The year is almost drawing to a close and it’s been a big, big year for tech outside the valley. As we highlighted last week, 21 out of 30 “game changing” startups selected by CB Insights are outside the valley. This signals a huge shift in the geographic concentration of tech growth, and aligns with Techweek’s mission of supporting Hero Companies in diverse places. A few pieces of news that caught our attention recently:
Chicago Tech raised more than $113M in December, less than November’s $184M but still a strong showing for the end of the year. Companies with big raises include Techweek Chicago Founders House partner Tovala, the maker of a specialized wifi-connected steam oven. Check out the full story on ChicagoInno.
LA Tech raised nearly $13B in 2017. Silicon Beach has officially arrived. 350 local companies got funded this year. While many companies are small, unheard of new entities, some had, let’s say, a bit of an unfair advantage, like SpaceX. The wins for LA are on both sides too, with funds like CrossCut Ventures raising $125M, and entertainment stars investing heavily in startups.
A new DC startup let’s you hang up expensive art pieces in your home for a few months at a time in exchange for a subscription fee, essentially allowing you to “lease” or “demo” the pieces. After your time is up, you can either purchase the piece or choose a different one. It’s an interesting way to combine a subscription model with fine art.
You might be seeing a lot more Teslas in NYC soon. Mayor Bill de Blasio wants NYC to have a 20% adoption rate of electric vehicles by 2025, and has set up a “moonshot challenge” for companies to come up with plans to increase the availability of charging stations around the city. “Up to four finalists will be awarded $20,000 each to develop and present proposals to staff from the NYC Department of Transportation…” Read on.
Stay tuned for our next market watch!