Fifth Edition: Startup Iowa Hot List
Meet the startups to support and watch in Iowa + beyond
Welcome to the fifth edition of the Startup Iowa Hot List, showcasing startup companies to support and watch in Iowa.
This monthly digest is to better connect Iowa-based startups (and affiliated) to the strong support networks in the Midwest investor and entrepreneurial ecosystem. Investors, entrepreneurs, mentors, corporate-startup champions, economic developers, and educators in and outside of Iowa can dial in on the startup activity happening across the state while finding the next business to support.
If you are a startup that would like to be featured, please fill out the application here.
Feedback, suggestions, or questions? Reach out to Diana at dwright@dsmpartnership.com.
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Actively Raising
🚀Toggle
Highlights: Toggle is an end-to-end supply chain solution that is scaling a state of the art technology to improve performance across all metrics from visibility to transparency and performance in the transportation industry. The platform provides data-rich transparency to companies shipping freight, intelligently anticipating and adjusting route plans to tighten arrival window accuracy. Toggle’s technology also provides real-time quotes, eliminating needless negotiation for both parties.
Raising: $500,000 \ Committed-to-date: $1,600,000
Founded by: Jeremy Spillman
Contact: jspillman@drivetoggle.com + web; HQ: Des Moines, Iowa
Can you help? Toggle is looking for partnerships with carriers, drivers, and shippers within the logistics and transportation industry!
🚀Townhall
Highlights: Townhall boosts and measures engagement in large remote meetings by gamifying the experience. Enterprises and progressive leaders, who want to optimize remote work will see real-time engagement analytics, review post meeting analytics, and optimize remote worker performance and company culture. To date, the team has created a product for early-feedback across seven universities to test with students.
Raising: $1,500,000 \ Committed: $105,000
Backed by: IEDA Proof of Commercial Relevance and self-funded
Co-founded by: Dr. Larysa Nadolny and Pete Nadolny; Executive Summary
Contact: pnadolny@townhall.pro + web; HQ: Ames, Iowa
Can you help? Townhall is looking for lead investors or customers interested in testing or partnering!
🚀Want to be featured? Looking for more Iowa startups 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!
Closed Rounds
💰Basic Theory raises a $17 million Series A round led by Bessemer, Kindred, Conversion Capital, BoxGroup, Offline Ventures, and other investors
💰Bristola raises $400,000 seed round
💰Mazen raises a $11 million Series A round led by Fall Line Capital and joined by Iowa investors, Next Level Ventures, ISA Ventures, Kent Corporation, Ag Startup Engine, Ag Venture Alliance, and Summit Ag.
💰Steel Therapeutics raises $1.5 million seed round led by ISA Ventures
State Funding Announcements
Iowa Economic Development Authority announced six startups that received financial assistance including:
Axis-U awarded $25,000 for Proof of Commercial Relevance
Aronson Woodworks awarded $250,000 for Innovation Acceleration Propel Fund
Groov awarded $100,000 for Demonstration Funding
Hellcat Technologies awarded $25,000 for Proof of Commercial Relevance
Learning Culture awarded $25,000 for Proof of Commercial Relevance
ProCircular awarded $250,000 for Innovation Acceleration Propel Fund
National Small Business and Innovation Grants
Ames startup Brainsoft has been awarded Small Business Innovation Research (SBIR) grant for $256,000 to conduct research and development work on using brainwaves in virtual reality applications.
Ames startup Genvax Technologies received a $145,000 award from The Foundation of Food & Agriculture Research, and provided matching funds for a total $290,000 investment for African Swine Fever vaccine development research.
Mergers & Acquisitions
+ Cedar Rapids-based construction tech startup, MSUITE acquired by Stanley Black & Decker
+ LightEdge acquires NFINIT (LightEdge’s second acquisition over the last year)
On the Horizon: Companies to Watch
BrainSoft - Develops technologies to use human brainwaves to control objects and studies the relations of brain activities to emotional and intellectual states.
Classroom Clinic - Provides rural school districts with timely and convenient access to children's mental health services through telehealth and therapy.
Farm Story Meats - Sources and brings transparency for local farms and small meat producers which customers can select the bundle and cuts of meat for delivery to their doorstep.
Higher Learning Technologies - Harnesses the power of mobile learning for the future of education with effective, engaging mobile study solutions for today’s students.
In Motion Care - Creates technology to improve senior care by providing modern-day software to optimize employee operations and enhance the quality of care for residents.
Rantizo - Provides precision ag solutions using autonomous drone technology for targeted crop spraying and user-friendly software for farmers and businesses.
Sabanto Ag - Uses autonomous equipment to enable faster, cheaper, and more efficient farming around the clock, anywhere in the world.
Story + Sound Bites
🔊 Derian Baugh: Raised $3M, had 36 employees, and lost it all. Men’s Style Lab CEO on what’s next (The Justin Brady Show)
🔊 Carlos Arguello: Connecting Latinos with Mental Wellbeing Professionals (Small Business and Startup Stories Podcast)
📰AngelList: State of U.S. Early-Stage Venture & Startups, 1Q22
📰The Middle Investment Report 2022
📰Evelyn K. Davis Center and Drake University receive $1 million for small business programs from Wells Fargo
📰The Next Evolution of Clay & Milk
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.