Minne Inno is presenting the winners of its sixth annual Blazer Awards.
The Blazer winners represent one company in each category of our previously announced Fire Awards honorees. The Fire Awards honorees were chosen, based on nominations from the community and our newsroom, as key players in the Minnesota ecosystem driving innovation. After being grouped in 10 categories, the one company from each category that's positioned for bringing the largest impact to the ecosystem was chosen as a Blazer.
Here are Minne Inno's 2023 Blazer Award winners:
Investor/Financial organization: Engage Venture Partners
Since launching last spring, Minneapolis-based Engage Venture Partners has invested $5.5 million through six special purpose vehicles through early July. The firm uses the SPV model to invest in companies in the med-tech and health-tech sectors.
The SPV model is fairly new to the Minnesota market after catching on in markets like the Bay Area and New York, Minne Inno previously reported.
Unlike traditional venture firms, SPV’s treat each investment as its own fund. Rather than investing into a blind pool that makes investments over years, SPVs allow investors to only invest in individual companies they’re interested in.
The firm has invested in companies like Vocxi, a breath-diagnostics startup that received $1.6 million. About 54% of the total capital it has invested has been to diverse-led companies.
To date, Engage Venture Partners has evaluated over 250 companies, but only invested in 2% to 3% of them. Only when all four of Engage’s partners are willing to invest a significant amount themselves will the firm take a deal to its network of investors.
Engage is led by founders Ryan Spanheimer, Morgan Evans, Steve Sigmond and Kelly Prchal.
Sports and entertainment: BettorEdge
BettorEdge, a Minneapolis-based social sports-betting startup, has seen notable interest – both from investors and the sports-betting community – over the past year. The company, led by co-founders Greg Kajewski and James Seils, recently surpassed $100 million in orders, or proposed bets, placed on its platform.
Earlier this year, BettorEdge secured an investment from former Minnesota Wild player Jason Zucker.
The company has carved its own niche into the growing market for gambling on sports. Instead of operating like a traditional sportsbook, BettorEdge’s platform has no fees and allows bettors to go up against each other by choosing how much they’re willing to bet.
Other recent successes for the company include being named a Rising Star of the Year by SBC, a British media company focused on gaming, and shortlisted as a Social Responsible Operator of the Year. BettorEdge was also named the 2023 champion of Minne Inno Madness.
The company has three full-time, Minnesota-based employees and has raised about $1.5 million. Looking ahead, the company plans to launch additional features allowing brands, charities and more to engage with the community.
Consumer: Wicked Kitchen
Plant-based food brand Wicked Kitchen has continued to score high-profile investors, including, most recently, NBA point guard and two-time Olympic Gold medalist Chris Paul.
Founded in 2017, Wicked Kitchen offers a range of chef-crafted, plant-based consumer packaged food products that are available at 13,000 retailers. The company now has over 40 products in the U.S. and over 150 in the U.K., including frozen entrees, pizza and ice cream. CEO Pete Speranza has worked with General Mills Inc. in high-profile leadership roles and co-founded its 301 INC venture fund.
The company has raised over $30 million since 2022 and has 30 employees, three of which are part of its executive leadership team based in Minneapolis. It has seen over 50% revenue growth year-over-year.
The company has also expanded beyond consumer-packaged goods into food service at sports events. Last fall, it partnered with the Minnesota Timberwolves and launched its first concession stand at Target Center.
Wicked Kitchen has seen a slate of celebrity investors, including actor and vegan advocate Woody Harrelson, media personality Paris Hilton, actor and musician Lance Bass, and actress and activist Shailene Woodley.
Health: Gravie
Since launching nearly a decade ago, Minneapolis-based health benefits company Gravie experienced one of the biggest venture capital deals of the year so far, securing an equity investment of $179 million.
Growth has been the focus for Gravie, which helps small and medium-sized businesses provide health insurance for their employees through its flagship product called Comfort. It uses a defined-contribution approach, where employees choose how much money they’re willing to contribute to employee health plans and are able to choose their own plans.
The company had increased its employee count by 200% between the start of 2022 to the beginning of 2023. Looking ahead, Gravie plans to increase its employee count to 400 employees, a majority of which will be based in Minnesota.
Last year, the company moved into a larger office space in the Riverplace complex in Northeast Minneapolis. Gravie has raised over $300 million, the company previously told the Business Journal.
Med-tech/Medical device: Relievant Medsystems Inc.
Edina-based Relievant Medsystems Inc. recently raised $50 million in Series G funding to further develop its Intracept Procedure, a minimally invasive treatment for a type of chronic low back pain.
