According to our quarterly analysis of the local entrepreneur/investor landscape, over 20 early-stage Minnesota tech firms received investment capital during the first three months of 2011.
At least $38m in total funding was procured by Minnesota’s high tech sector alone from January through March — largely skewed by Cima NanoTech’s $15m D round, 8thBridge’s $10m series B and RedBrick Health’s $5.7m raise. The remaining 18 startups raised just over $7m combined, for an average round of $388k.
Things are not as bad as the legacy media makes them out to be — but misery loves company and you are free to follow shallow opinion if it supports your prejudice. Another recent, and slightly more useful attempt, paints an incomplete picture of what’s really happening within the industry. Since most of the action is on the ground-level, our coverage extends beyond “VC” (definition please?) to include seed-stage funding on up.
A reported ten tech deals representing $3.3m were facilitated under the umbrella of the Minnesota Angel Investor Tax Credit (date=UNK). The data does not factor off the record and undisclosed transactions; any relevant PWC MoneyTree data will be updated accordingly.