Eighteenth Edition: Startup Iowa Hot List
Meet the startups to support and watch in Iowa + beyond
Every month, I write a newsletter for Iowa entrepreneurs to get more connected to the strong networks of support in the Midwest (and beyond). Investors, entrepreneurs, mentors, corporate leaders, economic developers, researchers, and educators in and outside Iowa can dial in on the startup activity happening across the state while finding the next business to support.
Welcome to the 16 new Startup Iowa Hot List members who have joined us since the last edition. Join 568 intelligent, curious, and supportive startup champions by subscribing below.
Happy Winter Solstice —
As we round out another year of the Startup Iowa Hot List, I’d like to share a story.
A year ago, I was sitting in a lecture listening to the director of MIT’s entrepreneurship center, Bill Aulet. He had an easel stand and a pad of paper at the front of the room, as he wrote down these four phrases:
A) Celebrate (meaning to inspire)
B) Educate (meaning to provide knowledge)
C) Nurture (meaning more capability)
D) Network (meaning community)
He then asked the question: Which one of these do you think is the most important to growing the number of entrepreneurs in your community?
All four ingredients written on the easel are critical to a healthy and supportive entrepreneurial community. Pick one of the four, and you can be right in your own respect. Which one do you choose?
Here’s what Bill shared as his answer…
If we don’t celebrate and inspire first, the entrepreneur won’t talk about their idea. They won’t sign up to take the entrepreneurship course or program. They won’t know that there is a world where there are other kindred spirits taking the risk again and again.
As we move into 2024, this question still haunts me. In the Midwest, we are often too humble to share our successes. It is one of our region’s biggest weaknesses.
One of my collaborators from the Iowa startup community and one who was also sitting in the same room, Nadilia Gomez, said it best:
We tend to downplay success stories and ascribe them to luck, failing to recognize the intentionality, sacrifice, effort, and skill that goes into making great things happen. We are frugal and resourceful, an advantage in times of need. However, when we have compelling success stories to tell, we shy away from attention and fanfare. As a result, our region’s strengths are visible only to those who boldly venture into the hotbeds of entrepreneurial activity. Once there, they often remark that the region is a “hidden gem” but interestingly keep it to themselves.
There is something here in Iowa. Iowans are bold, creative, innovative…and humble in a good way. There is rich entrepreneurial activity all across the state. It’s why I started this newsletter. People need to know it.
Because if we don’t talk about it, how will we ever inspire the next generation of entrepreneurs?
Watch this video that celebrates + inspires “Why Iowa.” Hats off to Dan Wu Creative. The video debuted at the InnoVenture Challenge event on 12/7/23 in Des Moines.
Actively Raising
🚀VehicleGenius
Highlights: VehicleGenius automates service and support for fleet managers by leveraging AI and live vehicle telematics data. They solve emergencies and can automate maintenance with their digital-first products. Their partners include Goodyear, DiscountTire, RepairPal, Digital Infrastructure Inc., RunBuggy, StandardFleet, & Fleetwire to date.
Raising: $500,0000
Founding team: Drake Bauer, co-founder; The three-person founding team holds two previous autotech exits, and the CTO is a former Mercedes Benz cloud solution architect
Contact: drake@vehiclegenius.co + web
HQ: Des Moines, IA
Can you help? The team wants to connect with fleets who could benefit from their service, investors knowledgeable in mobility, transportation, B2B SaaS, and nationwide automotive service providers.
🚀Want to be featured? Looking for more Iowa businesses for investment?
For a list of more startups actively raising (that may not appear in this newsletter) or to be featured in the next edition, reach out!
Have you missed a monthly digest? Check out the Startup Iowa Hot List archives for companies raising here.
Closed Rounds
💰Hummingbirds (Des Moines) closed a $3.3 million seed round led by Indianapolis firm Ground Game
💰Rantizo (Iowa City) closed a $6 million Series A round led by Leaps by Bayer and supported by Fulcrum Global Capital and Innova Memphis
State Funding Announcements
Iowa Economic Development Authority announced three startups that received financial assistance, including:
FES Solutions awarded $50,000 for the Proof of Commercial Relevance
Ten5 awarded $50,000 for the Proof of Commercial Relevance
Hummingbirds awarded $250,000 for the Innovation Acceleration Launch Fund
Mergers & Acquisitions
+ Sukup Manufacturing Co. acquires powerhouse automation distributor Ramco Innovations
On the Horizon: Companies to Watch
Coco Coders- Delivers coding curriculum to get children future-ready by not only teaching them how to code but also developing core skills such as creativity, communication and collaboration
Geminii Health - Developed a medical device that uses safe electromagnetic fields to precisely and non-invasively reprogram cells to help manage diabetes at home
Midland Seafood - Raises sustainable, ethical, and delicious seafood from a land-based growing system using recirculating aquaculture systems technology
Repaint Studios - Paints a greener future through their reusable paint tray, line, and lid to eliminate plastics entering the landfill every year
Upcycling+ - Creates the capacity to manufacture diesel fuel from discarded, non-recyclable plastic waste to help achieve the zero-emission goal in transportation
VehicleGenius - Unlocks scale for rental fleets with managed services bringing automation and support to drivers
Upcoming Events
Note: This section continues to grow, and I encourage all to support and show up, as many great community organizers are behind the events. If I missed one, please share it for the next edition.
📅 January 11 - Women in Tech Happy Hour (DSM)
📅 January 12-14 - Techstars Startup Weekend (DSM)
📅 January 20 - Music University + Live Showcase (DSM)
📅 January 30 - Business Startup Speaker Series (Cedar Rapids)
📅 January 31 - Main Street Iowa Application Workshop (online)
📅 February - Venture School (multiple locations across Iowa)
📅 February 17 - BuildDSM student hackathon (DSM)
📅 February 27 - Business Startup Speaker Series (Cedar Rapids)
📅 March 7 - Small Business Success Summit (Ankeny)
📅 March 23 - Smart Start Workshop (Ames)
📅 April 11-12 - Iowa Rural Summit (Ames)
Story + Sound Bites
🔊 Is Iowa topsoil getting worse and why is the solution challenging? (The Iowa Podcast)
✏️ How do you know you’re solving a problem that matters (Focused Chaos)
🗞️ Iowa startup leaders launch state’s first venture studio (innovationIOWA)
🗞️ Global Insurance Accelerator announces the 2024 cohort (GIA)
🗞️ ISU Startup Factory celebrates the success of cohort 14 at demo day (ISU Pappajohn Center)
🗞️ Sukup Manufacturing moves into tech with purchase of West Des Moines firm (DSM Register)
🗞️ ReEnvision Ag wins 2023 InnoVenture Challenge (innovationIOWA)
What’s in a name? The Startup Iowa Hot List is specially curated with a rush of urgency to read just before the news cools. See a company you are interested in helping? Please act and support entrepreneurs that may be featured on this list and those close by, impacting our local communities and neighborhoods.
Entrepreneurship has always been a community sport.
Want to be featured in the next Startup Iowa Hot List? Reach out to Diana at dwright@dsmpartnership.com.