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Midwest Funding Report: Madison’s Fetch Raises $240M

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. 

Big month for places that have had a slow start to 2022.  Madison-based Fetch Rewards continues to raise big rounds.  In early April, the company raised more than $200 million for the second time in less than a year.  The second largest round for the month was in Peoria, Illinois – Natural Fiber Welding.  We visited NFW about three years ago, and even then, we could see that the company was primed for something big.  The unique means to turn cotton into a high performance textile is an amazing technology that will revolutionize fabrics.  Another surprising location – South Bend, Indiana – is the home to Aunalytics.  This company blends humans and technologies to help small and medium sized businesses scale.

We have updated the running totals by MSA and State (at the end of this article).  Chicago and Illinois continue to have large leads, but Ohio passed the $1B in investment total in the last month.  This was due to the large transactions – such as Astronomer – that have taken place in late March and April.  Minnesota continues to represent well with its expected deal number leading the entire list of Middle states.

Large Deals (+$10 million)
Fetch Rewards$  240.00MadisonWI
Natural Fiber Welding$    85.00PeoriaIL
bloXroute Labs$    70.00ChicagoIL
Dispatch$    50.00BloomingtonMN
Blue Spark$    40.00WestlakeOH
Amount$    35.70ChicagoIL
4C Medical Technologies$    35.40Maple GroveMN
Aunalytics$    26.18South BendIN
Invoq Health$    25.90MundeleinIL
Immunophotonics$    21.40Saint LouisMO
Live Bash$    21.00ChicagoIL
Novosteo$    17.69West LafayetteIN
HomeTown Ticketing$    17.50ColumbusOH
Homethrive$    16.50NorthbrookIL
Thoughtful Automation$    16.00ChicagoIL
Canary Mining$    15.00Oakbrook TerraceIL
CoreLeap$    15.00OmahaNE
Cancer IQ$     14.00ChicagoIL
Leaf Trade$    12.29ChicagoIL
Series A ($2-10 million) 
SudShare$    10.00MinneapolisMN
Kaleidoscope$    10.00MinneapolisMN
OFFOR Health$      9.00ColumbusOH
SmileMD$      9.00DublinOH
BriteCo$      9.00EvanstonIL
Aunt Flow$      8.50ColumbusOH
Intellinetics$      8.50ColumbusOH
CoPilot (Automotive)$      8.00ChicagoIL
Journera$      8.00ChicagoIL
Copernicus Therapeutics$      6.70ClevelandOH
Livegistics$      6.00DetroitMI
Koloma$      5.60DublinOH
RxLightning$      5.35New AlbanyIN
Infinite Enzymes$      5.22JonesboroAR
Sasya (Biotechnology)$      5.00Saint PaulMN
Sifter (Information Services (B2C))$      5.00EvanstonIL
Kyros Care$      4.98MinneapolisMN
Songfinch$      4.93ChicagoIL
Neustreet$      4.80NorthvilleMI
Artio Medical$      4.80Prairie VillageKS
Advancing Eco Agriculture$      4.70MiddlefieldOH
Emerja$      4.50ChicagoIL
Prevounce$      4.50IndianapolisIN
Realto$      4.50Overland ParkKS
Claira$      4.38Grand RapidsMI
Five to Nine$      4.25ChicagoIL
Steady State$     4.23Waite HillOH
NOTA Labs$      4.20Ann ArborMI
Mead & Hunt$      4.20MiddletonWI
Frontdesk$      4.01MilwaukeeWI
Clarametryx$      3.89ColumbusOH
Thelma’s Treats$      3.80Des MoinesIA
Prodport$      3.55Carmel IN
Armadillo$      3.50ClarksvilleIN
Out Of Office$      3.50ChicagoIL
Dasher Lawless$      3.40WarrenOH
LightningCath$      3.00Maple GroveMN
Wage Development$      3.00ChicagoIL
Knowbl$      3.00NorthvilleMI
Adranos$      2.88LafayetteIN
Agitated Solutions$      2.83OakdaleMN
Radom$      2.75PewaukeeWI
Holos$      2.50MadisonWI
SpiderOak$      2.40LenexaKS
Visana Health$      2.35MinneapolisMN
Marani$      2.28OakdaleMN
Codelicious$      2.23IndianapolisIN
Coder Kids$      2.23IndianapolisIN
Circadian Risk$      2.05Ann ArborMI
Early Stage Deals ($500k – $2m)
BrooqLy$       2.00Palos HillsIL
EQL Games$       2.00LouisvilleKY
Clockwork$       2.00Saint LouisMO
Autonomix Medical$       2.00ExcelsiorMN
HiCounselor$       1.80ChicagoIL
Kennected$       1.76IndianapolisIN
Steel Therapeutics$       1.74North LibertyIA
Wizest$       1.70OH
Sequoir$       1.70Green BayWI
TonDone$       1.54AkronOH
Signal Cortex$       1.54AkronOH
Payload (Financial Software)$       1.50CincinnatiOH
Strata Protocol$       1.50ChicagoIL
ZapIT$       1.43ColumbusOH
Pressfarm$       1.40Grundy CenterIA
Global Neighbor$       1.40XeniaOH
HealtheMed$       1.20MendotaMN
My One Medical Source$       1.10ClevelandOH
Maxwell Labs (Electronics (B2C))$       1.07MinneapolisMN
OptioLend$       1.07ColumbusOH
Iris Technology (Commercial Products)$       1.00Grand RapidsMI
Far UV Technologies$       1.00Kansas CityMO
L’uva Bella Winery$       1.00LowellvilleOH
Ennova Health$       1.00Orchard LakeMI
heywell$       0.95HinsdaleIL
Good Beverage$       0.95HinsdaleIL
COnovate$       0.94MilwaukeeWI
IGNITE (Therapeutic Devices)$       0.90LouisvilleKY
Xena Workwear$       0.85MilwaukeeWI
EDGe Surgical$       0.82ChicagoIL
Skyepack$       0.80West LafayetteIN
Fenworks$       0.77Grand ForksND
Crossbar$       0.75St. CharlesMO
Zurich Medical$       0.74MinneapolisMN
FreshFry$       0.72LouisvilleKY
HBox$       0.70TroyMI
Flipstik$       0.55St. LouisMO

