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Midwest Funding Report: Vertex of Des Moines, IA Closes $38.5M

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 week before a holiday weekend is usually pretty slow.  However, last week had more than thirty early-stage fundraising events in the Middle.  Vertex, a 3D visualization company that has relatively limited code, was the largest deal in the region.  The company is based in Des Moines and continues to raise money after strong showings in 2019 and 2020.  Ohio and Minnesota had strong weeks as well – including multiple healthcare companies that raised money.  Healthcare technologies continue to evolve in the region – including multiple biotechnology companies and healthcare software.

Large Rounds (More than $10M)
Vertex$38.5M Des Moines, Iowa
SIMBA Chain$25M Plymouth, Indiana
Flywheel Exchange$21.5M Minneapolis, Minnesota
SPR Therapeutics$20M Cleveland, Ohio
Bright Cellars$11.2M Milwaukee, Wisconsin
Calabrio$11.2M Minneapolis, Minnesota
Novian Health$10.9M Chicago, Illinois
Series A ($2M to $10M)
Laplace Interventional$7.9M Plymouth, Minnesota
Wethos$7.7M Grandville, Michigan
UnifiHealth$6.7M Columbus, Ohio
CircleIt$5.1M Chicago, Illinois
Aesir$5M Joplin, Missouri
SportsX$5M Chicago, Illinois
Haas Alert$5M Chicago, Illinois
Lextegrity$5M Chicago, Illinois
STX$5MGlenview, Illinois
Joshin$4.6M Minneapolis, Minnesota
Agricycle$2.4M Milwaukee, Wisconsin
Fork Farms$2M Green Bay, Wisconsin
Wellbe$2M Madison, Wisconsin
   
Early Stage ($500k to $2M)
Ivee$1.9M Mount Prospect, Illinois
ML Tech$1.8M Chicago, Illinois
MIIR Audio Tech$1.4M Minnetonka, Minnesota
Red.Health$1.3M Columbus, Ohio
PayHippos$1.2M Simpsonville, Kentucky
Back of the Yards Algae Sciences$1.1M Chicago, Illinois
Pikup$1M Minnetonka, Minnesota
Oars + Alps$1M Chicago, Illinois
Smart Soda$.9M Beachwood, Ohio
Renalis$.8M Cleveland, Ohio
Isomark$.6M Madison, Wisconsin
Willow$.5M Chicago, Illinois
   
Seed Stage (0 to $500k)
NuCurrent$.38M Chicago, Illinois
Skeleton Hand$.26M Oak Park, Illinois
NETZRO$.21M Minneapolis, Minnesota
Fanfood$.18M Chicago, Illinois
Apexian Pharmaceuticals$.1M Indianapolis, Indiana

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