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

by Zach Robins



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