CHICAGO | Economic & Business Development

[Chi-Sky21]

Good! About time people realized its ridiculous to ship materials over seas to have it made into products to have them shipped back. Nobody would EVER purposely design such an inefficient system, all to exploit cheap labor. Really was not the great idea some thought it to be. Hope to see more of this, like the Intel factories in AZ, even though I know they got a ton of money from the gov. and it has national security implications.

[F1 Tommy]

Originally Posted by aaron38

Letting you guys in on some rumors.

For the first time in my 24 year engineering career, I have been told by sourcing NOT to go to China for parts.

Next, Milwaukee Tools, which just opened an engineering center in the Old Post Office, is building a new factory north of Milwaukee. Made in America.

Things are happening folks. Shipping is a mess, supply chain is a mess. No one can get parts out of China and production is shifting local.

That is great, but the real reason they are doing that is you can't get the parts they need from China right now. Go to a hardware store of try to buy a new car. They are out of tons of screw and fastener sizes, all made in China and car makers can't get car parts or chips. We already screwed ourselves with world trade.

[galleyfox]

Originally Posted by aaron38

Letting you guys in on some rumors.

For the first time in my 24 year engineering career, I have been told by sourcing NOT to go to China for parts.

Next, Milwaukee Tools, which just opened an engineering center in the Old Post Office, is building a new factory north of Milwaukee. Made in America.

Things are happening folks. Shipping is a mess, supply chain is a mess. No one can get parts out of China and production is shifting local.

I’ve been wondering about that.

My father had been working as a consultant for 10 years in China before coming to stay with me in Chicago because of the pandemic.

The social and political situation in China had severely deteriorated for foreign businesspeople even before the pandemic. (Chinese CEOs were sending him anti-American propaganda videos weekly thinking he was just a German citizen.) And regular casual conversations were getting more and more restricted every year.

With the physical logistics, shipping and manufacturing issues, it’s a pretty dismal commercial environment right now.

[left of center]

Very interesting! I have wondered why there hasn't been more of a push to shift more manufacturing local ever since the supply chains started getting strangled 18 months ago. At this point, with the insane cost of shipping containers, cargo ships waiting at ports for weeks/months, insanely long production lead times at foreign factories, and the rising cost of labor oversees (not to mention the fact that China is becoming a scary place to do business in, politically speaking), you would think almost every S&P500 company would be scrambling to set up at least some sort of local/domestic production/supply system. Good to hear things are beginning to move in that direction. We cannot be a superpower that only produces services. We need to make actual physical products as well, from a national security standpoint. Chip foundries are definitely one aspect of this, and the government is bankrolling those which is good. Next up, renewable energy materials like wind turbines and solar panels. If we want to be a renewables leader, we can't just import everything from China/SE Asia.

[Handro]

And Chicago would once again be able to benefit from its physical location—an attribute which seemed obsolete just a few years ago could do wonders to rebuild the south and west sides and stem population decline.

I remember hearing rumblings about supply chains shifting back stateside last year. Good to know there’s still traction. Also makes me wonder if there’s even more to the industrial real estate boom in Chicagoland than storage…

[bnk]

Originally Posted by the urban politician

Boeing’s long term future in Chicago being called into question:

https://www.google.com/amp/s/finance.yah...ngs-chicago-hq-ghost-town-120435599.html

This is where you need a Rahm to keep them here. Lori has no clout, can't even keep Foxx from legalizing gang murders.

Lori's big Idea is placing bleeding kits all over the city.

The Loss of Boeing would be a huge loss and horrible image.

The indirect impact from Boeing employees in the Chicago area had been pegged at $4.3 billion over 20 years, Pam McDonough, a former director of the Illinois Department of Commerce and Community Affairs, said in a LinkedIn article last year.

"These large projects are complicated and strategic but do result in tremendous benefits both financial and civic."

