18 Minnesota tech startups raised over $31m in Q3 2013


At least 18 different Minnesota tech startups raised in excess of $31m during the third quarter of this year, according to information collected and analyzed from the period of July 1 – September 30th, 2013.

The data includes on the record activity compiled from multiple sources, while actual numbers are estimated to be higher by investors who are not inclined to disclose their activity. While imperfect, it’s a solid proxy of current local funding activity and trends — consider it a worse case scenario.

The figure is up ~20% YoY from Q3 2012, yet down from a record Q2 2013. As natural fluctuations do occur quarter to quarter, it will be interesting to observe where this year ends up relative to 2012’s total of 87 ventures & $145m gross raise.  The largest rounds of this term include CAP – $6m, LeadPages – $5m and CloudCover – $3.14m.


A list of all the deals recorded during the third quarter of this year. Did we miss something? Leave a note…

Workface – $2.5m – PWCMT*

MinuteBids – $386k – PWCMT*

9/26: LeadPages lands $5m from Foundry Group & Arthur Ventures

9/12: CloudCover is raising $7m equity for ‘real-time cybersecurity insurance’ (3.14m)

9/5: Eden Prairie hardware startup MAX4G closes on $2m+ second round

9/4: St. Paul software startup Primordial lands another federal deal (463k)

9/3: Choosatron crushes it on Kickstarter (75k)

9/2: Stealthy health-tech startup Gravie raises $2.6m

8/13: St. Paul startup Drive Power is raising $750k- $1m (141k)

8/2: Maple Grove startup raises $1.3m equity for on demand fitness tech

8/1: Local startup Shared2You is raising $1m to peep on your peers (360k)

7/25: Minneapolis startup 3D Sports Tech scores more cash (295k)

7/24: Intensity Analytics closes on $3.5m funding

7/23: Twin Cities tech firm raises $2.5M from Tech Coast Angels

7/9: Minneapolis startup CAP pushes $40m in VC funding ($6m)

7/8: St. Paul startup Primordial scores $590k military contract

7/2: Mobile banking startup Cachet Financial raising $1.5m (500k)

7/1: Cympel pulls in more funding from Dundee VC (125k)

*The MoneyTree™ Report by PricewaterhouseCoopers and the National Venture Capital Association based on data from Thomson Reuters.


Fifteen Minnesota Tech Ventures Raised $24m in Q3 2012
Minnesota’s tech startup funding hits record highs – Q2 2013 Cap Review
Q1 2013 Capital Review: Minnesota tech ventures raised $28m+