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 (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. 

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.