Seattle-area startups raised $1.64 billion across 88 deals in the first quarter of 2021, setting a record for the region’s first-quarter funding total, GeekWire reported on April 13, 2021. That was up from $616 million in Q1 2020. Highspot led the roundup of largest rounds with $200 million.
How much did Seattle-area startups raise in Q1 2021?
GeekWire reported $1.64 billion invested across 88 Seattle-area startup deals in Q1 2021, compared with $616 million in Q1 2020. The article described the 2021 amount as a new first-quarter record. Its report drew on the PitchBook and National Venture Capital Association (NVCA) Q1 Venture Monitor for national context, but did not detail the methodology or deal-inclusion rules for its regional tally. The figures below are therefore reported as GeekWire published them, not as an independently recalculated total. Read GeekWire’s April 13, 2021 report.
The 10 largest Seattle-area rounds listed
GeekWire’s roundup ranked these rounds by reported size. Its list does not provide consistent information on stage, deal terms, or company valuation, so the amounts should not be read as a like-for-like comparison.
| Rank | Company or firm | Reported round | Description in GeekWire’s roundup |
|---|---|---|---|
| 1 | Highspot | $200 million | Enterprise sales startup |
| 2 | Rad Power Bikes | $150 million | E-bike business |
| 3 | New firm founded by former Zulily executives | $150 million | Firm set up to buy and grow e-commerce businesses; the roundup did not name it |
| 4 | Tanium | $150 million | Cybersecurity company |
| 5 | Rec Room | $100 million | Social gaming company |
| 6 | Flexe | $80 million Series C | Warehousing technology platform |
| 7 | Icertis | $80 million | Company description not stated in GeekWire’s roundup |
| 8 | SeekOut | $65 million | Recruiting startup |
| 9 | Pivotal Commware | $50 million | 5G products company |
| 10 | Ally | $50 million | Goal-setting collaboration software |
Amounts and descriptions in the table are from GeekWire’s Q1 2021 roundup. It identified the third entry by its founders and purpose rather than by a company name.
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How the Seattle figures fit the national picture
For the United States as a whole, GeekWire reported $69 billion across 3,987 venture deals in Q1 2021, a 92.6% year-over-year increase. The article also said 167 deals exceeding $100 million closed during the quarter and described that pace as potentially record-setting for the year. These are national figures as reported in April 2021, not current market data.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the report said about the funding surge
PitchBook founder and CEO John Gabbert attributed large checks at both early and late stages to record venture fundraising in 2020, high levels of uninvested capital, and interest from nontraditional investors. NVCA president and CEO Bobby Franklin said high-growth startups were positioned to help the economy recover and grow as the nation emerged from the COVID-19 pandemic. Their comments accompanied the report’s discussion of the broader Q1 venture market.
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