Key Funding Highlights

In a remarkable week for startup investments, seven companies secured significant funding rounds amounting to $100 million or more. Notably, this includes two firms in the cybersecurity sector and two in transportation. Below are the top ten funding rounds recorded:

1. Fleetio – $450 Million (Fleet Management)

   The fleet optimization software company Fleetio raised $450 million to support its acquisition of Auto Integrate, a platform for maintenance authorization. The funding round, co-led by Elephant and Goldman Sachs Alternatives, elevates Fleetio’s valuation to over $1.5 billion. With this acquisition, the firm aims to manage more than 8 million vehicles and handle over 13 million repair orders annually. Fleetio has raised a total of $620 million since its establishment in 2011.

2. Mercury – $300 Million (Fintech)

   San Francisco-based fintech Mercury secured a $300 million Series C financing led by Sequoia Capital. This round, which includes both primary and secondary investments, values Mercury at $3.5 billion—more than doubling its valuation from its Series B in 2021. Founded in 2017, the company has attracted a total of $452 million in investments to date.

3. Island – $250 Million (Cybersecurity)

   Island, which develops enterprise browser solutions, raised $250 million in a Series E funding round, achieving a valuation of $4.8 billion. This round was notably led by Coatue Management and represents a substantial growth from the $175 million raised in April 2023. Since its inception in 2020, Island has accumulated $810 million in funding.

4. Aura – $140 Million (Cybersecurity)

   Aura, focusing on consumer cybersecurity, raised $140 million in a Series G round, bringing its valuation to $1.6 billion. This equity and debt round was led by Ten Eleven Ventures and Madrone Capital Partners. Founded in 2017, Aura has received nearly $663 million to date.

5. Supira Medical – $120 Million (Medical Devices)

   Supira Medical, specializing in percutaneous ventricular assist devices, completed a Series E fundraising round of $120 million. New investors Novo Holdings and Qatar Investment Authority led this funding. The company has raised $241 million since its founding in 2012.

6. Nexthop AI – $110 Million (Artificial Intelligence)

   Nexthop AI, which focuses on custom networking solutions for tech giants, raised $110 million led by Lightspeed Venture Partners. With an extensive track record of recent big deals, Lightspeed continues to establish its influence in the sector. Nexthop AI, founded in Santa Clara, California, is paving the way with innovative digital infrastructure.

7. Also – $105 Million (Transportation)

   Also, an electric micromobility startup based in Palo Alto, successfully raised $105 million, marking a significant step forward as it exited stealth mode, with funding led by Eclipse Ventures.

8. Heartflow – $98 Million (Healthcare)

   Heartflow, a developer of a noninvasive coronary care system, raised approximately $98 million through convertible notes with participation from Fidelity Management & Research Co. Established in 2010, Heartflow has amassed nearly $891 million in funding.

9. Character Biosciences – $93 Million (Biotechnology)

   This Jersey City-based biotech firm specializing in genomic-driven drug development secured $93 million in a Series B round, co-led by aMoon Fund and Luma Group. Since its founding in 2018, Character Biosciences has raised a total of $120 million.

10. Omaha Productions – $80 Million (Media)

    Peyton Manning’s entertainment company, Omaha Productions, raised $80 million, bringing its valuation to $800 million. This funding was facilitated by Patrick Whitesell Holding.

Global Highlights

A significant round also occurred internationally, with U.K.-based Level raising nearly $136 million. The application provides a range of financial services including lending and legal advice.

Funding Methodology

This analysis encompasses the largest venture capital rounds announced for U.S.-based companies during the week of March 22 to March 28. While most funding rounds are promptly recorded, there may be occasional reporting delays.