But as expected most here will say don't let the door hit them on their 🞵🞵🞵. That sadly seems to be the most frequent response to issues like this.

[galleyfox]

Freight tech firm Loadsmart is among the transportation logistics companies bulking up on headcount and office space in Chicago.

Freight tech firm Loadsmart has leased nearly 35,000 square feet at 175 W. Jackson Blvd., where it will move its primary office from New York, the company announced. The new lease more than triples the 11,000 square feet the company has subleased from Crain's parent Crain Communications since just before the pandemic began at 150 N. Michigan Ave.
…
Trucking company U.S. Xpress Enterprises, logistics software company Flock Freight, freight brokerage Nolan Transportation Group and third-party logistics provider MoLo Solutions have all signed or are close to finalizing leases for new, larger offices downtown.

https://www.chicagobusiness.com/commerci...rt-signs-chicago-loop-headquarters-lease

[F1 Tommy]

Originally Posted by bnk

But as expected most here will say don't let the door hit them on their 🞵🞵🞵. That sadly seems to be the most frequent response to issues like this.

No, they just need to give more to get more. Yes we need Boeing to stay in Chicago but they need to stop playing games and give us a production facility.

I am by no means an Airbus fan, and I think Boeing builds the best widebody aircraft, but if Airbus can be courted to build in Illinois and Boeing won't, well... Now Illinois needs to go after that production facility using its clout and ability in Washington no matter who wins the tanker deal.

Last time I think Illinois had a large production aircraft facility was back in 1946 when Douglas made 600 DC4's at Orchard Field.

Boeing has built or sub contracted fuselage and aircraft construction in Wichita for many years(since WWII), not exactly on a coast or near an ocean.

[marothisu]

Chicago fintech startup Halo Investing raises $100M

https://www.bizjournals.com/chicago/inno...21/10/12/halo-investing-raises-100m.html

Chicago's $100 million funding rounds continue rolling in as local fintech startup Halo Investing is the latest to snag a nine-figure fundraise.

Halo announced Tuesday that it raised a $100 million Series C round led by Owl Capital. Other backers include Abu Dhabi Catalyst Partners, Allianz Life Ventures and William Blair. The startup has now raised $120 million to date.

It last raised a $12 million round in 2019.

Founded in 2015 and led by Jason Barsema and Biju Kulathakal, the co-founder of Redbox, Halo has created an investing platform that allows financial advisors to add structured notes, annuities, and buffered ETFs to their client portfolios.

The startup says those investments bridge the risk gap between stocks and bonds and act as insurance to protect your portfolio around market volatility. Such products have traditionally only been available to high-net-worth individuals, Barsema said.

..
Halo has grown quickly over the last year. It now has 175 employees, up from 35 in early 2020. The startup is currently hiring for 100 open roles, Barsema said. In addition to its Chicago headquarters, it has offices in Abu Dhabi, Zurich, Dubai and Singapore.

[marothisu]

Not that this isn't known here but..

Chicago startup funding continues torrid pace

https://www.bizjournals.com/chicago/inno...artup-funding-continues-record-pace.html

Chicago venture funding has shown no signs of slowing down in 2021.

The city's startups have raised $5.5 billion in VC funding through the first three quarters of 2021, according to data released Thursday by Pitchbook. That's about twice as much as what was raised in all of 2020, which was already a record high for Chicago tech companies.

This year's influx of capital has been paced by an increase in $100 million mega-funding rounds, which have minted around a dozen new "unicorn" startups valued at $1 billion or more. In total, 275 Chicago companies have received VC funding so far in 2021, according to Pitchbook.

Chicago's VC funding still falls well short of cities like New York, Boston and Los Angeles, which have so far raised $39 billion, $28 billion and $24 billion, respectively, and of course the Bay Area, which leads the way with $88 billion raised so far this year.

But Chicago is the next city behind those power players, outpacing metros like Philadelphia ($5.2 billion), Seattle ($5.1 billion), Washington, D.C. ($4.3 billion), Austin ($3.8 billion) and Denver ($3.5 billion).

