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Funding

Moov Financial raises $45 million in Series B funding
Moov Financial has raised $45 million in Series B to expand its money movement platform. The funding round was led by Commerce Ventures,  with participation from Andreessen Horowitz, Bain Capital Ventures (BCV), Visa, and Sorenson Ventures. The new capital will be used to grow both the platform and its utilization by customers. "We are grateful that Commerce Ventures and…
Three startups receive IEDA funding
The Iowa Economic Development Authority (IEDA) has approved innovation funding in support of three Iowa startups. In total, $250,000 was awarded. Here are the startups that received funding. Cavergence Tech startup Cavergence in Cedar Rapids develops software for construction project management. The technology has the potential to save money, increase productivity and ensure on-time delivery. The company was…
Bristola raises $1.1 million funding round
Bristola, a Des Moines-based clean energy technology and maintenance company, announced last week the successful close of a follow-on equity investment of $1.1 million. Bristola is a renewable energy technology services company that has a technology that revolutionizes the servicing, cleaning and maintenance in the renewable energy digester industry. Bristola’s patented technology is…
Des Moines platform Hummingbirds raises $1 Million in seed funding
Hummingbirds, an online platform that connects businesses with hyper-local content creators, announced this week it has raised over $1 million in funding. The round was led by Chicago-based venture capital firm M25 with participation by Next Level Ventures, InnoVentures Iowa, ISA Ventures, Mango Seed Investments and a handful of angel investors. Hummingbirds is a platform…
Two Iowa startups receive innovation funding from IEDA
The Iowa Economic Development Authority (IEDA) has approved innovation funding for two Iowa startups located in Coralville and Des Moines. CartilaGen Coralville-based CartilaGen produces an intra-articular injection of small-molecule drug which effectively prevents post-traumatic osteoarthritis (PTOA). This is a novel accomplishment that has yet to be demonstrated by any therapeutic. The technology has demonstrated strong preclinical results and is…
Tractor Zoom raises $5 million Series A round
Tractor Zoom, an Urbandale-based auction marketing and equipment pricing company, has raised $5 million in Series A funding for its digital marketplace that streamlines the equipment-procurement process for farmers and vendors. The funding round was led by Builders VC of San Francisco and Bienville Capital of New York. Next Level Ventures, ISA Ventures, Ag Ventures Alliance, Wintrust Ventures, Innova…
Four Iowa startups receive IEDA funding
The Iowa Economic Development Authority (IEDA) has approved innovation funding in support of four Iowa startups. In total, $250,000 was awarded. Here are the startups that received funding. Janas Materials Ames-based Janas Materials, Inc. develops sustainable technology for the coating industry that improves the appearance and application of wood stains. The additive is for water-based stains to achieve the…
Digital Diagnostics raises $75 million Series B
Digital Diagnostics, an artificial intelligence diagnostic healthcare technology company, announced this week that it has successfully closed a $75 million Series B funding round. Global investment firm KKR led the round, with participation from new and existing investors, including Cedar Pine, Kinderhook, 8VC, Optum Ventures, OSF Ventures, Gundersen Health System, Edward - Elmhurst Health Venture Capital, and the University of Iowa. The $75 million…
Funding Archives | 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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