Investing in Iowa is a quarterly review of all investments made into early-stage companies in Iowa. The series is sponsored by ISA Ventures, a venture capital fund that invests in Iowa-based companies.
Iowa startups raised more than $13 million in Q2 of 2021. Since the beginning of 2018, Iowa startups have now raised a total of more than $355 million.
The following is a list of all known investments raised by Iowa companies in Q2 of 2021.
|FarmPost (previously Farmhand App)||Dewitt||$50,000||04-02-21|
|Mazen Animal Health||Ames||$2,000,000||05-04-21|
|OpenLoop Health||Des Moines||$3,000,000||04-14-21|
|WINPRO Pet||Des Moines||$3,000,000||06-18-21|
Agtech investments keep on rolling
Unsurprisingly, agtech companies continued to make up a large chunk of the companies that raised capital in Q2.
Growers Edge, a Johnston-based company focused on delivering data-driven products and tools to farmers, raised the biggest round of the quarter, a $5 million venture debt facility through California-based Silicon Valley Bank. The new round comes less than one year after Growers Edge completed a $40 million Series B round in July 2020.
The two $50,000 investments both came from Ag Startup Engine, an Ames-based fund that invests smaller amounts—typically between $25,000 and $50,000—in early-stage agtech companies. In February, Ag Startup Engine announced a second fund of $2.25 million with plans to invest in up to 45 startups in the agriculture and food technology space over the next five years.
Million dollar rounds are now become commonplace in Iowa
4 of the 7 companies that raised capital this quarter had rounds of over $1 million. Since Clay & Milk started tracking investments in 2018, there have been 60 investment rounds of over $1 million and 10 investment rounds of over $10 million.
The average investment round size this quarter was $1.91 million.
Other notable rounds
Some of the other largest rounds from Q2 are:
- OpenLoop, an online platform designed to help match healthcare providers with hospitals and other facilities that require extra staffing assistance, announced a $3 million seed round in April. OpenLoop was one of ten companies to take part in the inaugural cohort of Techstars Iowa last fall.
- WINPRO Pet, a Des Moines-based pet company that makes serum-based supplements for dogs, closed a Series B round of more than $3 million from Next Level Ventures in June.
- Mazen Animal Health closed its Series Seed Round in May. Participating in the round were Next Level Ventures, ISA Ventures, Kent Corporation, Ag Startup Engine, Ag Ventures Alliance and Summit Ag.
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.
Clay & Milk composes 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.