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.
- 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.
- HD Sport Boards, a Buffalo-based designer and integrator of digital technology for sports stadiums, was acquired by Watchfire Signs, via its financial sponsors The Jordan Company and Harbour Group.
- Upstate Capital in the news: The Daily Gazette reported on PitchBook data finding more money going into larger, and later stage rounds, and asked Noa Simons to comment. She said "I see increased interest in angel and seed investing on the ground in upstate New York," ticking off efforts by groups like Launch NY, UpVentures, Hudson Valley Startup Fund and Eastern New York Angels.
- 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 1 - Hudson Valley - Angels and Startups: Building an Entrepreneurial Ecosystem. Upstate Capital is hosting an event dedicated to forward thinking for company executives, current and prospective angel investors, and people interested in entrepreneurship and future technology trends. Register here.
- 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.
- 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 13 -14 - Stanford, CA - Stanford/NVCA Venture Capital Symposium - Get practical guidance on achieving success as a venture capitalist in a rapidly changing marketplace.
- 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.