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IEDA approves funding for three startups in Iowa
The Iowa Economic Development Authority (IEDA) has announced financial assistance for three companies in Iowa in the first round of innovation awards funded through the U.S. Department of Treasury’s State Small Business Credit Initiative (SSBCI). Iowa’s SSBCI program, announced in October 2022, is a $96 million investment in growing Iowa's small businesses, including startups,…
Viewpoint Molecular Targeting, Isoray complete merger
Viewpoint Molecular Targeting, a radiopharmaceutical company based in Coralville, last week announced the successful completion of a merger with medical technology company Isoray. Coralville, Iowa-based Viewpoint and Richland, Washington-based Isoray announced their intent to merge back in September. Having completed the merger, the combined company now has access to Isoray's radioactive isotope, cesium-131, which is…
ImOn Communications purchases internet assets from Comelec Services in Dubuque
ImOn Communications (“ImOn”) announced this week it has acquired residential and business fiber-to-the-premise assets from Comelec Services. Comelec has provided high-quality Internet services in Dubuque County since 2003. Comelec’s wireless Internet network is not included in this sale. The assets ImOn purchased include a fiber network that covers portions of Dubuque, Asbury, Peosta, Epworth,…
Techstars Iowa taking a pause after three years
After three years, the Techstars Iowa Accelerator will not return in 2023 and has decided to "take a pause," organizers of the program announced last week. Launched in 2020, the accelerator graduated a total of 30 companies throughout its three cohorts. The Des Moines-based accelerator was funded by the investment office of Grinnell College, which…
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…
Young Entrepreneur Convention set for Feb. 25 in Ames
Young Entrepreneur Convention 2023 is set to take place Saturday, February 25 in the Student Innovation Center on the Iowa State campus. The event is focused on providing information, motivation, and practical tools to assist early-stage founders. In addition to a series of keynote speakers and panel discussions, the event offers ample time for…
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…
Fourth cohort of Iowa G2M Accelerator announced
The Iowa Go-To-Market (G2M) Accelerator has announced the three startups that will participate in its fourth cohort. The following companies have been accepted into the fourth G2M cohort: Hexcrete (Ames) — Hexcrete makes harvesting wind energy possible where the demand is high by increasing the hub height of today’s towers by mounting them on a universal…
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…
Clay & Milk | Page 2 of 135 | Covering Iowa's startup, entrepreneurial and tech communities
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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