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), and 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, there are a number of interesting themes. First, the largest deal in the region is in a small community (Elizabethtown – MSA population – 153k estimated 2019). This region is not renowned for startup activity; however, Venminder, which provides vendor risk management software, has a deep, insightful software tool in a challenging space. Second, the State of Ohio continues to produce regular, noteworthy companies. Since the beginning of 2019, the state has produced more than 170 companies that have received $1 million rounds of venture funding. In 2019, the State of Ohio produced 68 companies that received their first venture round, and in 2020, the State appears on track to produce 67 companies receiving their first venture round.
Ohio is regularly producing strong companies, which is why we picked ten startups that we like for 2020 – coming later this week. We began collecting this information in late September, and in that time, four states have failed to have a $1 million raise – Arkansas, Nebraska, North Dakota, and South Dakota. Three have failed to have a private financing – Nebraska, North Dakota, and South Dakota. When outsiders claim that the pandemic has had little effect, they are mistaken. Rates of funding have noticeably slowed in small ecosystems.
Over $10 million
- Venminder – Elizabethtown, Kentucky – $33 million
- Mylo – Kansas City, Missouri – $11 million
- So Good So You – Minneapolis, Minnesota – $10.5 million
$2-10 million
- Trailhead Biosystems – Cleveland, Ohio – $6.58 million
- SwineTech – Solon, Iowa – $5.5 million
- Nullable (Wiretap…AwareHQ) – Columbus, Ohio – $5 million
- Dimension Inx – Chicago, Illinois – $3.18 million
- Everspring – Chicago, Illinois – $3 million
- Traive – St. Paul, Minnesota – $2.5 million
$500k-2 million
- Buffalo Pacific – Englewood, Ohio – $.81 million
- Caringwire – Columbus, Ohio – $.67 million
- Civic Champs – Indianapolis, Indiana – $.59 million
Under $500k
- Capture Collective – Columbus, Ohio – $.33 million
- Trustclarity – Chicago, Illinois – $.3 million
- Atomation – St. Louis, Missouri – $.25 million
- Hello Beverages, LLC (Hellowater) – Chicago, Illinois – $.25 million
- Springbuk – Indianapolis, Indiana – $.15 million
