Super Money Moves: Check out DC’s top 10 deals of the year

In honor of the season of the holiday check from Grandma, we thought it only fitting to pull together the top funding moments of 2022.

This year, DC companies most likely didn’t raise quite as much as the monster $5 billion year that was 2021. But they still came in pretty strong — and, in some cases, at a higher caliber than the previous year. 2022 boasted not one but four deals over $200 million (and three of those over $300 million), compared to last year’s lone $228M Series A from Robotic Research. Not too shabby, if you ask us.

We don’t have the official numbers for Q4 yet, so some of this could be subject to change. But as of right now, these are the top money moments and raises of 2022 (of note, we opted to include what a company raised across the entire year instead of a single round).

So, DC, check out your top funding deals of 2022:

10. Federated Wireless’ $72 million Series B

Federated Wireless started the year off strong, raising $58 million in a Series B led by Cerberus Capital Management. Then, in May, the company nabbed another $14 million, bringing the Arlington, Virginia shared spectrum and CBRS technology provider’s 2022 total to $72 million.

9. The $75 million investment round from GridPoint

Led by Goldman Sachs’ Sustainable Investing Group with participation from Shell Ventures, Reston, Virginia energy tech company GridPoint secured a $75 million investment round in March. According to CEO Mark Danzenbaker, the funds were put toward building up the team and adding new technological capabilities.

8. Curbio’s $90 million

Taking slot number eight, real estate tech company Curbio also had a two-part deal. In January, the company raised a $65 million Series B round before adding another $25 million credit facility from Cambridge Trust Company, a subsidiary of Cambridge Bancorp.

7. Caribou’s $115 million unicorn raise

In May, DC auto-financing and car insurance company Caribou landed an oversubscribed Series C at $115 million, led by Goldman Sachs Asset Management. With the funds, the company formerly known as Motorefi reached a $1.1 billion valuation.

6. A $123 million Series E from Aledade

In a quarter that brought forth three unicorns, Aledade’s $123 million Series E nearly got swept under the rug. But the Bethesda, Maryland physician tech company deserves full bragging rights as our number six, thanks to a round led by existing investor Omers Growth Equity, with additional participation from Fidelity Management & Research Company.

5. Upside’s $165 million

In May, retail tech company GetUpside inked a $165 million deal, with $65 million in equity and $100 million in debt financing. The round, led by General Catalyst, led the company to unicorn status and a rebrand to Upside.

4. $215 million for Inspiration Mobility

That same month, DC startup Inspiration Mobility took home an even bigger raise. The EV-based tech company raised $215 million in a round led by new investors Macquarie Asset Management and Ferrovial SA, as well as ArcLight Capital Partners.

3. A cool $315 million for Pie Insurance

DC insurance tech company Pie Insurance has more than earned its third-place spot, thanks to its third megaround in three years. In September, the company raised a $315 million Series D led by Centerbridge Partners and Allianz X, bringing its total raised to date to $615 million.

2. Arcadia’s $325 million in 2022

Teeeeechnically, DC climate tech company Arcadia raised just as much as our number one raise of the year; But since it was spread across two deals, we decided to give it the number two slot. In May, the company reached unicorn status with a $200 million funding round led by JP Morgan Asset Management’s Sustainability Growth Equity Team. But just a few days ago, it added another $125 million from Magnetar Capital, bringing its 2022 total to $325 million.

1. The legendary $325 million for Somatus

Our top raise for 2022 actually goes back to the beginning of the year. In February, the McLean, Virginia kidney care company Somatus broke the 2021 funding record with an oversubscribed, $325 million Series E. Wellington Management led the round, with additional investments from RA Capital Management, GIC and Fidelity Management & Research Company. According to Somatus, the funds were primarily earmarked for expanding its care model.

Bonus round: DC’s startups and growth companies weren’t the only ones raising this year. Several local VC firms also took home some hefty chunks of cash:

• Quona Capital, a DC venture fund, closed its Fund III at $332 million, exceeding its target of $250 million, in November.
• In April, woman-owned venture firm Construct Capital, based in DC, raised $300 million to lead and co-lead seed and Series A rounds.
• Waaay back in January, McLean’s Blue Delta Capital Partners raised a $215 million fund for federal service companies.