Led by Swedish immigrant, Founder/CEO Carl Johan Torarp, LocaLoop provides an integrated 4G broadband internet business solution for data communication throughout rural geographies.
When factoring this new information, those figures increased to 40 firms (+24 AITC) and ~$50m (+$9.2m AITC) for Q1 2014, +66% / +79% from the same time period YoY:
16 40 Minnesota tech ventures raised $40m+ $50m investment capital in the first quarter of 2014, according to information collected and analyzed from January 1 through March 31, 2014.
The data includes on the record activity compiled from multiple sources. This proxy of current local funding activity and trends is a worse case scenario as there are always undisclosed transactions not factored. It goes well beyond what you would read in the legacy media  — which tends to ignore a lot of startup funding (why?).
Via News Release
“MINNEAPOLIS & NORWALK, Ohio–(BUSINESS WIRE)–Two innovative leaders in wireless broadband and mobile Internet technologies are joining forces to implement a turn-key solution for rural service providers, delivering mobile and fixed 4G broadband Internet services to millions of underserved rural businesses and households.
LocaLoop, Inc., a Minnesota-based Internet software technology company and Wireless Connections, an Ohio-based wireless network planning, installation and implementation consultant, announced they have formed a partnership. Under the agreement, LocaLoop will sell its Cloud-Driven 4G Turnkey Business Solution to rural communications service providers while Wireless Connections becomes the professional services arm providing operational services for LocaLoop.”
Sixty-one different local tech ventures raised over $65m during the second quarter of this year, according to verifiable information collected and analyzed from the period of April 1 through June 31, 2013.
Both the number of unique firms that received capital and the cumulative funding amount are the highest on record for Minnesota.
At least 37 early-stage Minnesota tech companies raised a cumulative $28m in financing during the months of April, May and June according to information collected and analyzed for the second quarter 2012 Capital Review.
The data set represents a proxy of local investment activity into IT/High Tech: Saas, web/mobile, hardware and robotics systems. It is imperfect, considering that there will always be undisclosed transactions and those which are off the record.
At least 24 early-stage Minnesota tech companies raised a cumulative $58.6m in financing according to information collected and analyzed for the first quarter 2012 Capital Review.
Excluding Code 42 Software’s behemoth $52.5m first round, 23 companies raised $6.1 million, a more balanced picture of Minnesota’s tech investment climate on record for the start of this year.
21 of those 23 raised $3.9m in capital under the Minnesota Angel Investor Tax Credit within the first 90 days of the year, so says DEED’s data. Approximately 33 cents of each dollar invested through the program went into IT, Software, web, mobile, hardware, and telecom areas.
This data set does not include off-the-record and otherwise publicly undisclosed transactions; for a comprehensive historical review of Minnesota tech fundraising over the past few years, see: 2010; Q1 2011; Q2 2011; Q3 2011; Q4 2011. If anything was missed, please leave a note in the comments section and we’ll update.
As the amount of 2011 tax credits ($12m) available through the Minnesota Angel Investor Tax Credit (AITC) program came to a halt last month, DEED was quick to update a final list of which companies had received what for the year.
At the half, roughly 17 tech companies had seen some $5.5m in investment capital through the program, with approximately .75 cents on every dollar going into ‘high tech’ ventures (IT, SaaS, web, mobile, telecom, etc.) at the time.
With this new data made available, many startups have gained under AITC since we last looked: