The Greater Boston area’s startup scene has long been seen as synonymous, even exclusive, to its biotechnology lineup. But let’s say we strip away the tech-focused neighbors of Boston, like Cambridge for example. You’ll see that Boston alone might be viewed as more than a healthcare-focused town.
Looking at the last 12 months within Boston, out of the 10 biggest funding rounds, only one went to a traditional biotech company: Karuna Therapeutics, a developer of drugs for the treatment of schizophrenia. It raised a $68 million Series B in March, led by ARCH Venture Partners.
Interestingly enough, Boston-based startups that work with food—from catering to developing ingredients for plant-based protein—have raised significant funding. For example, Stefania Mallett, the CEO and founder of catering service ezCater, started a food company in an area where food is not the primary industry has worked out well. The company, which uses software to connect caterers to companies, raised nine-figure rounds twice in the past year.
The city’s ability to change has been key in her success. When she graduated from Massachusetts Institute of Technology in 1977, for example, Boston was pivoting from the hardware capital of the world, to the software capital of the world.Read Complete Article