2021 in review

These were the top 5 venture capital deals in Houston in 2021

These are the five Houston companies that raised the most in funding this year. Photo via Getty Images

Editor's note: As 2021 comes to a close, InnovationMap is looking back at the year's top stories in Houston innovation. When it came to the money raised in Houston, these five startups raised the most, according to reporting done by InnovationMap.

Houston chemicals company raises $357M, claims unicorn status

Solugen closed its Series C funding round at $357 million to grow its chemical products. Photo via Getty Images

Houston-based Solugen, a startup that specializes in combating carbon dioxide emitted during the production of chemicals, has hauled in $357 million in a Series C funding round. That amount eclipses the size of any Houston VC funding round this year or last year.

The Series C round lifts Solugen's pre-money valuation to $1.5 billion, according to the Axios news website. This gives Solugen "unicorn" status as a startup with a valuation of at least $1 billion.

Singapore-based GIC and Edinburgh, Scotland-based Baillie Gifford led the round, with participation from Temasek Holdings, affiliates of BlackRock, Carbon Direct Capital Management, Refactor Capital, and Fifty Years.

Since its founding in 2016, Solugen has raised more than $405 million in venture capital, according to Crunchbase.

"Solugen's vision for cleaner chemicals through synthetic biology has the potential to be a fundamental shift in how chemicals are made, to help tackle the environmental challenges we face globally. The chemical market itself is colossal, and Solugen is just getting started," Kirsty Gibson, investment manager at Baillie Gifford, says in a September 9 news release. Click here to read the full article.

Houston space tech company raises $130M series B

Houston-based Axiom Space has raised more funds for its growing commercial space business. Image via axiomspace.com

Just around a year ago, Houston-based Axiom Space Inc. closed a $100 million series A round. Now, the space tech company has announced even more financing as it grows and scales to support a NASA-commissioned project.

Axiom raised $130 million in its series B round led by C5 Capital with support from TQS Advisors, Declaration Partners, Moelis Dynasty Investments, Washington University in St. Louis, The Venture Collective, Aidenlair Capital, Hemisphere Ventures, and Starbridge Venture Capital.

"Axiom Space is a force in the space sector, and it will become a centerpiece of the C5 Capital portfolio and enhance our vision for a secure global future," says C5 operating partner Rob Meyerson, who will join the Axiom board of directors, in a news release. "The Axiom Station will be the infrastructure upon which we will build many new businesses in space, and it will serve as the foundation for future exploration missions to the Moon, Mars, and beyond." Click here to read the full article.

Rapidly scaling Houston e-commerce software startup raises $98M series B

Houston-based Cart.com, which equips e-commerce businesses with a suite of software services, has raised $140 million in venture capital investment since its founding last year. Photo via cart.com

After closing a sizable series A round in April, a Houston tech startup has closed another round of funding — this time a near $100 million one.

Cart.com, an end-to-end e-commerce software startup and Amazon competitor, closed its series B round at $98 million. The investment announcement follows the company's series A in the spring and, according to a news release, brings Cart.com's total funding to $140 million since it launched eight months ago.

"At Cart.com, we believe e-commerce brands should be free to scale up without having to juggle countless outside vendors, and without compromising their unique vision for their brand," says Omair Tariq, CEO of Cart.com, in the release. "Our one-stop platform supports sellers across the full range of e-commerce functionality, empowering them to efficiently scale up and reach new markets using proven, best-of-breed services and technologies." Click here to read the full article.

Note: Cart.com recently relocated its headquarters from Houston to Austin.

Cancer-fighting company based in Houston emerges from stealth and snags $74M in its latest round

Tvardi Therapeutics Inc. has fresh funds to support its drug's advancement in clinical trials. Photo via Getty Images

A Houston-based clinical-stage biopharmaceutical company has raised millions in its latest round.

Tvardi Therapeutics Inc. closed its $74 million series B funding round led by new investors New York-based Slate Path Capital, Florida-based Palkon Capital, Denver-based ArrowMark Partners, and New York-based 683 Capital, with continued support and participation by existing investors, including Houston-based Sporos Bioventures.

"We are thrilled to move out of stealth mode and partner with this lineup of long-term institutional investors," says Imran Alibhai, CEO at Tvardi. "With this financing we are positioned to advance the clinical development of our small molecule inhibitors of STAT3 into mid-stage trials as well as grow our team." Click here to read the full article.

