Which New Jersey Tech Startups Received Funding in July and August 2021?
A few months ago, the New Jersey Economic Development Authority (NJEDA) unveiled a new web page that shows the funding that has been received by New Jersey startups at all stages of growth, as well as the mergers and acquisitions that have been happening all over the state.
There is more investment listed on this website than most of us in the New Jersey tech community are aware of, and it’s good to see how many startups in the Garden State are receiving backing from angels and venture funds. Most of these investments come from out-of-state angels, venture funds, family offices, etc.
NJTechWeekly.com has decided to publish the angel and VC investment information in tech, healthtech, cleantech and other tech-related companies. This article includes the startup funding for July and August 2021.
This is a useful place for entrepreneurs to see which investors are funding companies like theirs, and for them to learn the scope of that funding. For those interested in economic development, remember that these are the companies that will likely be hiring in New Jersey.
All the information, including the listings on biotech and pharma companies, is available on the Angel and VC Investments website, here. As the NJEDA says, the list isn’t meant to be exhaustive.
The listings of the deals are compiled from outside sources, including Pitchbook and Crunchbase, as well as other sources that are available to the public. The NJEDA has marked with an asterisk the companies that it has helped, if any. If we have covered the company within the last year, we’ve added a link.
Company: DriveWealth
Location: Chatham, NJ
Sector: Cloud Infrastructure, Financial Technology | DriveWealth is a digital trading technology company that develops cloud-based, application programming interface (API)-driven brokerage infrastructure.
Deal Synopsis: DriveWealth announced on August 20 that it had raised $450 million of Series D venture funding.
Investor(s): The round was co-led by Insight Partners and Accel. Seven other investors participated.
Pitchbook Profile Page: https://pitchbook.com/profiles/company/58659-49
News Release: https://drivewealth.com/2021/08/20/drivewealth-series-d-funding-round/ Our Link: Bob Cortright Talks about DriveWealth’s Evolution and Where $56.7 Million Will Take the Company
Company: HyperLinq
Location: Kearny, NJ
Sector: Financial Services | HyperLinq provides its desktop trading terminal, HyperTrader, on a monthly subscription.
Deal Synopsis: HyperLinq announced on July 6 that it had raised $125,000 in Pre-Seed funding.
Investor(s): Y Combinator, MassChallenge
Crunchbase Profile Page: https://www.crunchbase.com/organization/hyperlinq
News Release: https://hyperlinq.io/hyperlinq-is-backed-by-ycombinator/
Company: OwnBackup
Location: Englewood Cliffs, NJ
Sector: Cloud Computing, Cloud Security, Data Storage, Enterprise Software, SaaS | OwnBackup is a provider of cloud data protection and backup system for companies using Salesforce.
Deal Synopsis: OwnBackup announced on August 10 that it had raised $240 million of Series E venture funding.
Investor(s): The round was co-led by B Capital Group and Alkeon Capital Management. Insight Partners, Vertex Ventures Israel, Sapphire Ventures, and Salesforce Ventures also participated in the round.
Pitchbook Profile Page: https://pitchbook.com/profiles/company/153138-88
News Release: https://www.ownbackup.com/newsroom/series-e-funding/ Our Link: High Flying NJ Data-Protection Startup OwnBackup Achieves Unicorn Status
Company: OfColor
Location: Maplewood, NJ
Sector: Finance Technology | OfColor is an enterprise financial wellness platform providing content, artificial intelligence advice, and banking tools built around how people of color save, spend, and build wealth.
Deal Synopsis: OfColor announced on August 5 that it had raised an undisclosed amount from Seed Funding.
Investor(s): Providence Strategic Growth
Pitchbook Profile Page: https://pitchbook.com/profiles/company/100386-01#overview
News Release: https://medium.com/@yemirose/ofcolor-closes-seed-financing-to-help-employees-of-color-make-and-keep-more-income-5fe4e406e150
Company: Airnoggin
Location: Paterson, NJ
Sector: Technology |Airnoggin offers safety helmets designed to encase and minimize the movement of air within the chambers during a collision.
Deal Synopsis: Airnoggin announced on August 17 that it had raised $182,501 from seed funding.
Investor(s): Undisclosed
Pitchbook Profile Page: https://pitchbook.com/profiles/company/470981-17
News Release: N/A
