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 of Iowa can dial in on the startup activity happening across the state while finding the next business to support.
Welcome to the 34 new Startup Iowa Hot List members who have joined us since last month. Join 332 intelligent, curious and supportive startup champions by subscribing below.
Spotlight Event: Iowa Angel Investor Summit @Landus Innovation Connector
Iowa Angel Investor Summit is a one-day summit on Friday, November 18, for active and aspiring angel (startup) investors to come together to help accelerate the entrepreneurs that are changing the world.
The summit experience will share topics around:
How to become an angel investor, a session led by Groove Capital Group
A case study with Irish Angels, a Notre Dame investor network
Early-stage investment due diligence, a panel led by experienced angel investors
Terminology and math led by UHY
Conversation with a MakuSafe founder and their early-stage angel and corporate investors around the relationship as a ‘first believer’
A special investor pitch event and happy hour will round out the summit featuring startups actively fundraising
Sponsored by BrownWinick, Dentons Davis Brown, IEDA, Landus, and UHY
Actively Raising
🚀Hellcat Technologies
Highlights: Hellcat Technologies is a software as a service (SaaS) company that innovates software and mobile application solutions in a 100-billion dollar US industry, with starting roots in telecommunications. The team focuses on solutions, including accurate inventory management tracking, automated invoicing, and connecting the industry through their network to assist with mobilizing crews for large projects or disaster recovery efforts.
Raising: $500,000 Seed Committed: $250,000
Backed by: Wellmark Venture Capital Fund, IEDA POCR, and private angel investors
Co-founded by: Steve Wozniak, CEO, and Jason Blackburn, CTO
Contact: jason.blackburn@hellcattecnologies.com + web; HQ: Tabor, Iowa
Can you help? The team is looking for additional investors to close their fundraising efforts.
🚀Parametric Studios
Highlights: Parametric Studios is a leading developer of engineering-infused STEM education products for K-12+ that leverage emerging technologies in graphics, design, visualization, 3-D printing, embedded electronics, and virtual and mixed reality. The team recently launched two products for early elementary and middle school and is seeking funds to scale its commercialization.
Raising: $750,000 Seed Round
Backed by: $3.3 million through federal R&D grants and IEDA
Co-founded by: Dr. Christopher Whitmer and Dr. Atul Kelkar; Business Summary
Contact: whitmer@parametricstudioinc.com + web; HQ: Ames, Iowa
Can you help? The team is looking for angel investors, connections to EdTech companies for future partnerships, and connections to schools and after-school youth organizations.
🚀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!
Missed a monthly digest? Check out the Startup Iowa Hot List archives for companies raising here.
Closed Rounds
💰TractorZoom (West Des Moines) closed a $5 million Series A funding round, co-led by Builders VC and Bienville Capital. Additional participation from Next Level Ventures and Wintrust Ventures, as well as existing investors Innova Memphis, HPA, ISA Ventures, Ag Ventures Alliance, and strategic angel investors.
💰Laminar Scientific (Iowa City) successfully raised $154,000 through WeFunder
Mergers & Acquisitions
+ Caregiven (GIA ‘20 cohort) acquired by Delta Dental of Iowa
+ Viewpoint Molecular Targeting (Coralville) to merge with MedTech company Isoray
+ Ruan Transportation expands with acquisition of Michigan-based company National Truck Brokers
New Funding for Iowa Startups & Small Businesses
Iowa Economic Development Authority (IEDA) announced that the state has received a $96 million investment from the US Treasury (SSBCI) to support Iowa’s small businesses and entrepreneurs. Here’s the breakdown:
$31 million = InnoVenture Iowa Fund, a co-investment venture capital fund to support early-stage startups in Iowa. Separately, the InnoVenture Challenge launched as a $100,000 pitch competition for early-stage entrepreneurs— the deadline to apply is Nov. 15.
$28 million = Manufacturing 4.0, a program for Iowa’s manufacturers to invest in new technologies.
$22 million = Innovation Fund Program, the state’s funding assistance program for entrepreneurs that has been operating since 2008.
$15 million = Small Business Collateral Support, a program to help small businesses with minority status offset collateral shortfalls through the loan process with commercial lenders.
Local Government + Inclusive Entrepreneurship
Open invite for mayors of any community! The National League of Cities (NLC) offers the City Inclusive Entrepreneurship program where city leaders commit to creating policies, programs, and practices that drive inclusive, entrepreneurship-led economic growth in their community. City leaders can pick a commitment from a menu of options and receive year-long expert guidance on implementation and funds from NLC to help launch the initiative.
The program kicks off on November 17 at the NLC’s City Summit in Kansas City.
On the Horizon: Companies to Watch
Brale - Combining the best of DeFi & CeFi, Brale helps regulated financial institutions leverage decentralized protocols
Fastpath Solutions - Offers a cloud-based auditing platform that tracks, reviews, approves, and mitigates risks across multiple systems with security in mind
Firefly Photonics - Specializes in R&D of mid-to long-wave infrared LED and lasers to enable technologies in defense, medical images, gas, and chemical sensing
Inseer - Provides work injury analysis using artificial intelligence to interpret video footage that measures distance, flex, and twist calculations in real-time
Laminar Scientific - Engineers sustainable energy technology that harnesses the power of ocean waves in coastal communities
PowerPollen - Engineers new ag technologies that improve seed production and increase agricultural productivity through effective cross-pollination
Upcoming Events
📅 November 3 - TAI’s Prometheus Awards
📅 November 7 - [Virtual] Local Business School: Master Your SMB Marketing
📅 November 9 - Sales for Startups
📅 November 16 - Raising Capital for Startups
📅 November 18 - Iowa Angel Investor Summit
📅 November 19 - National Immigrant Entrepreneurs Summit
📅 V-Sum - A distributed conference headquartered in Des Moines, brings together the best and brightest globally to discover the latest in FinTech, DeFi, and Crypto technologies
Story + Sound Bites
🔊 Tracy Jon Sargeant: Next-gen makerspace in Iowa City free to the community (The Iowa Podcast)
🗞️Bringing data science to real estate (innovationIOWA)
🗞️Iowa launches first publicly funded venture capital fund (Business Record)
🗞️North Iowa Entrepreneurs Honored at 2022 Pappajohn Gala (NIACC)
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.