While multimillion dollar venture rounds are far less common in Vermont than in Boston or Silicon Valley, in the last few years alone a surprising number of companies have succeeded in raising $1 million or more (sometimes much more) from local and out-of-state investors. Our list considers only private, independently held companies that have not undergone a merger or majority stake acquisition; i.e. we only look at companies that haven’t “exited” as per this definition. This knocks out heavy-hitters like MyWebGrocer and Dealer.com, the latter having been acquired for about $1 billion in late 2013, requiring just $6 million in total equity funding – over 15 years – to get there!
Determining what constitutes a “tech company” – or, for that matter, a “Vermont company” – gets a little tricky. We define tech companies as those whose business is enabled by custom software or electronics that they often build themselves. In practice this is usually reflected in the employee footprint of the company: While nearly any type of company today employs IT staff, companies that are heavily dependent on technology typically employ a number of software, electrical, or mechanical engineers. Companies on our list either have headquarters in Vermont or were founded or co-founded here and maintain a presence in the state. Our list relies on publicly available information from Crunchbase, PitchBook, and other sources, with additional input from investors, and, when possible, from the companies themselves. (Note: Many privately held companies do not disclose financials, including funding.)
So, please – weigh in. Discuss, argue, correct, and help us add to what’s here! Feedback welcome at: firstname.lastname@example.org
Total reported funding*: $30M
Most recent funding: $30M minority stake, led by Goldman Sachs, July 2016
Founded in 2005, Marathon Health offers workplace onsite primary care, health assessments, coaching, and disease management programs, supported by an online portal delivering medical content, interactive diet and fitness tools, and electronic medical records.
Total reported funding: $22.3M
Most recent funding: $16 million Series B, December 2015
The digital financial advisor has Chicago headquarters with an engineering team based in Burlington, where the company was co-founded.
Total reported funding: $18M
Most recent funding: $12.9M Series B, May 2016
Offering innovative, rapid-deployment cyber-security products for IT professionals, the company was founded in Burlington and has a tech team located there.
Total reported funding: $12M
Most recent funding: $12M, May 2013
The company, which develops eyewear, headwear, and other protective equipment for military and law enforcement customers, has operational headquarters and a plant in Essex Junction, plus a Newport, Vermont, factory with nearly 200 employees. Revision also has locations in Canada and the UK.
Step Ahead Innovations Total reported funding: $5.2M
Most recent funding: $1.5M, June 2017
Step Ahead makes advanced aquarium water-monitoring systems for home and commercial customers.
Total reported funding: $5.2M
Most recent funding: $1.6M Seed, October 2015
Digital media site focused on – you guessed it – parents.
Total reported funding: $5.1M (includes $1 million Dept. of Energy grant, 2014)
Most recent funding: $2.48M, May 2016
Faraday uses AI to help businesses in consumer goods, financial services, and energy/utilities to acquire and retain customers and optimize B2C revenue.
Total reported funding: $3.3M
Most recent funding: $3M Series A, October 2016
Social Sentinel is a social media threat-alert tool for college campuses, K-12 schools, and public safety. in the past year, the company grew its revenues 125% year over year and now works with campuses and communities in 23 states.
Total reported funding: $2.54M
Most recent funding: $500,000 Seed, July 2016
A digital media site covering equestrian competition and lifestyle.
Total reported funding: $2.5M
Most recent funding: $1.5M convertible notes, June 2017
Online recommendation engine for local foods, offering restaurants, farms, and food producers a suite of SaaS marketing tools.
* “Total funding” includes angel and equity investments, grants, and convertible debt rounds.