Midwest Funding Report: Ann Arbor’s WorkIt closes $118M

The Funding Roundup is a weekly note about companies that raised venture capital.  We use four sources – 1) those that are sent to us via press release ([email protected]), 2) Form D filings in the sixteen states that we cover, 3) Databases to which we subscribe (particularly Pitchbook, Crunchbase), 4) Other sources (such as SBIR grant database).  The goal of the funding roundup is to provide a quick synthesis of companies that are actively raising money.  This is not a value judgment placing VC backed companies over bootstrapped – only a recognition that VC backed companies often file paperwork that puts them on our radar. 

This was another big week in the Middle.  We were one state short of a full Middle again.  This week there was not an investment in Kentucky.  Otherwise, all of the other states in our coverage areas received at least one investment.  Chicago had a big week with seven investments.  Ann Arbor and West Lafayette had two investments each.  This included the largest investment of the week in Workit Health.  Workit Health is an online therapy for addiction recovery.  This investment echoes many of the other investments in health care  this week including the second, third, and fourth largest companies:  SPR Therapeutics (central nervous system treatment), MediCardia (Cardiology), and Plato BioPharma (in vivo pharmacology, physiology, and biomarker data).  There have been an increasing number of interesting insurtech companies that have come through the last couple of weeks including – Bardavon Health Innovations, this week. Based on October, Q4 is going to be a big quarter for the Middle.