Skip to content Skip to sidebar Skip to footer
Menu
Menu
Investments

Ag Startup Engine announces two $50,000 investments

March 1, 2021

Ag Startup Engine announced today an initial investment in two startups—Mazen Animal Health and Stockguard. Each startup will receive a $50,000 investment.

Mazen Animal Health is developing orally-delivered animal vaccines that revolutionize animal disease prevention. The company was recently accepted into the Iowa G2M Accelerator’s inaugural 2021 cohort.

“Joel Harris and Ag Startup Engine have provided tremendous support to Mazen in growing our network in the Iowa community and beyond. I am thrilled to be a part of such an innovative community making a difference in agriculture,” saidDr. Jenny Filbey, Mazen’s founder and CEO.

Stockguard is developing innovative risk management tools to protect US livestock producers from unexpected financial losses.

“Ag Startup Engine has been instrumental in Stockguard’s success. We’re working to create the most useful insurance products for the livestock industry. In order to do so, we need to build in lockstep with our customers and the cattle and swine industries,” said Jeff Gillis, co-founder and CEO of Stockguard. With its large network and deep roots in the agriculture, insurance and livestock industries, Ag Startup Engine is connecting us with animal health experts, strategic partners and livestock producers so we can build the right solutions, with and for the industry.”

Ag Startup Engine recently announced the closing of its second fund with the goal to accept and invest in 45 agriculture and animal health startups in the next five years.

Previous coverage

Ag Startup Engine raises second fund of $2.25 million to invest in startups over the next five years -Feb. 9, 2021

Continuum Ag receives $50,000 investment from Ag Startup Engine and Ag Ventures Alliance -Nov. 12, 2020

Tags:
Ag Startup Engine announces two $50,000 investments | 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.
This Pop-up Is Included in the Theme
Best Choice for Creatives
Purchase Now