Q1 2013 Capital Review: Minnesota tech ventures raised $28m+


pile-of-moneyAt least 24 Minnesota tech ventures raised in excess of $28 million dollars in the first quarter of 2013, according to information collected and analyzed from Jan 1 through March 31, 2013.

The data includes on the record activity compiled from multiple sources and actual numbers are estimated to be 20%+ higher according to investors who are not inclined to disclose their investment activity publicly. While imperfect, it’s a solid proxy of current local funding activity and trends — considered a worse case scenario.

As a comparison — in Q1 2012, 24 companies raised $58.6m, heavily skewed by one anomalous $52.5m deal; a more balanced comparison would be that 23 companies raised $6.1m in Q1 2013. The largest deal of Q1 was UpdateLogic ($10.9m), followed by Cachet ($7.9m) and Conservis ($1.46m).

Company: $AMT – date

JobDig: $604k – 1/4

Cymbet: $500k – 3/27

Cachet Financial Solutions: $7.96m – 3/7

UpdateLogic – $10,973,000 UNK/PWCMT

Clinical Healthcare: 150k – 3/26

Magnet 360: $1.6m – 3/17

Argos Risk:    $1.06m – 2/23

riteSOFT:   $150k – 2/20

Anser Innovation: $25k – UNKQ1/AITC

IndusTrack: $207k – UNKQ1/AITC

Card Cells: $262k – UNKQ1/AITC

SportsData: 822k – UNKQ1/AITC

Conservis: $1.46m – UNKQ1/AITC

CoraCove: $45k – UNKQ1/AITC

DealCurious: $105k – UNKQ1/AITC

Empathic: $107k – UNKQ1/AITC

Fitness on Request: $300k – UNKQ1/AITC

LeagueSafe: 100k – UNKQ1/AITC

Markupr.net: 955k – UNKQ1/AITC

MinuteBids: 25k – UNKQ1/AITC

MobileRealtyApps: 575k – UNKQ1/AITC

RowBot Systems (stealth): 155k – UNKQ1/AITC

Standard Health: $24k  – UNKQ1/AITC