Since completing the close of the financing round, the company has announced that over 10,000 patients have been treated using Intracept Procedure. Last month, Cigna Healthcare established national coverage for the procedure.
Relievant's technology works by stopping a nerve embedded in vertebrae from transmitting pain signals to the brain. Intracept Procedure received FDA clearance in 2016.
Founded in 2006, Relievant was based in Sunnyvale, Calif., until 2018, when it relocated to the Twin Cities. It now has 50 Minnesota-based employees.
Relievant has raised over $269.5 million in venture capital, according to Crunchbase.
Clean-tech/Environment: Grid Catalyst
Founded in 2021, Grid Catalyst works with energy-focused startups and entrepreneurs to help them bring their ideas to market through project demonstration, connections and mentorship.
The past year has been filled with successes for the clean-tech accelerator, after it received two grants from the Department of Energy and the IN2 Innovation Incubator led by Wells Fargo & Co. and the National Renewable Energy Lab.
Grid Catalyst, led by Nina Axelson, also hosted its first-ever Cleantech Innovation Day and launched the Minnesota Cleantech Consortium.
Since its founding, the organization has initiated programs, including one for late-stage startups and another called the PowerNorth Incubator. Grid Catalyst also connects startups to high-profile companies through its Innovators Network, which includes 3M Co., Xcel Energy Inc., CenterPoint Energy Inc., and more.
Looking ahead, the organization plans to continue to lead the consortium, begin recruiting for two additional startup cohorts, and boosting at least six pilot projects.
Marketing and consulting: CAMP Digital
Edina-based CAMP Digital, which provides digital marketing solutions to home-service companies, has doubled its revenue every year over the past three years.
Founded five years ago, the company closed out 2022 with nearly $11 million in revenue. Last year, the company debuted on the Business Journal’s Fast 50 List with a reported 2021 revenue of $6.4 million.
Formerly called Home and Local Services, the company is now considered a Google Premier Partner after spending $60 million annually on advertising. In its first year of eligibility in 2022, CAMP Digital was named on Inc. magazine's Inc. 5000 at No. 365.
The company has 67 employees.
Software: Fulcrum
Fulcrum, a Minneapolis-based software-as-a-service firm focused on modernizing manufacturing, has seen significant growth since last year.
The company’s user base increased by 105% year-over-year, with a focus on U.S.-based sheet-metal manufacturers. On overall headcount, Fulcrum has seen growth of 33% in Minnesota and beyond since last year. The company now has 27 Minnesota-based employees.
Beyond user and employment interest, Fulcrum has also gained the attention of investors. Last fall, the company emerged from stealth mode with $18.8 million in Series A financing, which was led by San Francisco-based venture capital firm Bessemer Venture Partners. Other local venture firms also participated in the round.
That funding went toward developing Fulcrum’s product, making hires and moving into new office space in downtown Minneapolis’ IDS Center. Since then, the company has been raising new capital. Fulcrum has over $6 million in annual recurring revenue.
Community builder: Red Wing Ignite
Red Wing Ignite, a Red Wing-based innovation hub, has been working to support entrepreneurs and startups throughout 11 counties in southeast Minnesota.
Late last year, the organization received $4 million through the U.S. Economic Development Administration’s Build to Scale program. Half of the funds were sourced from federal funds, the rest came from a local match backed by Xcel Energy Inc., the Southern Minnesota Initiative Foundation, and more.
The Build to Scale program was intended to help the hub boost regional coordination and overcome barriers to entry for rural and diverse founders. That will be facilitated through Red Wing Ignite’s anticipated launch of a project called Accelerating Rural Entrepreneurs in Southeast Minnesota.
Red Wing Ignite, led by executive director Stacy Nimmo, now has nine Minnesota-based employees and annual recurring revenue of over $1.3 million. The organization raised nearly $4.6 million in 2021 and 2022.
Hospitality: Opsi
Opsi, a workflow app for culinary professionals to boost operations and optimize consistency, is building a reputation in the restaurant industry — locally and nationally.
Developed by former Spoon and Stable chef James Passafaro, Opsi has won investments from high-profile names, including award-winning chef Gavin Kaysen and Florida human relations services firm Anthros Inc. Kaysen is now an official partner for Opsi, the Business Journal previously reported.
Opsi has been implemented in about 400 restaurants, including Jester Concepts' new Butcher & the Boar, chef Jorge Guzmán's Petite León, and Kaysen's other establishments, Demi, Mara, Socca Café and Bellecour at Cooks of Crocus Hill. Opsi has raised $450,000 to date.
Restaurants largely still rely on archaic systems, like paper tickets, but that’s shifted, with a greater acceptance of technology in kitchens over the past few years.
