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OpenLoop raises $3 million seed round

April 14, 2021

OpenLoop, an online platform designed to help match healthcare providers with hospitals and other facilities that require extra staffing assistance, has closed a $3 million seed round the company announced today.

Next Level Ventures, Panoramic VC (formerly BIP capital), Techstars, and ISA Ventures all participated in the $3 million round. The rest of the round was filled by angel investors.

“We are planning on using the majority of funds to increase headcount,” OpenLoop co-founder and CEO Jon Lensing told Clay & Milk. “These new key hires will be used to solidify our product, sales, and marketing teams. We have an ambitious product vision that we would like to accomplish in the next year and this money will enable us to do that.”

The Des Moines-based company currently has multiple open positions listed on its website including User Experience Designer and Senior Software Engineer.

“Telehealth has tremendous potential, and we think OpenLoop fits quite nicely in that big opportunity,” said Scott Hoekman, co-founder and Partner at Next Level Ventures. “We are very excited to back Jon and the entire OpenLoop team.”

“We’re excited to partner with OpenLoop as they work to improve community health by drastically streamlining how clinicians and healthcare organizations connect around locum tenens and telehealth hiring,” says Mark Buffington, Managing Partner at Panoramic Ventures.

OpenLoop was one of ten companies to take part in the inaugural cohort of Techstars Iowa last fall.

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Tags: OpenLoop Health

OpenLoop raises $3 million seed round | 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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