Chicago companies are attracting new investment

Boro is a financing platform for college students. | Photo: Boro/Facebook
By Hoodline - Published on April 25, 2019.

Chicago-based personal finance company Boro has secured $6 million in Series A funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced March 28 and financed by Lexin.

According to its Crunchbase profile, "Boro is a leading consumer financing platform for college students. With its proprietary underwriting system, Boro is revolutionizing the existing consumer financing industry by providing convenient and affordable financial solutions to college students, who are underserved in the current market."

The three-year-old startup has raised two previous funding rounds, including a $2 million convertible note round in 2017.

The round brings total funding raised by Chicago companies in financial services over the past month to $7 million. The local financial services industry has produced 46 funding rounds over the past year, yielding a total of $2.1 billion in venture funding.

In other local funding news, hospital and medical device company ExplORer Surgical announced a $5 million Series B funding round on April 18, financed by Aphelion Capital.

According to Crunchbase, "ExplORer Surgical is an interactive surgical playbook that reduces disruptions and wasted disposables by improving surgical team communication. ExplORer Surgical also provides real-time performance and scheduling data to OR administrators to enhance quality of care and efficiency. Surgical teams use the software to coordinate their activities while managing their tools and and supplies in a way never before possible."

Founded in 2015, the company has raised two previous rounds, including a $3 million Series A round in 2017.

This story was created automatically using local investment data, then reviewed by an editor. Click here for more about what we're doing. Got thoughts? Go here to share your feedback.

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