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:
- Video for Athletes’ (aka PrepAthlete) $200k was inadvertently omitted from initial numbers.
$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.
|UNK||Equity||7 Ventures (stealth)||$1m||–|
|UNK||Equity||Anser Innovation (stealth)||$50k||–|
|5/4/2011||Equity||Video for Athletes aka PrepAthlete||$125k||–|