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Midwest Funding Report: Chicago’s Tegus Closes $90M

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 (, 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. 

As expected, the short holiday week had less venture financing activities.  As is often the case, Chicago was the leader with two large transactions and a handful more.  These transactions included Tegus – an investor platform for finding opportunities with data and interviews – and Threekit – a 3D product visualization software.  Other big rounds included OptiFunder and Wheeler Bio – from the St. Louis and OKC areas.

We have provided this funding report diligently for a year.  However, we would request information on what would be helpful for the next year.  We are preparing our 2022 plan of action – and doing a podcast and a review by state or locality are things that we are considering.  If you are a diligent reader, please follow us on Twitter @MugNewsOfficial – and let us know what you would like us to do in the future.

Large Round
Tegus$90M ChicagoIllinois
Threekit$35M ChicagoIllinois
OptiFunder$25M Maryland HeightsMissouri
Wheeler Bio$13.6M Oklahoma CityOklahoma
Series A ($2M to $10M)
Imbed Biosciences$9.4M MadisonWisconsin
Blockade Games$5M IndianapolisIndiana
EarlyBird$4M ChicagoIllinois
Mitesco$3.1M St. Louis ParkMinnesota
Hellowater$2.4M ChicagoIllinois
Early Stage ($500k to $2M)
DasiSimulations$1.6M DublinOhio
Elm Park Labs$1.5M Royal OakMichigan
Vergent Bioscience$1.2M MinneapolisMinnesota
Nurse Disrupted$.7M FitchburgWisconsin
LHB$.7M DuluthMinnesota
Bonfire.$.5M ChicagoIllinois
Seed Stage (0 to $500k)
Skyepack$.43M West LafayetteIndiana
Commissioned$.2M Kansas CityMissouri
Xoca$.12M ChicagoIllinois
Slcket$.1M Kansas CityMissouri
MarkSetBot$.04M DetroitMichigan

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