Upstate Deals and Doings – February 14, 2018

Deals, news and events for the investment community across Upstate New York.

Published online and emailed to members every other week.

Deal Highlights

  • ACV Auctions, a Buffalo-based online auto auction business, raised $31M Series C venture funding in a deal led by Tribeca Venture Partners, SoftBank Capital, Armory Square Ventures and Bessemer Venture Partners, putting the company's pre-money valuation at an estimated $175M. 
  • GiveGab, an Ithaca-based provider of an online fundraising and supporter engagement platform designed to help nonprofits and volunteers connect, raised $6.57M of Series A venture funding from RevIthaca Startup Works and other undisclosed investors, putting the company's pre-money valuation at $13.5M.
  • Token, a Rochester-based developer of a biometric-based wearable ring designed to help users to make payments, power up a computer and part doors, raised $4.04M in a Series A round that included $1.75M from NY Ventures. Token is an RIT Venture Creations company. 
  • Curemark, a Rye-based developer of medical drugs intended to treat neurological diseases, raised $6.24M of angel funding. 
  • Clerio Vision, Inc, a Rochester-based developer of femtosecond laser technology that enables non-invasive correction of the refractive index in the human cornea, raised an oversubscribed $5 million Series C round.  
  • Protective Industrial Products, a Latham-based manufacturer of hand protection products and personal protective equipment, received an undisclosed sum of development capital from Audax Group. The company was recapitalized as part of the transaction and was done in partnership with the company's co-founders the Milot and Tao families.
  • Golden Renewable Energy, a Yonkers-based producer of renewable energy from waste materials, received an undisclosed amount of development capital from Fortistar. 
  • Palladian Health, a West Seneca-based technology-enabled provider of outsourced musculoskeletal care and pain management services, and a portfolio company of Summer Street Capital, was acquired  by eviCore healthcare, LLC. 

Industry News

  • The NVCA unveiled updates to its model legal documents. The updates are the product of a group of inside and outside counsel to venture capital firms. The changes address crypto-currency, sexual harassment and discrimination.

Upstate capital events

  • March 28 - Rochester - 2nd Annual Upstate Capital Celebration. An event to highlight the most interesting investments across New York State over the past year in seed, venture and private equity. The event showcases seed, venture and private-equity backed businesses and thriving industries across the state, and will include business plan competition winners from across New York. Receive discounted ticket pricing by registering by March 7. Register today.  Nominations are open through February 26 - please nominate your companies!
  • April 26 - Albany - Managing Risk and Strategic Growth - Upstate Capital and the Center for Economic Growth are co-hosting an event for startups and growth-oriented companies to explore best practices and lessons learned in managing risk through startup, launch and scaling for established companies.  Participants will include entrepreneurs, company executives, investors and business leaders across the region. Register here.

Community events

  • March 6 - Albany - Tax Reform: What's new for 2018? - EFPR Group, LLP is a large accounting and business consulting firm with clients across the United States and internationally. They recently opened a location in the Albany area and will be hosting a tax reform event for local businesses, open to all. 
  • March 23 - New York City - The 5th Annual Single Family Office Summit. hosted by the Family Office Club. Hear from 30+ family offices on stage, mingle with more than 150+ single family offices in the audience, and build real relationships that result in co-investments, greater deal flow, and meaningful partnerships. Receive $200 off ticket prices by using this Upstate Capital link to register.

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