Chicago has raised a full $3 billon more, and seen nearly 100 more deals made, than Miami, a city that's garnered buzz over the last year as the next tech hot spot.

..

And the fourth quarter of this year has already gotten off to a hot start, with fintech startup Halo Investing's $100 million round, along with The Mom Project's $80 million Series C.

Also, small news --

SF software startup Front expands to Chicago

https://www.bizjournals.com/chicago/inno...re-startup-front-expands-to-chicago.html

Front, a Y Combinator-backed startup based in San Francisco, is expanding to Chicago with plans to open a local office and hire dozens of employees.

Front, a startup founded in 2013 with more than $130 million in venture funding, announced that it's opening offices in Chicago and Dublin as its headcount grows to around 300 employees.

The Chicago office plans to grow to about 40 people in the next year, according to a Front spokesperson, and is currently hiring for around 10 roles. The company said it will open a physical office once it's safe to do so given the Covid-19 pandemic.

..
Front's expansion comes as Farmers Business Network, another California-based upstart, recently announced plans to grow its presence in Chicago with a local outpost.

[Randomguy34]

Google-backed ag startup opening office in Chicago

A California startup that's created an online marketplace for farmers is opening an office in Chicago as it looks to grow its agriculture tech firm across the Midwest.

Farmers Business Network is moving into a 43,000 square-foot space at 1320 W. Fulton Street in Fulton Market. The office is near the site of the last operating grain elevator in Chicago, which was owned by Archer Daniels Midland.

It's a fitting location for FBN, the company says, as it looks to usher in the next wave of agriculture innovation through its network that helps farmers connect with other famers to purchase products and get data to help make growing decisions. The startup has around 70 Chicago employees and is "growing rapidly," according to a company spokesperson.

Founded in 2014, FBN has raised more than $570 million in total funding, including a $250 million Series F round last year. Its investors include GV (the investment firm formerly known as Google Ventures), Kleiner Perkins, BlackRock, T. Rowe Price and Panera founder Ron Shaich.

The company says Chicago will be a "a major growth market" for the startup, which also has offices in Sioux Falls, South Dakota, and a corporate headquarters in San Carlos, California. FBN said it's also not ruling out expanding beyond this Chicago office lease in a few years.

https://www.bizjournals.com/chicago/inno...cx_testVariant=cx_1&cx_artPos=0#cxrecs_s

[the urban politician]

Grab those cordless power screwdrivers, folks!

Or…..start designing them. At the Old Post Office!!

[bnk]

https://www.chicagobusiness.com/restaurants/portillos-share-price-increases-ipo-day

October 21, 2021 11:52 AM |



How much does a Portillo's share cost? The same as about 8 hot dogs.



The Chicago-area hot dog and Italian beef chain saw shares rise in its IPO. Portillo's chief financial officer tells what's next for the company.





Ally Marotti  


Portillo’s, the restaurant chain that started almost 60 years ago as a hot dog stand in Villa Park, is now the Chicago-area’s newest publicly traded company. Its market capitalization is $1.43 billion, according to deal tracker Dealogic.

The hot dog and Italian beef chain debuted on the Nasdaq exchange this morning under the symbol “PTLO.” It sold almost 20.3 million shares for $20 each leading up to the IPO, hitting the top end of its range and raising more than $405 million.




The stock price rose in the hours following its debut. At today's close, shares landed at $29.10, or roughly the cost of eight hot dogs at Portillo’s River North location.

The Oak Brook-based chain plans to continue its expansion. Portillo's recently disclosed that it believes it could grow to more than 600 restaurants in the U.S. in the next 25 years, and is well-positioned for global growth, too. Chief Operating Officer Derrick Pratt said the 67-store chain is targeting 10% new restaurant growth each year.


