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Midwest Funding Roundup

Fundings

Midwest Funding Roundup Oct. 12th – Oct. 18th

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.

The region had a relatively light week of investments…except for Chicago.  Chicago had nine investments last week – including four seed rounds.  Early-stage funding in Chicago has been incredibly robust in 2020, particularly considering many Midwestern communities are seeing some fall off during the pandemic.  M1 Finance and Chowbus continue to raise money in Chicago.  But, Lordstown Motors is one of our favorite from the week.  In the industrial northeast corner of Ohio, Lordstown is part of the industrial heartland of the country.  Lordstown Motorts is an innovative new electric vehicle company that has raised more than $50 million since November 2019.  This particular round is debt, but the company has been a prolific equity fundraiser also.

Over $10 million

$2-10 million

$500k-2 million

  • Gryphon Environmental – Owensboro, Kentucky – $1.5 million
  • Varuna – Chicago, Illinois – $1.5 million
  • RiseKit – Chicago, Illinois – $1.3 million (updated from earlier mug.news report)
  • Betsperts – Chicago, Illinois – $1 million
  • Torch Logistics – Chicago, Illinois – $.85 million

Under $500k

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  1. Pingback: Lordstown Motors Builds the Pickup Truck of the Future | Mug.News

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