The Funding Roundup is a weekly note about companies that raised venture capital. We use four sources – 1) those that are sent to us via press release ([email protected]), 2) Form D filings in the sixteen states that we cover, 3) Databases to which we subscribe (particularly Pitchbook, Crunchbase), 4) Other sources (such as SBIR grant database). The goal of the funding roundup is to provide a quick synthesis of companies that are actively raising money. This is not a value judgment placing VC backed companies over bootstrapped – only a recognition that VC backed companies often file paperwork that puts them on our radar.
The Middle is home to more than $15 Billion in annual academic research and development. Places, such as Madison, Wisconsin and Ann Arbor, Michigan, are examples of communities that have dramatically benefited from the effect of smart, transient people moving into and out of their communities. This leads to smart businesses with relationships at the university but also to ones that have nothing to do with the university but benefit from being in a smart city. For example, Wes, the founder of Fetch Rewards in Madison, describes in the opening of his bio on the company’s website his problem identification while in college. Conversely, Dan Rhoads PhD was part of a spin-out at the University of Michigan, where he also received undergraduate and graduate technical degrees. So, while Strata Oncology has no direct relationship, he has a strong tie to the university from education and past entrepreneurial experience.
Lastly, companies such as Meditrak Life are built out of universities where there are student/faculty incubators that are specifically intended to help stakeholders build startups, such as Purdue in West Lafayette. Each of these is not quite tech transfer but helps elucidate why college towns often see long-term innovation beyond simply pushing out technologies directly. In short, the Middle is home to many excellent college towns that spark significant local economic development via startup.
Over $10 million
- Fetch Rewards – Madison, Wisconsin – $80 million
- Olive AI – Columbus, Ohio – $46.4 million
- Booksy – Chicago, Illinois – $43.5 million
- Neuros Medical – Willoughby Hills, Ohio – $37 million
- Mighty Nest – Skokie, Illinois – $35.2 million
- Relievant MedSystems – Minneapolis, Minnesota – $34 million
- Workit Health – Ann Arbor, Michigan – $12 million
- ArborMetrix – Ann Arbor, Michigan – $11.8 million
$2-10 million
- Animated Dynamics – Indianapolis, Indiana – $5.5 million
- Strata Oncology – Ann Arbor, Michigan – $5 million
- Fluent Forever – Chicago, Illinois – $5 million
$500k-2 million
- Monica + Andy – Chicago, Illinois – $2.0 million
- Sifter – Evanston, Illinois – $1.6 million
- Sustainment Technologies – Duncan, Oklahoma – $1.6 million
- Automotive Innovations – Kansas City, Missouri – $1.6 million
- Printed Circuits – St. Cloud, Minnesota – $1.5 million
- Lift Ventures – Southfield, Michigan – $.68 million (d)
- Medicool Technologies – Rochester, Minnesota – $.68 million
- Sense (Neuro) Diagnostics – Cincinnati, Ohio – $.55 million
Under $500k
- HedgeHog – Royal Oak, Michigan – $.35 million
- Pineapple Academy – Blue Springs, Missouri – $.24 million
- CellTech Metals – Searcy, Arkansas – $.18 million
- Physician Software Systems – Chicago, Illinois – $.18 million
- MediTrak Life – West Lafayette, Indiana – $.07 million
Click here to check out all the great Midwest companies raising money!