So where does the company go next? Pratt said there is “tremendous demand for our product” in Florida, Texas and Arizona, and it plans to expand its presence in those states. Portillo’s also plans to beef up the Midwest, adding one to two restaurants a year in the Chicago area and beyond. The company is taking cues from online orders, a tactic many brick-and-mortar retailers have adopted as online shopping has gained speed.

“Our shop-and-ship business ships product to all 50 states,” Pratt said. “That then helps us understand where the demand for our product is.”


...


Portillo’s is the third Chicago-area company to go public this week, a rare sight. Online ticket marketplace Vivid Seats went public Tuesday via special-purpose acquisition company, or SPAC, and hedge fund software company Enfusion debuted on the New York Stock Exchange this morning.


...

Founder 🞵🞵🞵🞵 Portillo launched the chain in 1963, and sold it to private-equity firm Berkshire Partners for $1 billion in 2014. The company now employs about 7,000 people, a couple of hundred in Oak Brook, Hook said.

[bnk]

Originally Posted by the urban politician

Grab those cordless power screwdrivers, folks!

Or…..start designing them. At the Old Post Office!!

https://www.chicagobusiness.com/commerci...es-space-engineering-hub-old-post-office


October 21, 2021 05:24 PM |



Milwaukee Tool leases space for engineering hub at Old Post Office



The deal sets up the power tools maker to bring a few hundred jobs to the city.



...


The company has signed a lease for nearly 70,000 square feet in the massive Southwest Loop building at 433 W. Van Buren St., according to statements from Milwaukee Tool and the building. The Brookfield, Wisc.-based manufacturer's exact hiring plans are unclear for the new space, which it is slated to occupy in 2022. But the company is looking to hire a variety of engineering roles in Chicago, the Milwaukee Tool statement said, and the office size is large enough for more than 300 workers based on typical employee density levels.

...

[Randomguy34]

This fast-growing Chicago freight broker has a new owner

Andrew Silver is following a familiar playbook with MoLo Solutions, a fast-growing Chicago freight broker.

He sold the four-year-old company for $235 million to ArcBest, a publicly traded trucking and logistics company based in Fort Smith, Ark., in a deal scheduled to close today. If the story sounds familiar, it’s because Silver’s father, Jeff, was the founder of Coyote Logistics, a Chicago-based freight broker that was bought by UPS for $1.8 billion in 2015.

MoLo, which arranges for companies such as Anheuser-Busch and Target to find trucks to move their products, expects to more than double revenue to about $600 million. Its headcount has more than doubled to 525 since pandemic began, and it plans to hire 300 to 400 more employees in the next 12 months, says Silver. The company has space for up to 900 workers in a new Fulton Market office, where it has leased 90,000 square feet at 167 N. Green St.

https://www.chicagobusiness.com/transpor...gistics-firm-molo-solutions-sold-arcbest

[the urban politician]

What the hell, things have been quiet around here so here is some good news. Another random company that does blah blah software blah blah management blah blah consulting something or another opening its HQ in Chicago with an unknown number of employees. Better than nothing!

Syntellis Performance Solutions Establishes New Headquarters in Chicago’s Fulton Market Neighborhood
CHICAGO--(BUSINESS WIRE)--Nov 3, 2021--

Syntellis Performance Solutions, the leading provider of enterprise performance management (EPM) software, data and analytics solutions, today announced the new location of its global headquarters at 320 North Sangamon in Chicago’s Fulton Market neighborhood. Doors will open to employees in the spring of 2022.

With Syntellis’ workforce distributed across the country, Chicago’s centrality in the continental U.S. will serve as a middle ground for a “hub and spoke” model of distributed work. Both Chicago-based and visiting employees and customers will have a place to come together and collaborate on technology and data initiatives that help shape the future of our communities and our nation’s most foundational institutions. In addition, Syntellis employees, partners, customers and investors will be able to enjoy the building’s community spaces, workout facilities and rooftop balcony with views of the city.

