Quarterly Funding Review: 28 Minnesota Tech Ventures Captured $122m in Q2 2016

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RedPath ContentAt least 28 different Minnesota tech ventures received $122m of investment capital during the second quarter of the year according to information collected and analyzed from April 1, 2016 – June 30, 2016.

This research represents the most comprehensive ongoing tally of Minnesota’s tech sector funding quarter to quarter, year after year, spanning six consecutive years.

It’s compiled from multiple sources as proxy of market activity: crowdfunding, incubators/accelerators, angel investments, venture capital, corporate arm and private equity. Consider it a worse case scenario as there are always undisclosed transactions not fully factored, so the actual figures are higher, although unknown.

We give thanks to Redpath & Company CPA’s for underwriting this report that provides transparency into the marketplace.

So, what happened in Q2 2016?

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Sr. Software Development Engineer at Amazon Minneapolis, MN

Beta Byte: Rethread

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Screen Shot 2016-07-21 at 9.22.56 AMBeta Byte is a series underwritten by Bust Out Solutions for that early stage tech found somewhere between idea and traction

 

What is the name of the company and/or product?

Our company is named Rethread

What problem does this solve and what was the “aha” moment?

Our goal is to reduce annual textile waste and help customers conserve resources while keeping up-to- date with fashion trends. Rather than making clothes from scratch, our designers transform and return the customer’s original clothing using the principles of upcycling. The Rethread model enables us to have lower raw material costs compared to other fashion brands. We then pass on these savings to customers.

Rethread’s platform simplifies the shopping experience by limiting the amount of time spent parsing through choices. We accomplish this by personally curating, and creating designs based on the customer’s preferences as well as the latest fashion trends.

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SportsEngine Buys Swimming Software Maker TeamUnify

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Screen Shot 2016-07-21 at 9.06.32 AMVia News Release

SportsEngine, now a part of NBC Sports Group, announced today that it has acquired TeamUnify to strengthen its capabilities offered to swimming organizations. The entire TeamUnify team immediately joins SportsEngine and will continue to grow and support their 4,000 swimming organization customers.”

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Updated: Gravie Raises A Million Dollars From Securian

Minneapolis Healthtech startup Gravie has recently secured a million dollars of equity investment according to this SEC disclosure.

[Updated 7/20 @2pm central: Gravie has partnered with Minnesota-based Securian, who was the strategic investor in this round.  As part of the arrangement, Securian life insurance products are now available through Gravie, in addition to health, dental, vision, and supplemental health aka accident insurance. Sen also says the company is hiring again in product, engineering, and member advisors — currently at 53 employees.]

Founded in 2013 by repeat Minnesota entrepreneur Abir Sen, with partners Jill Prevost and Marek Ciolko — Gravie provides a marketplace for employers and individuals to pick and choose their healthcare insurance plans, a model expanded upon here.

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Ask An Indie: Jason Pfitzer, Northern Heart Studios

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Screen Shot 2016-07-20 at 9.09.44 AMWelcome to Ask An Indie where we interview local independent game developers to learn how they make, do and create.

The Indie: Jason Pfitzer – Creative Director, Northern Heart Studios

What inspired you to start making games?

It’s something I kind of always knew I wanted to do, but for the longest time seemed like a dream that would never really come true. Video games have been a part of my life for as long as I can remember, and I was always a big dreamer as a kid. I used to draw my own dungeons for The Legend of Zelda on pieces of paper and tack them up on the wall. Recently, my parents were digging through some of my notebooks I had as a kid and found some old game concepts I had worked on when I was younger. So, it’s always been on my mind, but just never saw it as a viable career option until recently.

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SportsEngine Buys Trackwrestling

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Via News Release

Screen Shot 2016-07-19 at 8.56.01 AMSportsEngine, now a part of the NBC Sports Group, announced today that it has acquired Trackwrestling to strengthen its product solution offered to wrestling events and clubs. As part of the acquisition, the entire Trackwrestling team immediately joins SportsEngine and will continue supporting their over 7,000 wrestling events and customers.”

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