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Middle Bit: Dwolla brings in more VC’s for Monetery

March 15, 2019

Monetery 2019, Dwolla’s second regional summit for founders investors, announced last month the second day of this year’s summit will be devoted to one-on-one meetings between selected startups and venture capital firms traveling to Des Moines to participate in the conference.

Since the announcement, Monetery has added eight more venture capital firms, bringing the total to thirteen firms. Click here to see all of the participating firms.

Startups interested in participating can apply online.

What else is happening?

Sioux Falls entrepreneurs call for more cohesive startup ecosystem

Dozen of entrepreneurs, ambitious idealists and business leaders gathered in downtown Sioux Falls this week to share stories and listen as Sioux Falls Mayor Paul TenHaken declared Wednesday as Entrepreneurship Day. But the day wasn’t all about celebration. Organizers of the event and some of the biggest voices in Sioux Falls’ community of entrepreneurs used the event to focus on what they call the city’s startup ecosystem. -Argus Leader

Evolve Additive Solutions closes $19 million equity deal

Evolve Additive Solutions raised $18.99 million in venture funding in a deal lead by Stanley Ventures and other undisclosed investors on March 4. The company is based in Minnetonka, Minnesota, and in 2017 spun out of Stratasys, a provider of 3D printing services, based in Eden Prairie, Minnesota. Evolve was created to bring the Stratasys proprietary Selective Thermoplastic Electrophotographic Process (STEP) technology to market. -Silicon Prairie News

Middle Bit: Dwolla brings in more VC's for Monetery | 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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