Tenth 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 48 new Startup Iowa Hot List members who have joined us since the last edition. Join 380 intelligent, curious and supportive startup champions by subscribing below.
Spotlight: Iowa Innovation Dashboard launches to monitor state’s startup and business activity
The Iowa Innovation Dashboard is a comprehensive indicator of entrepreneurial activity in Iowa, compiling several vital metrics of entrepreneurial information into one dashboard to capture the pulse of Iowa's entrepreneurial and startup climate.
What is the dashboard measuring?
Business activity: New business starts, active businesses by density, business survival rate, total self-employment, and the rate of new entrepreneurs
Capital: Fundraising history of Iowa startups, including venture capital and state funding
Research: Number of patents filed in the state, R&D expenditures, and research grants awarded
Demographics: Business ownership, including gender and race, and ethnicity
The Iowa Innovation Dashboard is produced by Clay & Milk (a part of Gravitate Coworking) and the Greater Des Moines Partnership. The project pulls data twice a year from various sources and contributors.
Actively Raising
🚀Salin 247
Highlights: Salin 247 develops small-scale, lightweight, autonomous electric farm machinery for growing row crops. The customized machines will help farmers reduce soil compaction, increase crop yields, lower costs, and increase farm profitability. In 2022, the team completed successful field tests on seven Midwest farms and was selected to be part of PivotBio’s 2022 Farm Next startup program. Salin 247 is positioned to help lower the carbon intensity score (carbon footprint), starting at the field level for farmers and producers as the world looks towards climate-smart solutions.
Raising: $1,000,000 SAFE Round; Committed: $525,000
Backed by: Ag Startup Engine, Ag Ventures Alliance, AgLaunch365, Ja-Don Farms, Muddy Water Farms, and friends & family
Founding team: Dave Krog, CEO; Saeed Arabi, Software Engineer Lead; and Benjamin Krog, Mechanical Engineer Lead
Contact: dave@salin247inc.com + web; HQ: Ames, Iowa
Can you help? The team is seeking help identifying potential investors for current and future funding rounds. Introductions to key individual investors and venture groups are greatly appreciated!
🚀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!
Missed a monthly digest? Check out the Startup Iowa Hot List archives for companies raising here.
Closed Rounds
💰Hummingbirds (Des Moines) closed a $1 million seed funding round led by Chicago-based VC firm M25, with participation from Iowa groups, including Next Level Ventures, InnoVenture Iowa, ISA Ventures, Mango Seed, and other prominent angel investors.
💰Bristola (Des Moines) announced a successful close of an equity investment of $1.1 million. Bristola worked with Jennings Kallen Advisors on this investment.
💰NoLimits (Iowa City) successfully raised a $1.4 million seed funding round with participation from Halcyon Angels, NYC’s Disability Opportunity Fund, and Mark Cuban and Emma Grede, who previously backed the company on ABC’s “Shark Tank.”
National Ag Innovation Challenge
Two Iowa-based businesses competed in the Farm Bureau Ag Innovation Challenge last week held in San Juan, Puerto Rico:
ChopLocal (Wayland) competed in the final four and was awarded $15,000
ReEnvision Ag (Nora Springs) competed as a semi-finalist and was awarded $10,000
Mergers & Acquisitions
+ OpenLoop (Des Moines) acquires Reliant.MD (Austin, TX) practice group
+ Integrated DNA Technologies (Coralville) acquires next-gen research assays Invitae for $48M
+ Redshield Electronics (Ely, Iowa) and LSA Autonomy (Maryland) have merged to create a newly formed Ames ag technology company, MACH
On the Horizon: Companies to Watch
Hawkeye Surgical Lighting - Develops voice and motion-controlled surgical headlights that integrates with an iOS through Bluetooth
MACH - Converts farm equipment and off-road vehicles into autonomous, self-driving equipment for farmers
ReEnvision Ag - Allows farmers to be the best stewards of their environment by reducing tillages and allowing the soil to be healthier
REGEN Fiber - Recycles decommissioned wind turbine blades to prevent the equipment from going into landfills and creates reusable materials
SwineTech - Empowers pork producers worldwide to provide every pig with high-quality, individualized care
TruVise - Automates the process of segmenting customer data to deliver the right insurance product to the right customer at the right time
Upcoming Events
📅 January 19 - Global Insurance Accelerator Welcome Reception
📅 January 20-21 - [Online] Startup Weekend Iowa
📅 February 8 - [Online] Retail Reboot: Rethinking Retail in a “Phygital” World
📅 February 20 - [Multiple statewide locations] Venture School’s 7-week program
📅 March 22 - Small Business Success Summit
📅 April 11-12 - Iowa Rural Summit
Story + Sound Bites
🔊Music League: Connects friends + helps them discover new music (Small Business & Startup Stories DSM Podcast)
🔊Collin Hurd: Will A.I. replace farmers or give them an edge? (The Iowa Podcast)
🗞️Iowa: They call it the land of opportunity for a reason (Forbes, Ben Milne)
🗞️Attracting young people to rural Iowa (Art Cullen’s Notebook)
🗞️Maple Studios’ new space is expected to open in early 2023 (Clay & Milk)
🗞️How Taufeek Shah turned his mom’s sauce recipe into Lola’s Fine Hot Sauce global brand (DSM Register)
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.