Investing in Iowa: Q3 2021

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 $65 million in Q3 of 2021. Since the beginning of 2018, Iowa startups have now raised a total of more than $420 million.

The following is a list of all known investments raised by Iowa companies in Q3 of 2021.

CompaniesLocationAmount RaisedDate
Dryland GeneticsDes Moines$3,800,00008-05-21
DwollaDes Moines$21,000,00007-21-21
Farmer RiskAmes$50,00007-30-21
Gross-Wen TechnologiesAmes$6,500,00008-10-21
PVpalletCedar Rapids$1,000,00008-10-21
RoboflowDes Moines$20,524,71709-16-21
SevelynDes Moines$20,00007-29-21
SmartScriptsWashington$11,235,86909-15-21
Steel TherapeuticsIowa CityUndisclosed09-16-21
StratafolioCedar Rapids$1,177,60609-23-21
$65,771,192

KEY TAKEAWAYS

Through the first three quarters of 2021, Iowa startups have raised just under $110 million.

Multiple $20M+ Rounds

Two Des Moines companies raised rounds of $20 million or more this quarter.

Dwolla announced in July that it had raised $21 million in funding to continue to build out its strategic roadmap and to expand to markets outside of the U.S. The round was led by Foundry Group. Additional investors were Park West Asset Management LLC, Union Square Ventures, Detroit Venture Partners, Firebrand Ventures, and Next Level Ventures. To date, Dwolla has raised more than $70 million in capital. 

Des Moines computer vision company Roboflow announced in September that it had raised a $20 million Series A led by Craft Ventures. Additional investors named include Lachy Groom, Jack Altman, DJ Patil, Max and Sam Altman, Cassidy Williams, Harry Hurst, Greg Brockman and Mike Maples. The Series A round came less than a year after Roboflow raised a $2.1 million seed round in January.

Lots of acquisitions and exits

Read all of our Investing in Iowa stories from Q3


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 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.