While we’re primarily focused on Minne’s innovation economy, we also have our eyes on all of the startup and tech activity happening throughout the entire Midwest. Here are the major tech fundings, acquisitions, mergers, moves and IPOs that went down in the region in October. See all Midwest Reports here.
10/1: Chicago-based Project44, a fast-growing shipping logistics platform, raised $45 million in funding. Sapphire Ventures led the round at a valuation just under $500 million.
10/1: Cleveland-based medical device company Checkpoint Surgical raised $8.8 million in funding from Mutual Capital Partners, with participation from First Analysis and the JumpStart NEXT Fund.
10/2: St. Louis-based Ansira, a data-driven marketing agency, acquired Dallas-based Defakto, an Adobe solutions provider. Terms of the deal were not disclosed.
10/4: St. Louis-based Coolfire Solutions, a developer of situational awareness technology, raised a $11.5 million Series B from Clayton Venture Partners.
10/5: Ferndale, Michigan-based EmaginePOS, a point of sale company for the restaurant industry, was acquired by San Francisco-based SpotOn Transact. Financial terms weren't disclosed.
10/5: Chicago-based investment firm Adams Street Partners raised $426 million for its second early-stage venture fund.
10/5 Detroit-based Authentic4D, a startup that exposes exaggerated injuries by converting claimant MRI & CT scans into an easy-to-understand 3D video, raised a $5 million Series A from IA Capital Group.
10/5 Cleveland-based private equity firm Align Capital Partners raised over $301 million for its debut fund, per an SEC filing.
10/5: Chicago-based venture capital fund Energize Ventures raised $150 million for its first fund.
10/8: Chicago’s Kraft Heinz formed Evolv Ventures, a new $100M venture fund that will focus on food tech startups.
10/9: Minneapolis-based Perforce, a developer of software used for application development, acquired Burlington, MA-based Perfecto, a provider of automated mobile and web application test software.
10/11: Chicago-based RedShelf, a distributor of digital course materials in higher education, raised a $25 million Series C from DNS Capital.
10/12: Minneapolis-based Total Expert, an enterprise-grade marketing operating system built for the future of financial services, raised a $20 million Series B from Emergence Capital, with participation from Rally Ventures and Arthur Ventures.
10/12: Minneapolis-based Cardialen, a developer of low-energy defibrillators, raised a $17 million Series B from RiverVest Venture Partners, with participation from Qiming Venture Partners, HBM Healthcare Investments and Cultivation Capital.
10/12: Lexington, Kentucky-based Lumenari, a provider of LED phosphors for LCD displays, raised a $3 million Series A from Revolution’s Rise of the Rest fund and investors including TJ Rodgers and Jeremy Blank.
10/13: Chicago-based G2 Crowd, a peer-to-peer, business solutions review platform, raised a $55 million Series C from IVP, with participation from Emergence Capital and Accel.
10/13: Chicago-based medical marijuana company PharmaCann was acquired by MedMen Enterprises in a $682 million all-stock transaction.
10/13: Indianapolis-based PERQ, a provider of online consumer engagement and shopping behavior solutions, raised $4 million from Elevate Ventures.
10/13: New venture firm Comeback Capital announced that it has closed on a $2.25 million fund that aims to invest in startups outside the coasts. The fund will be led by Scott Shane, an angel investor and professor at Case Western Reserve University in Cleveland, Ohio. The fund follows the Comeback Cities Tour, a bus tour put on by Congressmen Tim Ryan (D-OH) and Ro Khanna (D-CA) earlier this year, which the New York Times coined the “Rust Belt Safari.” The idea was to connect Silicon Valley investors with entrepreneurs in some of America’s overlooked startup hubs. The result of that bus trip across the heartland is now the Comeback Capital Fund, a pre-seed fund that aims to bridge the divide between Silicon Valley investors and Midwestern startups.
10/24: Cincinnati-based SigmaTEK Systems, a developer of nesting software solutions, was acquired by global, technology-focused investment firm Battery Ventures. Terms of the deal were not disclosed.
10/25: Indianapolis-based Scale Computing, an IT virtualization infrastructure platform, raised a $34.8 million Series F from Lenovo and other investors.
10/25: St. Louis-based Summersalt, a fast-growing direct-to-consumer swimwear brand, raised a $6.1 million Series A from Founders Fund, with participation from Lewis and Clark Ventures, Revolution's Rise of the Rest Seed Fund, Dundee Venture Capital, Breakout Capital, Cultivation Capital, Victress Capital, Amplifyher Ventures, M25 and Giuliana and Bill Rancic.
10/30 Chicago-based private equity and venture capital firm ARCH Venture Partners is looking to raise $600 million for its 10th fund, per an SEC filing.
10/31: Chicago-based Backstop Solutions, a cloud-based productivity suite provider for the institutional investment industry, raised $20 million in funding from Roger Kafker, former Morningstar COO Tao Huang, Huizenga Capital Management president David Bradley and Vistara Capital Partners.