Seed Stage Deals (Less than $500k)
HelloFrom$       0.50South BendIN
Takt (Automation/Workflow Software)$       0.50ChicagoIL
FlowMSP$       0.50StreatorIL
Loan Ecosystem Online$       0.41ChicagoIL
Nestimate$      0.30LincolnNE
Black Bread$       0.23ChicagoIL
The Patient Company$       0.23Grand RapidsMI
FourQ Technologies$       0.23StillwaterMN
AllIn (Business/Productivity Software)$       0.20IndianapolisIN
Hybrid Robotics$       0.20Traverse CityMI
Elastance Imaging$       0.20ColumbusOH
Lepidext$       0.20LexingtonKY
ProBook$       0.20IndianapolisIN
Dot Technology$       0.20HartvilleOH
La Borra Cafe$       0.17ChicagoIL
Black Buffalo$       0.12ChicagoIL
Univenture (Other Commercial Products)$       0.11MarysvilleOH
3D Money$       0.10LitchfieldMN
Rust Belt Riders$       0.10ClevelandOH
Far UV Technologies$       0.10Kansas CityMO
DAtAnchor$       0.10ColumbusOH
Advest Marketing$       0.08FargoND
Yornest$       0.08LouisvilleKY
Flyte by Pelvital$       0.07MinneapolisMN
MIIR Audio Tech$       0.06MinnetonkaMN
Internship on Demand$       0.06MadisonWI
Skeptic Distillery$       0.04Melrose ParkIL
OmniValley$       0.03MadisonWI
Agriwater$       0.03ChampaignIL
The TeleDentists$       0.03Kansas CityMO
Araqev$       0.03MunsterIN
ReproHealth Technologies$       0.03IndianapolisIN
Pluto Aerospace$       0.03West LafayetteIN
The Fan’s Place$       0.02IndianapolisIN
DelNova$       0.01Highland ParkIL

Running Totals for Deals Per State and MSA

This section is specifically requested frequently by policy makers.  The last column is intended to provide a benchmark for communities trying to compare themselves to the other communities by size.  The average for all states in the Middle is 1.6.  Smaller than that number generally means that a community is above a linear trend line, although the MUG staff believes that there is an exponential curve associated with larger communities having a higher expected deal per person number.

MSANumber of DealsAmount of Dollars Dollars per DealPeople per Deal (x 100,000)
Chicago124$                2,028.9016.40.8
Minneapolis65$                    922.4514.20.6
Cincinnati15$                    473.3931.61.5
Columbus31$                    337.8010.90.7
Madison14$                    258.2618.40.5
Kansas City17$                    215.2712.71.3
Canton1$                    204.00204.04.0
Ann Arbor10$                    176.0517.60.4
Detroit24$                    173.807.21.8
Indianapolis37$                    154.804.20.6
Fayetteville AR10$                    142.5314.30.5
Cleveland22$                    126.385.70.9
Peoria2$                    120.3460.22.0
Oklahoma City4$                    118.8529.73.6
St. Louis15$                    114.337.61.9
Omaha4$                      94.0023.52.4
Lafayette IN5$                      57.0211.40.4
Pine Bluff1$                      56.5156.50.9
Rural21$                      44.302.10.0
Milwaukee16$                      42.992.71.0
Louisville13$                      38.643.01.1
Fargo3$                      31.2510.40.8
South Bend3$                      26.708.91.1
Des Moines5$            
Springfield MO1$                      20.0020.04.8
Akron5$                      17.663.51.4
Grand Rapids10$            
Ames1$                        7.807.81.3
Little Rock4$                        7.651.91.9
Champaign4$                        5.731.40.6
Topeka3$                        3.811.30.8
Cedar Rapids2$                        3.741.91.4
Toledo1$                        3.633.66.5
Green Bay3$              
Sioux Falls1$                        1.811.82.8
Lansing2$                        1.580.82.7
Lexington KY2$              
Iowa City2$              
Grand Forks1$                        0.770.81.0
Bloomington IN1$              
StateNumber of DealsAmount of Dollars Dollars per DealPeople per Deal (x 100,000)
Arkansas16$    211.9113.21.9
Illinois130$ 2,153.1816.61.0
Indiana 55$ 261.374.81.2
Iowa  13$  40.653.12.5
Kansas  12$ 194.6116.22.4
Kentucky16$  31.862.02.8
Michigan54$ 379.657.01.9
Minnesota66$ 923.5214.00.9
Nebraska8$ 115.0314.42.5
North Dakota4$
Ohio78$ 1,132.5814.51.5
Oklahoma  4$ 118.8529.79.9
South Dakota1$    1.811.88.9
Wisconsin36$ 309.438.61.6

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  1. Pingback: TGIF (Thank Goodness It’s Funded): This week in MKE startup success  - MKE Startup News

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