Minnesota Tech Funding Report Q3 2017: 42 Ventures Raised ~ $59 Million

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dundee research underwriterAt least 42 different Minnesota tech ventures received a combined ~$59m of investment capital during the third quarter of 2017 according to information collected and analyzed from July 1 – Sept. 30, 2017.

This research underwritten by Dundee Venture Capital provides our readers with unparalleled transparency into the funding facts that surround Minnesota’s tech industry.

It’s compiled from multiple sources as proxy of local market activity: crowdfunding, incubators/accelerators, angel investments, venture capital, corporate arm and private equity. Consider it a worse case scenario as there are always undisclosed transactions not included; therefore the actual figures are higher, although unknown.

When compared to the prior quarter, +9 companies and -$139m (the Bright Health effect), while YoY 2017 absolutely crushed 2016 Q3.

Financially related stories for the quarter include:

Local tech entrepreneur Greg Dehn reflects on his funding round

A group of Minnesota VCs elaborate on the topic of due diligence

ATT put up to $200m into Minneapolis VC Coral Group to fund ONAP OS initiatives

The Welfare Watch halftime report was published

Arthur Ventures goes out of state again (& again)

Brightstone Venture Capital commences BVC2 – a second fund targeting $100m

The Syndicate Fund lays out cash into three startups

Alska joined Treehouse, undisclosed (est. $50-$100k)

Convervis CEO Sherman Black expands on their latest large round

Ryan Broshar went for a ride with Jeff Martin

Brightstone VC doubled down on VRChat

Notable corporate VC activity for the quarter:

Medtronic – Mazor

Medica – HealthEdge

Mayo Clinic – AliveCor

(All reported MN corporate venture activity YTD)

…And the list + dates + amounts of the local tech companies that raised capital during Q3 2017:

Comments

  • http://thebigidea.com/ TheLittleDuke

    As of 11/1 Silicon Prairie Portal & Exchange has raised $140K on it’s own crowdfunding portal. We are now less than 60 days away from having our Federal Funding Portal approved by FINRA. One of the conditions for approval will be shutting down our own MNvest raise, since under the federal rules a portal operator may not have an apriori financial interest in any issuer on it’s portal. We’ll still be able to host MNvest raises and have licensed use of our system to a Colorado portal operator.

    Under the our REG-CF portal, we’ll be able to slash portal fee’s by offering a “success fee” model where we are permitted to take a percentage of the raise in both cash and equity — current practices center around 5% cash and 2% equity.

    • http://tech.mn Jeff Pesek

      Sounds good, David. When we profiled SP earlier (Q2) funding was around $100k, should your company be added to this list for the addition $40k as of Q3?

      • http://thebigidea.com/ TheLittleDuke

        If you’d like to by all means do.

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