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Midwest Funding Report

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Midwest Funding Report: April 25th – May 1st

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.

Three big rounds headline the week in Chicago.  LocusView, Catch Co., and Halo Investing all raised more than $30 million.  These rounds plus four others help explain why many on the coasts see Chicago as the only meaningful deal source in the Middle.  This week helps lend credibility to that argument.  But, Columbus, Ohio had the largest round in Forge Biologics, and the diversity of deals across the region remains.  The Middle consistently provides lots of deals just not from a single source – as large population centers on the coasts do.

Large Rounds (More than $10M)
Forge Biologics$120MColumbus, Ohio
LocusView$64MChicago, Illinois
Catch Co.$38MChicago, Illinois
Halo Investing$36MChicago, Illinois
Clarus Therapeutics$25MNorthbrook, Illinois
Artio Medical$12MOlathe, Kansas
Series A Rounds (Between $2M and $10M)
On Lume$7MMadison, Wisconsin
Compute North$5.1MEden Prairie, Minnesota
Prismatic$3.3MSioux Falls, South Dakota
Sift Healthcare$2.6MMilwaukee, Wisconsin
Early Stage Rounds (Between $500k and $2M)
Certiverse$2MChicago, Illinois
Merit CRO$2MMadison, Wisconsin
Covertree$1.5MDetroit, Michigan
Blue Line Battery$1.5MWitewater, Wisconsin
DwellSocial$1.5MChicago, Illinois
ABV Technology$1.5MSt. Paul, Minnesota
iotaMotion$1.2MIowa City, Iowa
Seed Rounds (Less than $500k)
Pharmazz$.25MWillowbrook, Illinois
Diamante Blockchain$.17MLenexa, Kansas
SampleServe$.1MTraverse, Michigan
Uprise Operating$.1MThree Oaks, Michigan
Airway Innovations$.08MGrand Rapids, Michigan

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