Houston-based cancer and disease bio-venture launches after $38.1M series A

A Houston biotech company has raised $38.1 million. Photo by Dwight C. Andrews/Greater Houston Convention and Visitors Bureau

Sporos Bioventures LLC launched this month after closing a $38.1 million round of series A financing.

The Houston-based biotech company aims to accelerate the development of breakthrough therapies for cancer and immune diseases by sharing resources, capital, access to clinical trial infrastructure, and talent from within its knowledgeable team of biotech executives, entrepreneurs, academic scholars, and investors. The company was launched with four entities: Tvardi Therapeutics, Asylia Therapeutics, Nirogy Therapeutics, and Stellanova Therapeutics.

The most advanced of the four entities, Tvardi, is currently in Phase 1 clinical trial to evaluate it's STAT3 oral inhibitor. It was named a "most promising" life sciences company at the 2020 Texas Life Science Forum, hosted by BioHouston and the Rice Alliance in December. The remaining entities are in the development stages and are focused on cancer, autoimmune disease, fibrosis, and tumor growth, among other conditions.

"Sporos was founded to accelerate the development of new medicines by addressing inefficiencies and risk in the establishment of new biotech companies," Peter Feinberg, Sporos co-founder, said in a statement. "By leveraging our extensive network, including the Texas Medical Center, we first identify transformative scientific opportunities and then deploy our top-tier talent, funding, and operational support to drive these insights into a growing pipeline of first-in-class treatment options." Click here to read the full article.

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Bumble is sponsoring 50 collegiate women athletes in honor of this week’s 50th Anniversary of Title IX. Photo by Kristen Kilpatrick

Bumble is causing a buzz once again, this time for collegiate women athletes. Founded by recent Texas Business Hall of Fame inductee Whitney Wolfe Herd, the Austin-based and female-first dating and social networking app this week announced a new sponsorship for 50 collegiate women athletes with NIL (name, image, and likeness) deals in honor of the 50th anniversary of Title IX.

Established in 1972, the federal law prohibits sex-based discrimination in any school or other education program or activity that receives federal money. According to the Women’s Sports Foundation, the number of women in collegiate athletics has increased significantly since Title IX, from 15 percent to 44 percent.

That said, equity continues to lag in many ways, specifically for BIPOC women who make up only 14 percent of college athletes. The findings also share that men have approximately 60,000 more collegiate sports opportunities than women, despite the fact that women make up a larger portion of the collegiate population.

With this in mind, Bumble’s new sponsorship seeks to support “a wealth of overlooked women athletes around the country,” according to the beehive’s official 50for50 program page.

“We're embarking on a yearlong sponsorship of 50 remarkable women, with equal pay amounts across all 50 NIL (name, image, and likeness) contracts,” says the website. “The inaugural class of athletes are a small representation of the talented women around the country who diligently — and often without recognition — put in the work on a daily basis.”

To celebrate the launch of the program, Bumble partnered with motion graphic artist Marlene “Motion Mami” Marmolejos to create a custom video and digital trading cards that each athlete will post on their personal social media announcing their sponsorship.

“These sponsorships are an exciting step in empowering and spotlighting a diverse range of some of the most remarkable collegiate women athletes from across the country. Athletes who work just as hard as their male counterparts, and should be seen and heard,” says Christina Hardy, Bumble’s director of talent and influencer, in a separate release. “In honor of the 50th anniversary of Title IX, we are so proud to stand alongside these women and are looking forward to celebrating their many achievements throughout the year.”

“Partnering with Bumble and announcing this campaign on the anniversary of Title IX is very special,” said Alexis Ellis, a track and field athlete. “I am grateful for the progress that has been made for women in sports, and am proud to be part of Bumble’s ’50for50’ to help continue moving the needle and striving for more. I look forward to standing alongside so many incredible athletes for this campaign throughout the year.”

“I am so grateful to team up with Bumble and stand alongside these incredible athletes on this monumental anniversary,” said Haleigh Bryant a gymnast. “Many women continue to be overlooked in the world of sports, and I am excited to be part of something that celebrates, and shines a light on, the hard work, tenacity, and accomplishments of so many great athletes.”

Last year, the NCAA announced an interim policy that all current and incoming student athletes could profit off their name, image, and likeness, according to the law of the state where the school is located, for the first time in collegiate history.

The 50for50 initiative adds to Bumble’s previous multi-year investments in sports. In 2019, Bumble also launched a multi-year partnership with global esports organization Gen.G to create Team Bumble, the all-women professional esports team.

To see the 50for50 athletes, visit the official landing page.

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This article originally ran on CultureMap.

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