These 10 Bay Area Tech Companies Raised $8.5B+ in 2020

Waymo and Robinhood led the way for Bay Area tech with the largest cumulative new funding raised in 2020. Each company raked in more than $1 billion in investments. Read on for more.

Written by Jeremy Porr
Published on Jan. 04, 2021
These 10 Bay Area Tech Companies Raised $8.5B+ in 2020
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2020 marked a big year for investment in Bay Area tech companies despite the pandemic. Autonomous driving startup Waymo led the way for Silicon Valley with a whopping $3 billion. The company was followed by fintech giant Robinhood with $1.26 billion in new funding split across multiple rounds.

Learn more about the top 10 funding rounds for Bay Area tech companies in 2020 below, and catch a glimpse of what they have planned for 2021 and beyond.


#10. $485 million, September 18

The Series F for the mobile banking startup brought its valuation to $14.5 billion. Moving forward, Chime is preparing to enter the Canadian market and is aggressively hiring to support its growth.


#7 (tied). $500 million, July 21 and November 24

The insurtech company last received a capital investment from Mitsui Sumitomo Insurance Company, a subsidiary of MS&AD Insurance Group Holdings. Hippo has raised a total of $709 million to date, the company was most recently valued at $1.5 billion.


#7 (tied). $500 million, September 17

Affirm partners with online vendors to allow shoppers to make payments in installments instead of all at once. The fintech company’s Series G round was led by Durable Capital Partners and GIC.


#7 (tied). $500 million, November 9

The self-driving delivery startup said it would use the Series C round to scale up production of its robot vehicles and grow its team. Nuro’s second-generation vehicle, R2, can autonomously deliver everything from groceries to retail products.


#6. $525 million; June 11, July 3 and October 8

The same-day grocery delivery service saw a huge uptick in demand this year as pandemic-related measures encouraged consumers to stay home and order online. The decacorn’s valuation jumped to $17.7 billion following its July round. As the company continues to scale in order to meet demand, Instacart is on a massive hiring spree.


#5. $600 million, April 16

The Series G for the payment software company was led by Andreessen Horowitz, General Catalyst, GV and Sequoia. The company helps clients manage their business finances, payments and billing. At the time of its last funding round, the company said it would use the additional funding to speed up support for telemedicine providers during the pandemic.


#3 (tied). $700 million, December 17

The life science arm of parent company Alphabet focuses on integrating data and technology into the healthcare industry. The company has also developed a recently authorized COVID-19 test. The company said it would use the funding to expand its commercial business.


#3 (tied). $700 million, March 16 and August 13

The company creates plant-based meat and dairy products like Burger King’s Impossible Whopper. Following its $200 million Series G, the company’s total amount of funding reached $1.4 billion.


#2. $1.26 billion; May 4, July 13, August 17 and September 22

The app-based stocks brokerage had quite a busy year. The company most recently closed on a sizable Series F back in May at an $8.3 million valuation. In July, the company followed up with $320 million in subsequent closings, bringing the total for the round to $600 million. The round was led by Sequoia Capital.


#1. $3 billion, March 2 and May 12

The autonomous driving startup raised $2.25 billion in a round led by Silver Lake Canada Pension Plan Investment Board and Mubadala Investment Company. The round was extended to a total of $3 billion in May, following an additional $750 million round. The company said the extended funding will be invested in expanding its workforce and building out its Waymo One ride-hailing service. The company was last valued at $30 billion.


Funding data is compiled from SEC filings, press releases, confirmed news reports and other public databases. Funding includes venture capital and private equity announced during 2020, but excludes acquisitions and debt financing in most cases.

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