NYC’s 5 Biggest Funding Rounds in September Totaled $1B+

These local startups are innovating in some of the hottest industries today and have big plans for their recent mega-rounds.

Written by Ellen Glover
Published on Oct. 01, 2021
NYC’s 5 Biggest Funding Rounds in September Totaled $1B+
NYC
Photo: Shutterstock

September was certainly kind to these five NYC tech startups, who capped off Q3 with a total of $1.07 billion in fresh funding. From fintech to healthtech, these companies are innovating in some of the buzziest industries and have ambitious plans to put their recent mega-rounds to work in the future.

Read on to learn more about the local companies that pulled in the largest funding rounds last month.

 

#5. $180 million, Sept. 30

AlphaSense, an NYC-based market intelligence startup, is looking to expand its platform internationally after landing its Series C funding round co-led by Goldman Sachs and Viking Global, the hedge fund of Norwegian-born billionaire Andreas Halvorsen. AlphaSense connects companies and financial institutions with information from trade journals, Wall Street equity research and more to help them make better business decisions to stay ahead of the competition. The funding will help the startup grow its team, improve its platform and broaden its offerings.

 

#4. $190 million, Sept. 16

Mental healthcare provider Spring Health’s Series C funding round was led by Kinnevik, a top healthcare investor. New investor Guardian Life also joined existing backers Tiger Global and others in the round, which brought Spring Health’s valuation to $2 billion. The company works with employers like PepsiCo, General Mills, Instacart and others to provide employees and their family members with access to comprehensive mental-health and well-being services, including meditation, coaching and therapy. The fresh funding will help the company bolster these offerings and partner with more benefits providers, like investor Guardian Life. The company is also hiring for dozens of open roles in data, engineering, sales and more.

 

#3. $200 million, Sept. 29

Tech recruitment company Andela’s latest round of outside investment came from some industry heavy hitters: SoftBank Vision Fund 2, Spark Capital and the Chan Zuckerberg Initiative. Andela initially launched in 2014 as a training program for African software developers but has since grown into a platform that matches U.S. companies with tech workers based in 80 countries across the globe. This funding will help the company grow its footprint to at least 100 countries by the end of the year, in addition to developing its platform and growing its team. Andela is officially based in NYC, but is also fully remote with a current headcount of more than 300 employees worldwide.

 

#1 (tied). $250 million, Sept. 15

Business payments startup Melio was founded in 2018 and has already experienced rapid growth for its software tailored to SMBs. The company’s massive Series D was led by Thrive Capital with well-known names like General Catalyst, Tiger Global and Accel also participating. Over the course of the past 18 months, the company grew its monthly processing volumes by 5,000 percent, and brought its valuation to $4 billion. Melio is planning to pursue more partnerships with financial institutions and is now hiring for dozens of roles out of its Chelsea office, as well as its second, just-opened HQ in Denver.

 

#1 (tied). $250 million, Sept. 13

Papaya Global splits its headquarters between NYC and Tel Aviv and offers a workforce management platform that makes it easier to manage and pay workers around the world while maintaining full compliance with labor laws and other regulations. Amid the pandemic, the company saw its revenue triple in 2020, and this Series D round — co-led by Insight Partners and Tiger Global — will go toward continuing the company’s rapid growth. Along with the funding, Papaya Global also announced a new DEI dashboard that makes it easier for companies to track KPIs related to fair pay, retention and overall social impact. The round has brought the company’s total funding to $440 million and valuation to $3.7 billion.

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