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Middle Bit: Manchester Story Group leads $3 million investment in CNote

December 18, 2020

CNote, a women-founded and led financial technology platform that makes it easy to invest in economic inclusion, has closed a $3 million dollar oversubscribed private funding round to extend its reach in the fast-growing socially responsible investing space. The funding round was led by ManchesterStory, with additional investments from Artemis Fund, SixThirty Ventures, H/L Ventures, Clearstone Capital, and Lateral Capital.

“This investment is particularly timely, as CNote works to match growing investor demand for impact investments with increased capital needs from our community partners,” said CNote CEO Catherine Berman in an announcement. “Our partners, community development financial institutions (CDFIs), are leading the economic response and recovery efforts for underserved communities impacted by the pandemic, and our technology can help speed the flow of capital into these communities to support a faster recovery.”

CNote empowers investors to directly align their values with their investments through innovative cash and fixed income offerings. CNote’s community partners benefit through access to new sources of capital that are often more flexible and mission-aligned.

CYstarters applications are open for 2021

CYstarters is now recruiting for its sixth cohort. The 11–week intensive program gives young entrepreneurs the time, funding, network of mentors, and skill-set development to start something while at Iowa State.

Students will receive $6,500 per individual or up to $13,000 per student team for the opportunity to spend the summer dedicated to achieving startup goals and pursuing entrepreneurial aspirations.

The program is open to current and recent ISU students. The deadline to apply is March 8. The program will run May 17 through July 30, 2021.

Speaker lineup announced for ICR Agile

The speaker lineup for ICR Agile, set to take place on Feb. 25, 2021, has been announced.

ICR Agile is a one day event to bring together members of the agile community and those interested in embracing the agile mindset to learn and network with peers. The conference is a collaboration between NewBoCo and members of Eastern Iowa Agile.

Tickets for the virtual event go on sale on Jan. 7. Click here to see the 2021 lineup.

Tags: cystarters ICR Agile ManchesterStory Middle Bit

Middle Bit: Manchester Story Group leads $3 million investment in CNote | 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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