Tech Sector Tops $100M in Quarterly Capital Raises
(photo courtesy of TechPoint)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndiana tech companies secured nearly $160 million in publicly-announced capital raises during the third quarter. Indianapolis-based TechPoint says the numbers mark the first time the state has seen at least $100 million raised in each of the first three quarters of the year.
Indiana’s tech sector has already broken the previous record of $358 million raised in all of 2019. The third quarter numbers were led by Indianapolis-based OnBoard’s $100 million investment led by JMI Equity in July. Two additional companies, South Bend-based SIMBA Chain and IntelinAir Inc., closed on funding rounds of more than $20 million.
“Indiana tech companies received over $1 billion in capital investments over the past three years and are on track to raise more than half a billion dollars this year alone,” TechPoint Chief Executive Officer Mike Langellier said in a news release. “These are investments to fuel future growth, and they signal two important things: new job opportunities and ambition by company executives to build market-leading companies. Both are important indicators for the future of the Indiana economy.”
TechPoint says merger and acquisition activity was also strong in the third quarter with 19 transactions, including Indianapolis-based Lessonly, which was acquired in August by Seismic in California for an undisclosed sum.
You can view a full, month-by-month breakdown of investment activity in Indiana’s tech sector from TechPoint by clicking here.