Wayzata-Based MPS Is Raising $5.5m For IoT Parking Systems


Wayzata-based Municipal Parking Services (MPS) is raising $5.5m with $275k closed according to this fresh SEC disclosure document.

The company’s Sentry Meter product is designed for streets, garages, lots and ramps to “revolutionize the parking experience” with customizable broadcasting, emergency alerts, targeted advertising, and POS integration — among other features.

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Land O’Lakes Is Launching A Pre-Accelerator With StartupNext, A Techstars Program


http://www.underconsideration.com/brandnew/archives/landolakes_logo_detail.gifLand O’Lakes is launching a new program in partnership Techstars focused on the intersection of food and technology. 

Startup Next Food and Tech, Presented by Land O’Lakes — is a ‘pre-accelerator’ initiative operating under the Techstars brand with support from Arden Hills headquartered Land O’Lakes.

“Think of it as Techstars light,” says program director Brett Brohl, who became an EIR with Techstars earlier this year around the time Ryan Broshar joined the Target/Techstars vertical retail accelerator.

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Q&A With Uptime Legal Systems Founder & CEO Dennis Dimka


Dennis Dimka

Dennis Dimka, Founder & CEO, Uptime Legal Systems

If you’re not familiar with Dennis Dimka and his Eden Prairie “Law Firm as a Service” Uptime Legal Systems, you should be now. They were ranked #2,010 on the 2014 Inc. 5,000 list with $2.7m revenue and again #2,033 in 2015 with $4.15m top line revenue.

With consistent double-digit year over year growth, healthy margins and profitability — the company just acquired New York-based JurisPage while Dimka was also recently nominated as a 2016 EY Upper-Midwest Entrepreneur of the Year Finalist.  Let’s learn more about Uptime’s success in the making:

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VC-Backed Vidku Downsizes Staff By ~20% In Restructure


Screen Shot 2016-05-16 at 9.40.54 AMMinneapolis mobile video messaging startup Vidku laid off between 6-8 people or approx. 20% of staff last week as part of a “refocus”,  according to multiple (now former) employees.

The venture was formed in early 2015 from technology developed inside the University of Minnesota and made a big spash when serial entrepreneur turned tech investor Phil Soran led the charge on a $17m series A round as chairman.

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Q&A With Summit Partners New Executive In Residence Brian Provost


Summit-Partners-Brian-ProvostLast week, Summit Partners announced that Brian Provost was the newest member of the Executive in Residence (EIR) team.

Founded in 1984, Summit Partners is a global growth equity firm headquartered in Boston, MA, that is currently investing more than $7.2 billion into equity and fixed income opportunities. To date, Summit has invested in more than 430 companies, completed more than 135 public offerings, and more than 160 have been acquired through strategic M&A.

Locally speaking, Summit Partners has previosuly financed JAMF Software ($30m), ABILITY Network ($550m), and HelpSystems (2005 & 2012).

Similiar to a traditional entrepreneur in residence role inside a VC firm, Summit’s EIR’s work to identify investment opportunities, conduct due diligence, and create and support value creation plans for the companies with which Summit has partnered.

It is the intention that the Executive in Residence eventually become CEO of a specific portfolio company.

This week, we connect with Provost to learn more:

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Local Student – Alumni Connector Homi Closes $100k ‘Pre-Seed’ Round


Minneapolis startup Homi has closed on $100k pre-seed funding as of late, according to cofounder & CEO Philip Xiao.

Five different angels participated in the round, including: Cathy James, Brad Nordholm, Rishi Vij, and Tim Drane.

Homi began last summer in response to Xiao’s own challenges around breaking into the insurance industry post graduation.

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