“Even after a year and a half that’s been so challenging for everyone, Syntellis continues to grow and innovate, and we want our new headquarters to reflect our excitement and optimism about the future,” said Flint Brenton, CEO of Syntellis. “We’ll continue to provide flexible and remote work arrangements for our employees, while the new Chicago space will serve as a center for our team to collaborate, and a gathering place for our customers and partners. Above all else, we value our employees and view this space as a key element of driving a people-first culture.”

Backed by leading private equity firms Thoma Bravo and Madison Dearborn Partners, Syntellis develops innovative enterprise performance management software, data and analytics solutions for healthcare, higher education and financial institutions.

The new Chicago headquarters office will be a hub for several of the company’s functions to collaborate and will provide workspace for local employees from across disciplines. Chicago’s abundance of leading universities and rich technological culture will give Syntellis access to an extensive pool of technology and business talent.

“One of the reasons for choosing Chicago as a headquarters is the strong network of colleges and universities, and we look forward to tapping into that talent to help build our teams. We’ve found wonderful early career team members through campus hiring and internships, and we will continue fostering the abundance of talent in Chicago,” said Kris Kildahl, Chief People Officer at Syntellis.

“Chicago’s Fulton Market District has emerged as a center of activity for successful innovators and their collaborators, which makes Syntellis a great fit for this area,” said Nooshin Felsenthal, Regional Director at Tishman Speyer. “We welcome Syntellis to 320 North Sangamon, where our objective is to provide the most supportive environment to our customers.”

Syntellis is actively hiring employees across functional areas to join its team. For more information on opportunities with Syntellis, please visit the company’s Careers page.

https://www.bakersfield.com/ap/news/synt...e2e3008-b9f3-59cd-b335-946022f7ba63.html

[marothisu]

^ Looks like they were founded over 20 years ago and are HQ'd in The Loop with another office in Portland. They have 360+ employees but can't tell how many are in Chicago.

[the urban politician]

^ You need to change your location, it still says "Manhattan"

[marothisu]

Originally Posted by the urban politician

^ You need to change your location, it still says "Manhattan"

True. Thats old and totally forgot. I moved from Manhattan to Queens even at the end of 2018 And now Chicago.

[marothisu]

Catholic App Hallow Passes 1 Million Downloads, Raises $40 Million Series B to Help Christians Around the World Find Peace

https://finance.yahoo.com/news/catholic-app-hallow-passes-1-123000046.html

Hallow, the #1 Catholic prayer and meditation app, today announces it has completed a $40 million Series B round to help people around the world find peace in God, bringing the total raised this year to over $50 million. Amid the growing embrace of technology in religion, and during a time when many are stressed and anxious about the world around them, Hallow has surpassed 1 million downloads in just two and a half years.

..

Hallow will use the Series B funding to continue partnering with faith-based creators to build world-class content, make more of its over 3,000 meditations available for free, add new languages, and reach out to a broader group of unaffiliated or fallen-away Catholics and Christians. The Chicago-based company plans to scale hiring to double its mission-driven team.

..

Hallow recently crossed 1 million downloads and 25 million prayers completed with over 35,000 five-star reviews. Over the last year they have added many phenomenal faith leaders to the app including Bishop Robert Barron, Fr. Mike Schmitz, Dr. Scott Hahn, Leah Darrow, Sister Miriam James Heidland, Fr. Mark-Mary, Fr. Josh Johnson, Matt Fradd, Jonathan Roumie, David Henrie, Emily Wilson, Chris Stefanick, Bobby & Jackie Angel, and many more. Hallow has also formed a new Board of Advisors led by Bishop Kevin C. Rhoades. Available in the Apple App Store, Google Play Store, and Amazon App Store, Hallow is rapidly growing in popularity with 700% more prayers this month than during the same time last year.

I don't think they have many employees - maybe at most 30 - but good for them.