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Midwest Funding Roundup: Society Brands Closes Big in March

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. 

A big week by Ohio and Minnesota.  Minneapolis had two big deals. Branch is an employee benefits software that helps employees of companies build their own wealth and a financial plan.  Gravie is also an employee benefits tool.  This company specializes in helping employers understand and discern the different health insurance plans.  Nice Healthcare is a unique healthcare plan that offers both tele-services and in-person services.  It sits in between a traditional health insurance plan and a concierge health services program.  In short, Minnesota and Minneapolis are dominating HR and employee benefits software.  Interestingly, while there were a couple of common investors in earlier rounds – all three companies had essentially independent investor groups.  This illustrates the depth of knowledge and expertise in the region and that is targeted at investing in Minnesota.  

Scoreboard Update: Minnesota and Ohio had strong weeks, and they remain in a thick race regarding the number of venture deals in the region.  Illinois and Chicago are the clear leader.  Minneapolis is the driver of Minnesota’s 47 deals.  Cincinnati, Cleveland, and Columbus are Ohio’s three-headed monster.  One key way that we have sliced the data this week is by population.  It is important to consider both population and the number of deals – not just the size.  Thus, Canton may get overly excited about Society Brands raising $204 million, but it would be far more exciting from an ecosystem perspective to see other companies in this list this year.  There needs to be balance, not just big deals.  

Large Round
Society Brands$204.00CantonOhio
Branch$75.04MinneapolisMinnesota
Gravie$75.00MinneapolisMinnesota
DsCount$70.00ChicagoIllinois
AcreTrader$60.00FayettevilleArkansas
Waymark$45.00DetroitMichigan
Catch Co.$41.70ChicagoIllinois
Nice Healthcare$30.00RosevilleMinnesota
Triple Whale$24.10ColumbusOhio
Genomenon$20.00Ann ArborMichigan
Prenosis$20.00ChicagoIllinois
Cleveland Kitchen$17.10ClevelandOhio
Stack$17.00CincinnatiOhio
AgVend$13.70MinneapolisMinnesota
Synthetaic$13.00DelafieldWisconsin
High School E-Sports League$11.90Kansas CityMissouri
BriteCo$11.00EvanstonIllinois
  
Early Stage ($500k to $2M)
OurPharma$9.95FayettevilleArkansas
MediView XR$9.90ClevelandOhio
Orthobrain$9.00RichfieldOhio
Protégé$8.50ChicagoIllinois
OpenLoop$8.00Des MoinesIowa
Lonkero$6.20CarmelIndiana
Synbiotic Health$6.00LincolnNebraska
Omcare$5.00BurnsvilleMinnesota
Natrabis$5.00Lake OrionMichigan
New Era ADR$4.60ChicagoIllinois
Mito Materials Solutions$4.60StillwaterOklahoma
NXT Power$4.49Harwood HeightsIllinois
K4 Mobility$4.42ItascaIllinois
BioCoach$4.00MinneapolisMinnesota
Omnia Fishing$4.00Golden ValleyMinnesota
Pantomath$3.85MasonOhio
MoveEasy$3.50ColumbusOhio
Gamesture$3.50Poland Indiana
Blue Line Battery$3.12WhitewaterWisconsin
Pillar Software$2.73IndianapolisIndiana
Bdata$2.50MinneapolisMinnesota
KeyCare$2.50ChicagoIllinois
Aker Technologies$2.35Creve CoeurMissouri
metaMe Health$2.20ChicagoIllinois
MIIR Audio Tech$2.09MinnetonkaMinnesota
HomeRoom$2.00Kansas CityMissouri
  
Early Stage ($500k to $2M)
Navier$1.80ChicagoIllinois
Tnedicca$1.75ColumbusOhio
NeoChord$1.75St. Louis ParkMinnesota
Attwill Medical Solutions$1.71LodiWisconsin
Honest Jobs$1.50ColumbusOhio
Synop$1.10CarmelIndiana
Renaissant$1.01MilwaukeeWisconsin
RehabPath$0.75MadisonWisconsin
General Fabrication$0.51Grand RapidsMichigan
Thermavance$0.50Traverse CityMichigan
Stratix Labs$0.50St. PaulMinnesota
  
Seed Stage (0 to $500k)
GW Nutrition$0.45SlaterIowa
Solid Space$0.43DetroitMichigan
Adventa Bioscience$0.41LodiWisconsin
FitHauz$0.40CarmelIndiana
Social Market Analytics$0.36ChicagoIllinois
Auxilla$0.35ClevelandOhio
CardioWise$0.30FayettevilleArkansas
Reliaguide$0.29Traverse CityMichigan
Karousels$0.15Mendota HeightsMinnesota
Linectra$0.15MiddletonWisconsin
Evolve Brands$0.11JacksonWisconsin
Mpirik$0.10MilwaukeeWisconsin
Spotz$0.10MadisonWisconsin
CampfireSocial$0.10ChicagoIllinois
Perpetual Industries$0.10AuburnIndiana
OfferingTree$0.05MinneapolisMinnesota
SciTech Development$0.01Gross Pointe FarmsMichigan
Utiliz$0.01EvansvilleIndiana

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