Illinois Startups Maintain Strong Momentum After Record 2018
Illinois startups experience a record-breaking 2018 with nearly $2 billion in VC deals and notable acquisitions, while early 2019 already sees almost $100 million in new funding.
Illinois startups achieve a remarkable milestone in 2018 as venture capital dollar volume reaches nearly $2 billion, continuing a strong upward trend in the state. Chicago dominates this investment landscape by accounting for 97 percent of the total funding and over 90 percent of all deals across Illinois.
Beyond raising capital, Chicago-based companies deliver impressive exits throughout the year, making 2018 the best year for venture-backed acquisitions in recent memory. Notable successes include Home Chef selling to Kroger for $200 million, CityBase being acquired for $160 million, and Maestro Health finding a buyer for $155 million, showcasing strong returns on invested capital for the Midwest region.
The momentum carries directly into 2019 as the local ecosystem kicks off the new year with almost $100 million in newly announced venture funding. Early highlights include commercial real estate search firm Truss securing $15 million in a Series A extension led by General Catalyst, bringing its total funding to more than $24 million.