Hello and welcome back to our regular morning look at private companies, public markets and the gray space in between.
This morning we’re dialing into some late-stage venture activity in Utah. Why? Because Utah has become a hotbed of startup activity, yielding both IPOs and huge acquisitions. And as Utah isn’t a media hub in the way that San Francisco and New York City are, it’s often a bit undercovered.
So what better place to cast our eye?
Today we’re going to look at the seven largest venture rounds in the state that have been recorded by Crunchbase in 2019 (no post-IPO action, no grants, no secondaries, no debt, no private equity). We’ll quickly explain each company, look at its investor list, and then ask ourselves how soon we think the company might go public.
Exploring our seven largest rounds, let’s start from the smallest of the cohort and proceed up in dollar-scale (full list here).
HZO’s $40 million Series D
Based in Draper, Utah, HZO’s tech coats electronics with tiny particles so that the elements can’t wreck them. The startup does more than just coat phones, working with industrial equipment, automotive tech, and IoT tooling.
It’s a business that has attracted well over $100 million in capital to date, according to Crunchbase. That sum includes a $20 million Series B led by Iron Gate Capital, a smaller, $15 million Series C led by Iron Gate Capital, and HZO’s latest $40 million investment led by, you guessed it, Iron Gate Capital. Horizons Ventures has also put money into the company, while Cathay Bank lent it $30 million.
Using our patented gut-check-o-meter, we aren’t expecting an S-1 from HZO soon.