ShareThis Page
Technology

Pittsburgh's 2017 venture capital already topping 2016

Aaron Aupperlee
| Wednesday, Oct. 11, 2017, 1:54 p.m.
Complexa scientific adviser Bruce Freeman (right) and his team of PhDs from the University of Pittsburgh School of Medicine's Department of Pharmacology and Chemical Biology — (from left) Francisco Schopfer, Nicholas Khoo, Sonia Salvatore, Marco Fazzari, Dario Vitturi and Stacy Wendell — gather for a photo in their lab at the Thomas Starzl Biomedical Science Tower in Oakland on Thursday, March 20, 2014.  The team is working on the development of drugs to fight inflammation from diseases such as diabetes and kidney failure.
Tribune-Review
Complexa scientific adviser Bruce Freeman (right) and his team of PhDs from the University of Pittsburgh School of Medicine's Department of Pharmacology and Chemical Biology — (from left) Francisco Schopfer, Nicholas Khoo, Sonia Salvatore, Marco Fazzari, Dario Vitturi and Stacy Wendell — gather for a photo in their lab at the Thomas Starzl Biomedical Science Tower in Oakland on Thursday, March 20, 2014. The team is working on the development of drugs to fight inflammation from diseases such as diabetes and kidney failure.
Myra Awodey, lead community specialist at Duolingo, and Rogelio Alvarez, director of business development and sales at Duolingo, work on a project at Duolingo's East Liberty office, Wednesday, March 1, 2017.
Andrew Russell | Tribune-Review
Myra Awodey, lead community specialist at Duolingo, and Rogelio Alvarez, director of business development and sales at Duolingo, work on a project at Duolingo's East Liberty office, Wednesday, March 1, 2017.

Pittsburgh startups are on track for a big year in venture capital financing, according to the PwC/CB Insights MoneyTree Report.

The third-quarter report, released Wednesday, shows Pittsburgh startups have already snagged $187 million in venture financing in 2017.

That total already tops the nearly $150 million reported for all of 2016 and the $156.3 million reported for 2015.

In 2014, venture-backed companies based in Pittsburgh brought in $294.2 million, the highest since 2000 when the total was $730 million.

Pittsburgh companies raised nearly $111 million in the third quarter of 2017, according to the report. The city accounted for nearly half of the $226 million in venture capital raised in Pennsylvania in the third quarter.

Complexa , a South Side-based biopharmaceutical company working on treatment for acute and chronic kidney disease and other inflammatory and metabolic diseases, received $62 million from investors that included Edmond de Rothschild Investments, HMB Healthcare Investments, Jafco Life Science Investment, New Enterprise Associates and Pfizer Venture Investments.

Duolingo raised $25 million from Drive Capital. The East Liberty language learning app hopes to use the money to nearly double its workforce in the next year.

RoadRunner Recycling , which moved from New York City to One PPG Place in Downtown this year, raised $10 million from Sewickley-based Adams Capital Management and Tulco. The company runs something similar to a ride-sharing service for picking up recycling.

Pennsylvania's $226 million in venture financing ranked the state ninth in the nation. Neighboring New York brought in $4.2 billion, and Ohio received $381 million.

Aaron Aupperlee is a Tribune-Review staff writer. Reach him at aaupperlee@tribweb.com, 412-336-8448 or via Twitter @tinynotebook.

TribLIVE commenting policy

You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.

We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.

While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.

We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers

We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.

We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.

We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.

We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.

click me