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Investing in Iowa Reports

Investing in Iowa: Q1-Q3 2018

October 10, 2018

The following is a list of all known investments raised by Iowa companies through the first three quarters of 2018. Going forward, we plan to compose a similar list of investments for every quarter to build a credible track record of capital raised throughout Iowa. Over time, we will add analysis to these posts, comparing past time periods and noting trends as they appear.

In total, Iowa-based companies raised just over $90 million in the first three quarters of 2018.

Here is a list of Iowa companies that have raised investment money so far this year.

QUARTER 1

Company Location Amount Raised Date
Corvida Medical Coralville $11,573,088 02-14-18
Dwolla Des Moines $12,000,000 02-15-18
IDx Coralville $7,970,000 03-30-18
Igor Des Moines $903,621 03-26-18
Kingland Companies Ames $860,000 02-20-18
LenderClose Des Moines $1,315,000 03-30-18
Rantizo Iowa City $75,000 03-28-18

$34,696,700 

QUARTER 2

Company Location Amount Raised Date
FarrPro Iowa City Undisclosed 06-29-18
Gross-Wen Technologies Ames $2,000,000 06-05-18
MakuSafe Des Moines $210,000 09-05-18
Smart Ag Ames $5,000,000 06-14-18
U.S. Design Consultants Osceola $40,000 06-05-18
$7,250,000

QUARTER 3

Company Location Amount Raised Date
Automed Ames $25,000 07-10-18
BirdDogHR Urbandale Undisclosed 08-28-18
Denim Des Moines $775,000 07-31-18
Farmland Finder Ames Undisclosed 07-11-18
IDx Coralville $32,599,976 09-27-18
MakuSafe Des Moines $750,000 09-05-18
MedTek eCoin Cedar Falls $1,185,000 08-21-18
Pitchly Des Moines $10,000,000* 08-21-18
Tractor Zoom Des Moines $1,000,000 09-4-18
VictoryVR Davenport $780,000 07-24-18
Vida Diagnostics Coralville $1,050,000 07-11-18
$48,139,966
* amount raised is an estimate based on SEC filings

This list was made from a combination of SEC filings, Crunchbase and previous Clay & Milk stories from throughout the year. If you are aware of investments we may have missed, please post them in the comments or send us an email and we will be sure to add them.

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Investing in Iowa: Q1-Q3 2018 | Clay & Milk
A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.
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