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Midwest Funding Roundup: Wugen, St. Louis Based Biotech Startup, Closes $172M

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), 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. 

Last week was the week of Ohio, and this week Cincinnati again represented the region well with three good size investment rounds.  This week, it is hard not to acknowledge that Chicago saw a significant amount of activity.  However, our favorite company from Illinois is Natural Fiber Welding from Peoria.  This is a company that Mug has spent some time analyzing, and we love their concept and product.  They make a different type of cotton cloth that allows for non-synthetic, high performance gear.  This could be a real game changer in the garment and equipment industries.  In addition, there continue to be more high end, large fundings in the region.  Two financial transaction companies – Jasper and M1 Finance – did large rounds of $34M and $150M.  This type of fintech/financial services investment seems to be present consistently in the Midwest.

Large Rounds (More than $10M)
Wugen$172M Saint Louis, Missouri
Arctic Wolf$150M Eden Prairie, Minnesota
M1 Finance$150M Chicago, Illinois
Jasper$34M Sioux Falls, South Dakota
Veo$16M Chicago, Illinois
Natural Fiber Welding$15M Peoria, Illinois
Simba CHAIN$12.1M Plymouth, Indiana
Electrada$12M Cincinnati, Ohio
Axuall$10.4M Cleveland, Ohio
Fluresh$10.2MGrand Rapids, Michigan
Series A ($2M to $10M)
IntuiTap Medical$5.5M Chicago, Illinois
86 Repairs$5.3M Chicago, Illinois
Zero Hash$5M Chicago, Illinois
Instant Connect$4.4M Chicago, Illinois
Sh1ft$2.9MEdina, Minnesota
BravoTran$2.8M Chicago, Illinois
Songfinch$2M Chicago, Illinois
Kovina Therapeutics$2M Indianapolis, Indiana
Early Stage ($500k to $2M)
SummaForte$2M Bloomington, Indiana
Livegistics$1M Detroit, Michigan
Athena Bitcoin$.87MChicago, Illinois
Arthur Digital Assets$.63MCincinnati, Ohio
Particle Space$.64M Lenexa, Kansas
Autobon$.6M Rolling Meadows, Illinois
Seed Stage (0 to $500k)
Xiber$.3M Indianapolis, Indiana
SynerFuse$.3M Minneapolis, Minnesota
eHawk$.2M Lee’s Summit, Missouri
XR Technologies$.19M Indianapolis, Indiana
Dozy$.16M Kansas City, Missouri
Spendr$.11M Cincinnati, Ohio
Memora$.01M Columbus, Ohio


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