These Local Startups Defied the Odds Despite National Venture Capital Funding Slowdown

Despite a slowdown of venture capital funding around the nation, these startups in Chester County defied the odds and raised millions of dollars to help their businesses advance, writes Ryan Mulligan for the Philadelphia Business Journal.

While funding for startups in the Greater Philadelphia area went down by 77 percent in the second quarter of the year, some companies pulled through and managed to raise a total of $619.6 million during the three-month period from July to September.

Among the millions of dollars generated for venture capital deals, four Chester County-based startups closed for the third quarter.

Malvern-based Savana, a financial technology company, raised $45 million in during its Series A funding in August. It plans to use the funds to expand its online banking platform.

PurpleLab, a Wayne-based healthcare analytics company, raised $40 million during its Series B funding in September.

Also in Wayne, Cornelis Networks — a data analytics firm — landed $30 million from a deal disclosed through the U.S. Securities and Exchange Commission.

Finally, Berwyn-based Advisor Credit Exchange received $24 million. The wealth management platform secured the dollars in July, according to the U.S. Securities and Exchange Commission.

Read more about these startups in startups in Chester County in the Philadelphia Business Journal.