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Midwest Funding Roundup: Suma Brands Closes $150M

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. 

Funding rounds in Minnesota, Ohio, and Wisconsin lead this week’s funding report.  The companies listed include software, e-commerce, and manufacturing businesses.  Suma Brands, from Minneapolis, is buying e-commerce businesses following the large round announced last week.  Rentable and Frontdesk from Madison and Milwaukee are slightly different versions of the same type of business – focused on finding rentable spaces.  Frontdesk targets corporate clients, whereas Rentable focuses on consumers seeking rentable spaces for everyday living.  Throughout the list of deals this week, some of the businesses represent the growing awareness of lifestyle changes associated with COVID – including Better You and others.  In short, this week continues the strong trend of numerous fundings across the entire region – including companies from ten different states.

Large Rounds (More than $10M)
Suma Brands$150M Minneapolis, Minnesota
Finite State$30M Columbus, Ohio
Jifiti$23M Columbus, Ohio
Rentable$22.5M Madison, Wisconsin
   
Series A ($2M to $10M)
Frontdesk$7M Milwaukee, Wisconsin
Craft Standard$6.1M Fayetteville, Arkansas
ReAlpha$6M Dublin, Ohio
Claros Technologies$5.3M Saint Paul, Minnesota
Copado$5.3M Chicago, Illinois
Simple Trade$5M Chicago, Illinois
NX Prenatal$5M Louisville, Kentucky
Dryland Genetics$3.8M Ames, Iowa
Sonic Foundry$3.5M Madison, Wisconsin
Clinify Health$3.1M Chicago, Illinois
MRI Online$2.9M Cincinnati, Ohio
BetterYou$2.3M Saint Paul, Minnesota
Early Stage ($500k to $2M)
Hygieia$1.8M Livonia, Michigan
Formulary Insights$1.7M Indianapolis, Indiana
Toggle$1.6M Des Moines,  Iowa
MIIR Audio Tech$1M Minnetonka, Minnesota
AxisPoint Alliance$1M New Albany, Indiana
eHawk Solutions$1M Lee’s Summit, Missouri
Refill$1M Columbus, Ohio
CharismaQ$1M Germantown, Wisconsin
Chromatic 3D Materials$.5M Golden Valley, Minnesota
Seed Stage (0 to $500k)
ProBook Sports$.35M Carmel, Indiana
Foldables$.19M Arden Hills, Minnesota
Apothewell$.05M Little Rock, Arkansas
Protokinetix$.02M Marietta, Ohio

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