Chicago-based startup companies flourished in the early part of this year while harsh weather battered more established firms nationwide.
Funding for local startups increased by more than 150 percent to $157 million in the first quarter. Funding totaled $61 million a year earlier, reports Built in Chicago, a network of of local startups.
Some of the largest fundraisers were AvantCredit ($75 million), BaseCRM ($15 million) and Abe’s Market ($10 million).
Forty-two companies were formed in the quarter, nearly twice as many as last year. Meanwhile, 10 companies were acquired and one, Paylocity, made an intial public stock offering.
Chicago’s digital startups stayed true to the city’s entrepreneurial roots with e-commerce and travel tech companies leading the way just as they have been known to do in the past.
-David Calica/Built in Chicago
Read the full Built in Chicago report.