Minnesota software startup finds $50k under Angel Tax Credit, maybe more?

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Led by $50k in equity capital,  Minneapolis Biomass Exchange (MBioEX) recently signaled that it has initiated an equity fundraising round of “indefinite” size.

MBioEX is a Minneapolis-based software startup which has developed an online exchange for animal bedding, livestock feed, renewable energy, and the biopharma markets. Biomass feedstocks such as corn cobs/stover, dedicated energy crops, hays/alfalfa, wheat straw and wood chips/residues can be sold through MBioEX’s proprietary platform.

“We may raise more funds as part of this offering, but it is unknown at this time,” says a note from CEO Kevin Triemstra on the new filing, which commenced on September 9th, 2010.  The company was one Minnesota’s first software technology companies to receive certification under Minnesota’s new Angel Investor Tax Credit and DEED has confirmed that 25% of the $50,000 raised (thus far) has been allotted to the investors side in the form of a tax credit.

Last month, it was reported that Doug Cameron and Rajesh Aggarwal had joined the MBioEx board of directors.

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