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Proposed River Glen venture fund refocusing on medtech
A proposed Iowa venture capital fund is slimming down its scope after initial attempts to raise capital hit a wall. River Glen Venture Partners, a fund first announced last year, first planned to invest in three areas: medtech, fintech and ag-tech. Now, the fund’s structure is reorganizing to focus solely on medical technology startups. RGVP initially hoped…
The Middle Bit: Week of Feb. 12
Each week, Clay & Milk will curate a rundown of startup, tech and innovation news from “the middle.” Check back every Friday for that week’s Middle Bit. Colorado Cloud-based accounting company Xero confirmed it has moved its U.S. headquarters from San Francisco to Denver . Via The Denver Post The Coloradoan profiled a Fort Collins…
New team wants to continue EntreFEST’s past momentum
The new team behind EntreFEST wants to pick up where the event left off, even after a one-year hiatus. “We are really excited about being able to take the event, continue from right where it left off, (and) continue with that momentum (from 2015) to bring it back for 2017 to really continue to foster the…
The Middle Bit: Week of Feb. 5
Each week, Clay & Milk will curate a rundown of startup, tech and innovation news from “the middle.” Check back every Friday for that week’s Middle Bit. Kansas Fintech startup Blooom of Leawood, Kansas raised $9.15 million in an oversubscribed Series B to bolster its online platform to help users save more for retirement.…
Insurance-backed VC firm launches in Iowa, hopes to raise $125M
(This story has been updated) A new venture capital firm officially launched in Iowa this week. David Miles and Matt Kinley, two Des Moines-based investment veterans, have started ManchesterStory Group and aim to raise $125 million. ManchesterStory, which has closed on $31 million so far, will focus its investments on fintech, healthcare and insuretech startups. “We want to go…
Ag Startup Engine has secured a fourth investor
Ag Startup Engine has secured four investors for its ag-tech startup program, organizers told Clay & Milk this week, but is hoping to line up eight to 10. Announced about nine months ago, the program is a joint initiative of Iowa State University and private investors looking to bolster ag-tech entrepreneurs and companies. The investors will…
The Middle Bit: Week of Jan. 29
Each week, Clay & Milk will curate a rundown of startup, tech and innovation news from “the middle.” Check back every Friday for that week’s Middle Bit. Colorado Five Colorado startups raised a combined $49.5 million in funding in the first month of 2017. Via Denverite Illinois Illinois has reached a settlement with HR…
Here’s what central Iowa’s new vision plan says about entrepreneurship
The newest vision plan for Central Iowa calls more entrepreneurship-centric programming and bolstering ways to connect the area's startups with funding. “While much work is being done to seed new enterprises in Central Iowa, supporting them through the numerous phases leading to fiscal stability will be critical,” the plan reads. Local business and civic leaders unveiled the…
MākuSafe wants to use wearables to protect factory workers
Gabe Glynn’s path to creating a company around wearable hardware is tied to family history, podcasting and a mix of ignorance. “I don’t know that I would have necessarily dove into this project if I would have known just what all is involved. I didn’t realize how capital intensive it is, how resource intensive it is…
The Middle Bit: Week of Jan. 22
Each week, Clay & Milk will curate a rundown of startup, tech and innovation news from “the middle.” Check back every Friday for that week’s Middle Bit. Colorado The Denver Post provided a rundown of some of the technology coming to Pena Station Next , a smart city project located south of Denver’s airport. Via…
Matthew Patane, Author at Clay & Milk | Page 2 of 3
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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