Terva, Smart Ag among nine startups receiving funding from IEDA

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
  • Structurely

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.