In covering the D.C. innovation economy comes the inevitable: funding news. Here’s a roundup of all of the major funding news from the region in April:
D.C. startup TransitScreen is in the middle of a new funding round, according to reports in the Washington Business Journal on April 3. TransitScreen is aiming to raise $5 million in its latest round as the company continues to eye new partnerships, products and expansion. To date, TransitScreen has secured $2 million.
Reston, Va.-based venture capital fund Razor’s Edge has raised $158.8 million for its second fund, according to reports on April 5. In its first fund, the firm raised $58 million and invested in eight companies focused on national security and the commercial space. The second fund is already active, and Razor’s Edge has already invested in five companies.
Herndon, Va.-based Expel closed a $20 million Series B round, led by San Francisco-based Scale Venture Partners, on April 10. The local cybersecurity startup will use the new funding for product development and “go-to-market efforts.” To date, the company has raised $27.5 million since launch in November 2016.
Herndon, Va.-based Opaq Networks raised $22.5 million in a Series B VC round, led by Maryland-based Greenspring Associates and with participation by Columbia Capital in D.C. and Harmony Partners, according to reports on April 11. The funding will be used for customer acquisition efforts. This was the second Herndon-based cyber startup to raise a more than $20 million funding round in April, with Expel raising $21.5 million.
Echo360, a Reston, Va.-based edtech company, raised $4 million to continue growing its product offerings on April 16. Founded in 2007, the company raised about $80 million in equity and $11 million in debt funding. Now, as it continues into its next phase of growth, Echo360’s CEO is looking at either acquiring more companies or potentially being acquired themselves.
Tysons-based startup UpsideDoor brought in $1.2 million in funding and is moving into a new office in Herndon, Va., WBJ reported on April 18. The real estate tech startup provides the tools needed for anyone to sell their home without the assistance of a real estate agent. UpsideDoor plans to double its workforce from 13 employees to 28 in the next 12-to-18 months.
Chevy Chase-based Enlightenment Capital has plans to raise $200 million for its third fund, according to SEC documents filed April 13. The aerospace and defense investment firm closed its first fund at $80 million in 2014 and its second one at $147 million in January 2017.
Cerebro Capital, a Baltimore-based corporate credit facilities platform, raised a $2 million Series A round, with participation from Sterling Partners and the TEDCO fund, according to an announcement on April 18. The funds will be used to scale Cerebro’s online marketplace and build out the sales, marketing and engineering teams.
Arlington, Va.-based meal delivery startup Hungry Marketplace is closing in on $3 million in new funding this year, its founder and COO Eman Pahlevani told WBJ in a report on April 25. Names of the new investors were not disclosed. With the new funds, Hungry plans to expand into New York City and another “to-be-determined” city. But this new $3 million raise is just a step towards Hungry’s larger goals for 2018. By the end of the year, the startup hopes to have closed a Series A round between $7 million and $10 million.
According to WBJ, Debx is planning to raise $2 million in new funding to fuel its growth. The Bethesda-based financial service lets you use your credit card like a debit card. To date, the company has already raised $1.5 million since launch in early 2017.