Nine startups—including two from Ames—received funding Friday morning from the Iowa Economic Development Authority, according to a news release.
Ames-based AgTech startups Terva and Smart Ag each received $100,000 in funding, according to the release.
Smart Ag—which designed a product to automate agricultural machinery—received a $100,000 loan from the Demonstration fund for equipment, key personnel, market entry activities and product refinement.
Terva—an online marketplace for landowners and farmland professionals—received a $100,000 loan from the Demonstration Fund for market planning and market entry activities.
The other startups receiving funding were:
- Corn Oil One
- Ag Manufacturing & Technology
- Stover Ventures LLC
- FarrPro Inc.
- TreePans.com Inc.
- ExpressSeed LLC
According to the release, the Demonstration Fund provides financial and technical assistance to encourage high-technology prototype and concept development activities that have clear potential to lead to commercially viable products or services with a reasonable period of time.
The fund provides financial assistance to small and medium-sized companies in the advanced manufacturing, biosciences and information technology industries. The primary purpose of the fund is to help businesses with a high-growth potential reach a position where they are able to attract later-stage, private sector funding.
Both Terva and Smart Ag received a $2,000 award Thursday during the Pappajohn Iowa Entrepreneurial Venture Competition.
To view a list of all the companies receiving funding Friday from the Iowa Economic Development Authority, click here.