Updated: 19 Minnesota Tech Ventures Raised $35m in Q2 2011

by Zach Robins

Categories

Minnesota-tech-fundings

According to our 2011 second quarter analysis, at least 17 19 early stage Minnesota technology firms received investment capital during April, May and June.

 

Updated 8/4/11: Three additions to our Q2 2011 Minnesota tech investment analysis:

Roughly $26.5m $35m in funding was attributed to Minnesota’s high tech sector, largely skewed by health IT firm Ability Network’s $20m round $27m round.  Ability’s raise was the largest tech deal Minnesota has seen since January 2010, when Cymbet raked in $31m for thin film rechargeable batteries. The remaining 16 18 startups raised roughly $6.5m $8m combined, for an average round of $405k $445k.

When contrasted against last quarter’s analysis, both the number of transactions (-15%) (-10%) and the aggregate funding volume are down (-30%) (-8%), although the average deal size is up slightly.

This analysis supports the full spectrum of financing ($25k+), regardless of stage or definition (angel, seed, series A etc.) and many startups are currently fundraising. While we attempt to compile the most complete set of data, it remains imperfect as unreported transactions occur.

A reported ten tech deals representing $2.25m were facilitated under the Minnesota Angel Investor Tax Credit during the quarter. Since the AITC figures are calculated on a rolling annual basis, current numbers were determined by subtracting amounts reported from last quarter.

Date Type Company Amt. Note(s)
UNK Equity 7 Ventures (stealth) $1m
UNK Equity ActiFi $25k
UNK Equity Anser Innovation (stealth) $50k
UNK Equity Conservis $565k
UNK Equity Echobit $75k
UNK Equity enStratus $96k
UNK Equity LeagueSafe $100k
UNK Equity Localoop $63k
UNK Equity Seeonic $150k
UNK Equity Xollai $100k
UNK Equity JobDig $1.25m
6/17/2011 Equity Hardcore Computer $1m
6/10/2011 Equity MinuteBids $300k
5/31/2011 Equity LVX System $1.5m
5/26/2011 Equity Cinch $1m
5/8/2011 Equity Ability Network $27m
5/4/2011 Equity Video for Athletes aka PrepAthlete $125k
5/2/2011 Equity Field Nation $125k
4/22/2011 Equity WeatherNation $300k


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