While New York City is certainly no stranger to multi-million-dollar fundings, it’s amazing how, month after month, the city’s business world continues to thrive with fresh capital for fresh ideas.
In June, a range of companies raked in major funding rounds in industries ranging from healthcare to fintech and professional services. While many of these firms will be using their respective fundings to expand nationally and internationally, New York City remains the strong and steady core of an ever-widening tech ecosystem.
#4 (tied), $50M, June 6
What they do: Brooklyn-based Litify is working to bridge the gap between the legal field and high tech. The company builds software that helps legal businesses digitize things like case files, legal records and other inter-office paperwork. In addition to being an organizational tool, Litify works to help law firms build their businesses through marketing and client acquisition.
The funding: Litify closed its sizable Series A on June 6. The $50 million fund will primarily be used to invest in the company’s technology by building out current products in addition to developing new tools to tackle specific legal challenges. Tiger Global Management led the funding, which brings the company’s funding total to just over $58 million.
#4 (tied), $50M, June 13
What they do: SecurityScorecard creates SaaS tools that help companies identify risks and vulnerabilities within their networks. The SecurityScorecard platform provides non-invasive, continuous monitoring of a company’s various tools, immediately alerting them to any potential threats.
The funding: On June 13, SecurityScorecard announced it had secured $50 million in Series D funding. Leading the funding was Riverwood Capital, with participation from existing investors Evolution Equity, Intel Capital, Two Sigma, AXA Ventures, Accomplice and more. According to the team, the funds will be used for a range of goals, including expanding into Asian markets, growing the NYC-based staff and increasing the company’s overall product offerings.
#3, $52M, June 4
What they do: Biz2Credit was founded in 2007 as an intermediary between financial institutions and small to medium-sized businesses. The company’s platform helps these businesses interact with lenders and secure the funding they need to fuel their operations.
The funding: Westbridge Capital led Biz2Credit’s Series B funding, which closed on June 4. The $52 million in new cash brings the company’s funding total to $302 million. According to the company, the Series B round will be used to expand both the company’s product offerings and internal operations, including a global expansion of the Biz2Credit platform, Biz2X.
#2, $60M, June 14
What they do: Founded in 2014, Quartet Health builds tools that help medical and mental health professionals manage client data in a single, convenient location. The Quartet platform is designed with the idea that creating a more comprehensive, holistic view of a patient enables caregivers to provide more accurate and helpful care, while also driving down overall costs.
The funding: Quartet announced a $60M Series D funding on June 14, bringing the company’s total funding to $152 million. The latest funding round will be used to help the company expand its platform to be accessible mental healthcare-adjacent professionals, such as caseworkers, who can help create an even more thorough patient picture.
#1, $115M, June 4
What they do: Real Capital Analytics is one of the leading data agencies for international commercial real estate data. Founded in 2000, the company tracks property investments in 172 countries around the world, and provides some of the top real estate brokerage firms with key data points they use on a daily basis.
The funding: On June 4, Real Capital Analytics announced it had closed a $115 million Series B funding. $26 million of that amount will go toward investing in international data firms, particularly those in Europe and Asia. The bulk of the funds, however, will help Real Capital Analytics buy back a major stake in the company, currently owned by the Daily Mail Group Trust, which bought its shares back in 2007.
