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Midwest Funding Report

Arkansas

Midwest Funding Report: April 11th to April 17th

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 (hello@mug.news), 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.

This was a big week for the region.  There were a lot of deals – including a big one in Columbia, Missouri.  EquipmentShare announced a $200M+ fundraising.  In addition, the large rounds continued for Chicago.  We particularly were interested in Hazel Technologies.  The company provides an insert to fruit and vegetable containers that helps keep the produce fresh longer.  This technology has been on our radar for a while, and so, we are pleased to see the company continue to prosper.  Another good agtech company, AppHarvest, received additional funding.  We covered this company last fall.  The company offers an enormous greenhouse for growing produce – particularly tomatoes.  In addition to agtech, there were a bunch of software and healthcare companies this week.  In total, the week boasted more than thirty companies receiving investment capital.  While this is not a record, it continues to signal that the Middle is recovering from the pandemic and funding is becoming more prevalent.

Large Rounds (More than $10M)
EquipmentShare$226MColumbia, Missouri
Clearcover$200MChicago, Illinois
Jaguar Gene Therapy$139MLake Forest, Illinois
Hazel Technologies$70MChicago, Illinois
AppHarvest$49MMorehead, Kentucky
AdvisorNet Financial$32MMinneapolis, Minnesota
Celcuity$15MMinneapolis, Minnesota
Hallow$12MChicago, Illinois
Encamp$12MIndianapolis, Indiana
Early Stage Rounds (Between $2M and $10M)
Logiwa$8.5MChicago, Illinois
ScriptDrop$5.9MColumbus, Ohio
Torch$3.5MChicago, Illinois
Nitricap Medical$3.2MMinneapolis, Minnesota
Milk Moovement$3.2MMinneapolis, Minnesota
OpenLoop$3MDes Moines, Iowa
PAXAFE$2.3MMilwaukee, Wisconsin
RxLighting$2MGreenville, Indiana
Understory$2MMadison, Wisconsin
Early Stage Rounds (Between $500k and $2M)
PreFlight$1.2MChicago, Illinois
Novilytic$1MWest Lafayette, Indiana
Zeus Electric Chassis$.8MWhite Bear Lake, Minnesota
Bird$.7MChicago, Illinois
Kilter$.7MMadison, Wisconsin
Triton Automotive Group$.7MIndianapolis, Indiana
Claira Technologies$.6MGrand Rapids, Michigan
Andonix$.6MDetroit, Michigan
Pyrochem Catalyst$.5MLouisville, Kentucky
Structurely$.5MAmes, Iowa
Seed Rounds (Less than $500k)
Upscale$.3MDelaware, Ohio
New Dawn Crop Performance$.2MSteele, North Dakota
Pison Stream$.1MBrecksville, Ohio
Zebra Analytix$.1MFayetteville, Arkansas
Nob Hill Therapeutics$.05MFayetteville, Arkansas
PayHippo$.02MSimpsonville, Kentucky

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