanium had an exciting year including its HQ relocation from the Bay Area and $150 million in new funding from the Ontario Teachers’ Pension Plan Board to further grow the company. The company provides cloud-based cybersecurity solutions that help IT teams secure their networks and systems.
#7 (tied). $150 million, June 10
The proptech startup aims to make the home-buying process easier by providing a platform that helps potential homebuyers at every step of the process, including facilitating cash offers. Flyhomes raised a $150 million Series C funding round co-led by Norwest Venture Partners and Battery Ventures that will allow it to expand its team. Additional investors include Zillow co-founder Spencer Rascoff and Andreessen Horowitz.
#6. $195 million, July 13 and November 9
Truveta is on a mission to advance the medical research field by collecting privacy-safe, de-identified health data from across the U.S. and making it readily available for researchers. The company landed two capital infusions, the most recent a $100 million round in November, to help fuel this work and land additional partnerships. The company currently works with some 20 medical providers providing data across 42 states.
#3 (tied). $200 million, February 22
The new Seattle tech unicorn gained $200 million in a Series E round led by Tiger Global with participation from additional investors including Salesforce Ventures and Madrona Venture Group. Highspot is a sales platform providing a software-based training solution for sales teams at big companies like DocuSign, General Motors and Twitter. The new funding will fuel the company’s growth including overseas expansion and hiring for dozens of open tech positions.
#3 (tied). $200 million, September 1
In 2021, ProbablyMonsters raised what the company called one of the largest Series A funding rounds in gaming history at $200 million. The vertically integrated company has already spun out three distinct game studios, and wants to promote a different culture than tends to be the industry norm by putting its employees first. This investment will allow it to do just that by investing in employee benefits. The company was looking to hit an employee headcount of 300 by the year’s end.
#3 (tied). $200 million, June 2
Outreach provides sales teams with a software solution that integrates sales engagement, conversation intelligence and revenue intelligence so teams can improve their forecasting abilities and close on deals more quickly. A $200 million fresh financing round from Premji Invest and Steadfast Capital Ventures grew the unicorn’s valuation to $4.4 billion and will allow the company to scale its sales and explore new markets. The company is now hiring for dozens of open tech roles including in engineering and data.
#2. $245 million, March 24 and December 20
Rec Room is a social gaming platform that allows users to chat, challenge and create virtual rooms and mini games. The company gained $100 million in funding in the spring before securing an additional $145 million bringing its valuation to $3.5 billion last month. Coatue led the latest round, and Sequoia Capital, Index Ventures and Madrona Venture Group also participated. Rec Room didn’t reveal what the funding will specifically go toward, but previous investing went towards increasing employee headcount.
#1. $304 million, February 4 and October 28
Rad Power Bikes came in at the top of funding for Seattle tech companies in 2021, with a combined of $304 million after funding rounds in February and October. The company manufactures and sells different electricity-powered bicycles built both for on and off-road use, and for a more sustainable future. The funding raised went toward expanding its product line and supporting increased production. Investors include Fidelity Management & Research Company and Morgan Stanley.
Funding data are compiled from SEC filings, press releases, confirmed news reports and other public databases. Funding includes venture capital and private equity announced during 2021, but excludes acquisitions and debt financing.
