Over $60m Raised by Minnesota High Tech Ventures in 2010

by Zach Robins


moneytreeDespite a year’s worth of articles bemoaning the condition of U.S. venture capital investing (see here and here and here), venture capital firms invested $21.8 billion nationally in 2010 (3,277 total investments), according to the National Venture Capital Association & PwC’s annual MoneyTree report.

This represents a 19% increase in dollars invested over 2009.

Minnesota’s 2010 story ends quite differently. Cross-sector startups raised a collective $140 million, marking a 48% drop from 2009, and the lowest Minnesota amount since the MoneyTree reporting began 15 years ago.

For 2010, TECHdotMN documents 42 unique high tech deals (IT, SaaS, web/mobile, digital media, hardware, telecom), totaling in excess of $60m invested in Minnesota-based technology companies throughout last year. Excluding Cymbet’s $31m round, 36 different ventures raised approximately $30m combined in 2010, or $857k per average round, according to the data.*

Through seed, angel, super angel, venture capital, and private equity transactions, we’ll be consistently updating Minnesota technology financings throughout 2011 as a permanent part of our capital section.

*Disclaimer: although this is the most comprehensive research and roundup of Minnesota high tech-only deals ever published — by no means is it complete or 100% accurate. Unreported deals, transactions of undisclosed terms, or in many cases, final closing amounts are not included. Consider the figures to represent a minimum; in some cases, dates are estimated.  If anything was missed or mistake(s) made, drop a note below!

Date Type Company Amt. Investor(s)
UNK Equity 3D Software and Systems $1m
UNK Equity 3D Sports Technology $275k
UNK Equity Cachet Financial Solutions $2.025m
UNK Equity Conservis $325k
UNK Equity Emprimus $1m
UNK Equity Exosite $75k
UNK Equity FlyingWord $325k
UNK Equity Instant Wireless Interpretation $185k
UNK Equity Inveni $200k
UNK Equity Localoop $112.5k
UNK Equity Packet Power $250k
UNK Equity SaaSware Highway $37k
UNK Equity Spyeworks $500k
UNK Equity Xollai $591k
12/30 Equity DraftStreet $1.125m
12/29 Equity The Blind Squirrel $525k
12/20 Equity Bloom Health $7.5m Sandbox Industries
12/13 Equity JobDig $1m
12/10 M&A Tyco closes ADC $1.25B
UNK Equity Adestinn $1m
UNK Equity Echobit $95k
UNK Equity Itizen $100k
11/22 Equity Digiliti $429k
11/18 Equity Optimine $900k
10/18 Equity Ayrstone Productivity $40k
9/22 Equity MBioX $50k
8/19 Equity Geacom $812k
8/9 Equity BringMeTheNews $1m Dolan, PSB
8/5 Equity FieldSolutions $1.5m Startec, et al.
8/4 Equity Aveso $1.04m
7/23 Equity 3D Sports Technology $50k
7/12 Equity Zipnosis $62k
6/23 Equity DeaftStreet $352k
6/14 Equity CreateHealth $1m
5/27 Equity mPay Gateway $1.5m Appian, GRP, et al.
5/26 Equity ProfitSee $80k
5/12 Equity Exosite $300k
4/23 IPO SPS Commerce $49m
4/16 Equity Cachet Financial $165k
4/11 Equity Hardcore Computer $500k Capital Midwest
4/1 Equity Recon Robotics $1.5m
3/23 Equity Zipnosis $200k
3/22 M&A TDS aquires VISI $7.8m
2/19 Equity Indigo Identityware $1.2m
2/1 Equity Zencoder $20k Y Combinator
1/25 Equity Cymbet $31m Perseus, Intel, TI