Venture capital funding for startups in Utah will double in 2021

When SAP agreed to acquire its headquarters in Utah Qualtrix For $8 billion in 2018, it represented a great opportunity for the Startup Center to prove its ability to build and grow companies towards exiting billions of dollars.

While the business software provider eventually split from SAP and went public in January of this year, the region’s venture capital landscape has continued to expand rapidly in the past year, adding new instrument unicorns and several mega deals in fintech and other sectors.

So far this year, investors have transferred more than $3.4 billion to the Utah-based companies via 165 deals, nearly double the capital invested in all of 2020, according to PitchBook data.

The latest huge deal came from Platformwhich announced Monday that it received $201 million at a valuation of more than $3 billion in a led round YC . continuity. The Lehi-based company offers interaction management software that helps local businesses manage online reviews, facilitate payments and more.

permanent capital partnersAnd Arabex CapitalAnd accelerationAnd VC . albumAnd IVPAnd sapphire projectsAnd Summit Partners And Sorenson Capital It also co-financed. The platform was valued at $1.45 billion in April 2020, according to PitchBook data.

Starting Digital Banking precautionaryTopping the list with a $510 million increase in September, it became the first consumer fintech company to receive a national banking charter from the United States in August last year. The Draper-based company offers no-fee checking and savings accounts through its mobile app.

Featured image by James O’Neil / Getty Images

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