Software is among the most profitable startup categories in Minnesota.
In the last five years, around $64 million was invested in the state's SaaS companies across 13 deals, according to PwC's MoneyTree report. A substantial amount of this capital, around $25 million, was raised just within the last 12 months.
Below are a handful of local companies that have made their mark on Minnesota's software scene. Cumulative funding numbers are estimations based on available CrunchBase data. Companies that have been acquired or gone public are not included on this list.
Code42
Total VC funding: $137.5 million
Founded in 2001, Code42 started out selling online data-backup software, but in more recent years has begun positioning itself as an IT-security company. Code42 has around 130 software developers on its staff, according to Business Journal research, making it the second largest SaaS company in the Twin Cities behind Calabrio.
KeyedIn Solutions
Total VC funding: $42.4 million
Last year, KeyedIn Solutions, a business-software venture, closed on $15 million in 2018 to boost sales and marketing. The company sells professional-services and project-management applications, plus business software for manufacturers.
Leadpages
Total VC funding: $38 million
Leadpages generates web pages that are key to turning site visitors into customers. The Minneapolis-based company last raised a round of venture capital in 2015. Shortly after, it scooped up software startup Drip. Within the last year, Drip debuted a CRM platform for e-commerce, grew its headcount from 30 to 100 and reached $10 million in annual revenue.
Total Expert
Total VC funding: $34 million
St. Louis Park-based Total Expert offers marketing, compliance and reporting software. In October, it closed on a $20 million round of funding from Emergence Capital, a San Mateo, Calif.-based firm that counts Salesforce, Yammer and Crunchbase among its portfolio companies.
Field Nation
Total VC funding: $30.2 million
Minneapolis-based Field Nation matches contractors and freelancers with corporate clients. It is the 11th-largest SaaS company in the Twin Cities, and has around 90 employees.
When I Work
Total VC funding: $24 million
When I Work makes software applications businesses use to manage hourly workers' schedules. The company raised $15 million in venture capital funding in 2016.
MedNet Solutions
Total VC funding: $20.5 million
Founded in 2000, MedNet Solutions makes software applications for managing clinical trials. The company's most recent round of venture capital was in 2016 when it closed on $16.5 million in funding from Santa Monica, Calif.-based Arrowroot Capital.
ClickSWITCH
Total VC funding: $17.1 million
Financial-technology startup ClickSWITCH recently closed on a $13 million round of financing to fuel growth. Founded in 2014, ClickSWITCH aims to make it easier for consumers to move bank accounts from one financial institution to another. The company sells its services to banks and credit unions, which in turn offer it to customers.
