At Flywheel, we are always keeping an eye on recent investment deal activity, new and innovative startups, and the leaders driving these monumental changes. As such, the world of venture capital is always buzzing with activity, and 2022 was no exception. Here are our top 5 venture capital deals of the year by way of quality products, top-tier investors, and future scalability:
The augmented reality (AR) company from Florida raised $280 million in a round led by NTT DoCoMo. With this money, Magic Leap will be able to keep working on its unique AR technology and bring it to more people. The company's augmented reality headsets, which feel more real than most virtual reality headsets, have gotten a lot of attention and are seen as a major player in the AR market. Magic Leap will be able to use the funds to speed the development of its products and bring them to market more rapidly.
The health insurance start-up raised $250 million in a round headed by CapitalG, raising its worth to more than $3 billion. Oscar Health is using technology to make its clients' healthcare easier and more convenient. This is because the company has learned that the standard processes in the healthcare system are not good enough. To make it easier for its consumers to obtain care, the company provides a variety of services, such as telemedicine, electronic medical records, and mobile app-based appointment scheduling. Oscar Health will be able to grow its operations and reach more clients thanks to the investment, as well as a massive shift in healthcare over the past two years with a focus on safety and efficiency.
In a round led by Coatue Management, the online market for working capital got $300 million in investment. C2FO's platform lets businesses get cash from investors at better terms than they would get from traditional sources (which add up over time). C2FO assists businesses in obtaining the money they need to grow and thrive by linking organizations with excess capital to those in need of finance. The money will enable C2FO to develop its platform and globalize its product offering. We like C2FO because, as long as there is still strong momentum in the VC-backed startup space, tightening terms and gaining favorable working capital are as advantageous as ever.
Sequoia Capital led a $60 million funding round for the sales software startup this past year. Affinity's technology assists sales teams in better managing their pipelines and closing agreements. The company's software includes a variety of features to assist sales teams in being more efficient and profitable, such as email tracking, lead generation, and client relationship management. With the money, Affinity will be able to improve its platform and bring it to new clients, and with an elite investor like Sequoia on your cap table, it is extremely hard not to exceed all expectations and take over your respective industry.
OpenGov, the government budgeting and performance management software company, raised $25 million in a round led by Andreessen Horowitz. Over 1,000 government organizations use OpenGov's platform for better financial planning and transparency (regardless of contract pricing from local governments, I am sure the transparency alone is worth it for taxpayers). Government organizations can use the program to track budgeting and performance in real time and make data-driven choices. The funding will assist OpenGov in expanding its platform and making it available to more government organizations around the world, which will face some significant challenges as legislation changes and all have varying levels of honesty and transparency in place.
These deals signify that venture investments are not slowing, and no industry is ahead of another (although there is a consistent preference towards software and automation for obvious reasons). Companies that received significant investments in 2022 are pushing the boundaries of innovation and revolutionizing their respective businesses, from augmented reality to healthcare to government software. It will be fascinating to see what these companies achieve with their additional capital and how they continue to shape the future, as well as the future of their end users.
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