At least 87 Minnesota tech ventures fundraised in excess of $145 million dollars last year, according to information collected and analyzed from Jan – Dec 2012.
The data includes on the record deals, whereas the actual numbers are estimated to be 25%+ higher according to many active investors who are not inclined to disclose their investment activity publicly.
Nonetheless, it’s a solid proxy of the local funding market activity and trends. As a comparison — in 2011 63 ventures raised $126m and in 2010 that figure was around 42 / $60m. There’s less of an “innovation contraction” in Minnesota and more of vibrant market for startups and investors, according to the facts.
Looking at Q4’s stats, the overall number of firms that raised capital was down Q2Q and YoY, although the combined funding figure — $35m — is relatively constant with previous quarters. Interestingly, the rounds from this time period ($3m average) are significantly higher than usual ($300k). The absence of available tax credits mid-year certainly had an effect on those smaller, early stage angel rounds.
- 12/27: Canopy – $2m
- 12/23: CAP – $9.9m
- 12/7: Conservis – $1m
- 12/4: SmartThings – $3m
- 12/3: TST Media – $3.3m
- 11/29: Indigo Identityware – $885k
- 11/25: OnPoint Medical – $958k
- 11/19: Jingit – $7m
- 10/29: Echobit – $350k
- 10/23: KeyedIn Solutions – $5.24m
- 10/11: BuyerCurious – $1.75m
Q4 Total: 11 companies raised cumulative $35m
- Q3 2012: 15 companies raised $24m
- Q2 2012: 37 companies raised $28m
- Q1 2012: 24 companies raised $58m
2012 Total: 87 tech companies raised $145m