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Midwest Funding Report: Kansas’ C2FO Closes $140M

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 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$140MLeawoodKansas
Inspectorio$53.8MMinneapolisMinnesota
Yardstik$12MMinneapolisMinnesota
Launch House$12MHighland HeightsOhio
Woven$11.1MIndianapolisIndiana

Series A Round
Penrod$8MMilwaukeeWisconsin
Biosynthetic Technologies$7.5MIndianapolisIndiana
CrossLiner$7MKalamazooMichigan
Synapticure$6MChicagoIllinois
CoinLedger$6MKansas CityMissouri
Kaizen Health$5MChicagoIllinois
Haber Technologies$3.9MAmesIowa
Medical Engineering Innovations$3.2MMadisonWisconsin
MakeMyMove$2.6MIndianapolisIndiana
Pay Theory$2.4MCincinnatiOhio
Ideawake$2.3MMilwaukeeWisconsin
Cargofy$2MCedar RapidsIowa

Early Stage Round
NextGem$1.8MMinneapolisMinnesota
Ascent Integrated Tech$1.4MChampaignIllinois
Mycocycle$0.53MBolingbrookIllinois

Seed Round
Lillipad$0.25MGreen BayWisconsin
Boon Logic$0.20MMinneapolisMinnesota
Innovative Therapeutix$0.17MLouisvilleKentucky
Kare Mobile$0.13MLouisvilleKentucky
Apologue$0.11MIndianapolisIndiana

 

2022 Scorecard of Venture Deals in the Middle (as of January 30)

MSAsDealsAmount (in millions) StatesDeals Amount (in millions)
Chicago341050.31Illinois361269.11
Cincinnati3218.8Ohio17365.46
Ann Arbor5122.31Michigan19153.73
Saint Louis6114.65Missouri7134.65
Columbus5109.86Nebraska178
Omaha178Minnesota1570.15
Minneapolis1468.65Arkansas547.03
Indianapolis1042.42Indiana1142.52
Fayetteville342.03North Dakota231.17
Fargo231.17Kansas316
Detroit1128.21Kentucky315
Springfield(MO)120Oklahoma114
Louisville315Iowa59.46
Cleveland514.75Wisconsin55.37
Oklahoma City114South Dakota0 
Kansas City210 
Des Moines28.2 
Wichita16 
Little Rock25 
Champaign24.7 
Toledo13.6 
Akron13.5 
Milwaukee23.05 
Grand Rapids32.38 
La Crosse12 
Iowa City21.06 
Dayton11 
Rochester11 
East Lansing10.83 
Rural30.5 
Duluth10.5 
Madison10.17 
Green Bay10.15    

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