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.
This week was a little below average for the quick start to 2022. We only had a handful of very large rounds, but Minneapolis had a very nice week. Two large deals, and a couple of smaller deals. Chicago seemed a little off this week. We particularly were excited to see two deals in Iowa – Haber Technologies and Cargofy. Both have raised money multiple times, and it is good to see a little more deal flow action in the Hawkeye State. South Dakota is still at $0 for the year, but we are expecting a couple of deals to hit in February.
As you may be able to tell, we have been a bit distracted putting together the 2021 annual results – in the recently released Investment Report. You should definitely check it out here.
| Large Round | |||
| C2FO | $140M | Leawood | Kansas |
| Inspectorio | $53.8M | Minneapolis | Minnesota |
| Yardstik | $12M | Minneapolis | Minnesota |
| Launch House | $12M | Highland Heights | Ohio |
| Woven | $11.1M | Indianapolis | Indiana |
Series A Round | |||
| Penrod | $8M | Milwaukee | Wisconsin |
| Biosynthetic Technologies | $7.5M | Indianapolis | Indiana |
| CrossLiner | $7M | Kalamazoo | Michigan |
| Synapticure | $6M | Chicago | Illinois |
| CoinLedger | $6M | Kansas City | Missouri |
| Kaizen Health | $5M | Chicago | Illinois |
| Haber Technologies | $3.9M | Ames | Iowa |
| Medical Engineering Innovations | $3.2M | Madison | Wisconsin |
| MakeMyMove | $2.6M | Indianapolis | Indiana |
| Pay Theory | $2.4M | Cincinnati | Ohio |
| Ideawake | $2.3M | Milwaukee | Wisconsin |
| Cargofy | $2M | Cedar Rapids | Iowa |
Early Stage Round | |||
| NextGem | $1.8M | Minneapolis | Minnesota |
| Ascent Integrated Tech | $1.4M | Champaign | Illinois |
| Mycocycle | $0.53M | Bolingbrook | Illinois |
Seed Round | |||
| Lillipad | $0.25M | Green Bay | Wisconsin |
| Boon Logic | $0.20M | Minneapolis | Minnesota |
| Innovative Therapeutix | $0.17M | Louisville | Kentucky |
| Kare Mobile | $0.13M | Louisville | Kentucky |
| Apologue | $0.11M | Indianapolis | Indiana |
2022 Scorecard of Venture Deals in the Middle (as of January 30)
| MSAs | Deals | Amount (in millions) | States | Deals | Amount (in millions) | |
| Chicago | 34 | 1050.31 | Illinois | 36 | 1269.11 | |
| Cincinnati | 3 | 218.8 | Ohio | 17 | 365.46 | |
| Ann Arbor | 5 | 122.31 | Michigan | 19 | 153.73 | |
| Saint Louis | 6 | 114.65 | Missouri | 7 | 134.65 | |
| Columbus | 5 | 109.86 | Nebraska | 1 | 78 | |
| Omaha | 1 | 78 | Minnesota | 15 | 70.15 | |
| Minneapolis | 14 | 68.65 | Arkansas | 5 | 47.03 | |
| Indianapolis | 10 | 42.42 | Indiana | 11 | 42.52 | |
| Fayetteville | 3 | 42.03 | North Dakota | 2 | 31.17 | |
| Fargo | 2 | 31.17 | Kansas | 3 | 16 | |
| Detroit | 11 | 28.21 | Kentucky | 3 | 15 | |
| Springfield(MO) | 1 | 20 | Oklahoma | 1 | 14 | |
| Louisville | 3 | 15 | Iowa | 5 | 9.46 | |
| Cleveland | 5 | 14.75 | Wisconsin | 5 | 5.37 | |
| Oklahoma City | 1 | 14 | South Dakota | 0 | ||
| Kansas City | 2 | 10 | ||||
| Des Moines | 2 | 8.2 | ||||
| Wichita | 1 | 6 | ||||
| Little Rock | 2 | 5 | ||||
| Champaign | 2 | 4.7 | ||||
| Toledo | 1 | 3.6 | ||||
| Akron | 1 | 3.5 | ||||
| Milwaukee | 2 | 3.05 | ||||
| Grand Rapids | 3 | 2.38 | ||||
| La Crosse | 1 | 2 | ||||
| Iowa City | 2 | 1.06 | ||||
| Dayton | 1 | 1 | ||||
| Rochester | 1 | 1 | ||||
| East Lansing | 1 | 0.83 | ||||
| Rural | 3 | 0.5 | ||||
| Duluth | 1 | 0.5 | ||||
| Madison | 1 | 0.17 | ||||
| Green Bay | 1 | 0.15 |
