Which MN Health Care Startups Landed The Most Angel Funding In 2016?

Local health care startups targeting regenerative medicine, obesity, glaucoma, blood cancer and other fields led the list of the biggest 2016 recipients of funding from investors eligible for the Minnesota Angel Tax Credit. Read more at Twin Cities Businesses.

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Second Equity Crowdfunding Portal Goes Live In Minnesota

Silicon Prairie Online became the state’s second equity crowdfunding platform late last week, following approval by the Minnesota Department of Commerce.

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Sezzle nabs funding for low-fee payments processing

Financial-technology startup Sezzle has wrapped up a $1.85 million round of funding as it prepares to launch a payments-processing product for retailers. Read more at the Minneapolis-St. Paul Business Journal.

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OneOme Lands $5.25 Million In Financing Round

Minneapolis-based OneOme LLC has drawn $5.25 million in new financing; 80 percent of the round is debt, 20 percent is equity. OneOme was founded in 2013, backed by Minneapolis-based Invenshure LLC, an incubator and venture investor, and Rochester-based Mayo Clinic.

Learn more here.

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MN Cup Names Stemonix Best Business Idea of 2016

The Life Science/Health IT division winner of the MN Cup, StemoniX, was awarded the $50,000 grand prize at the 12th annual MN Cup awards celebration. The prize was announced at a ceremony Thursday evening, Sept. 22, at the University of Minnesota’s McNamara Alumni Center. StemoniX is a company that conducts stem cell-based research and drug screening, which will lead to a new era of drug discovery and personalized medicine. The company is revolutionizing the production, growth and manufacture of human heart and brain cells for drug toxicity and efficacy testing.

Read more here.

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Two University of Minnesota startups named among “Best University Startups”

Two University of Minnesota startups were named among the “Best University Startups 2016” today by the National Council of Entrepreneurial Tech Transfer (NCET2), an association of university startup officers.

Innotronics LLC and Minnepura Technologies Inc., two companies launched by the University’s Venture Center, were among the 35 Best University Startups selected from 200 submissions from universities across the U.S. The startups were selected by representatives from leading industry companies based on criteria including the technology’s potential, the experience of the business team and the invention or service’s commercial feasibility. The 35 startups represent early-stage companies with high potential to create jobs, advance technology and meet societal challenges in health, the environment and other fields. These companies will present as part of University Startups Demo Day at Congress in Washington, D.C. on Sept. 20.

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Minnesota Entrepreneurs Advance to the Finalist Round of MN Cup

MN Cup announced last week that 25 teams of Minnesota based entrepreneurs have advanced into the finalist round of the 2016 competition. These finalists were selected from 80 semifinalists across eight divisions, out of a pool of nearly 1500 original participants.

Learn more: http://mncup.org/

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U of M Venture Center launches record 17 startups in FY16

The University of Minnesota announced that it launched a record 17 startup companies over the past year based on discoveries and inventions by its researchers.

Launching new companies is one of the primary ways the University turns cutting-edge research discoveries into commercial products that fuel the economy and contribute to the public good. The 17 startups include 14 in Minnesota, with 13 of them in the Twin Cities metropolitan area and one in Duluth.

Read more: https://inquiry.research.umn.edu/2016/08/17/venture-center-launches-record-17-startups-in-fy16/

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Compete in Mayo Clinic’s Second Think Big Challenge for Innovators, Entrepreneurs

The Mayo Clinic Center for Innovation and Mayo Clinic Ventures announced the second Mayo Clinic Think Big Challenge, a national competition for innovators and entrepreneurs. This year, one business or entrepreneur will earn the opportunity to license Mayo Clinic technology, lead a team and score a $50,000 cash prize.

The 2016 Mayo Clinic Think Big Challenge opens today at transformconference.mayo.edu/thinkbig. Application deadline is Aug. 15.

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Minneapolis data start-up Sport Ngin is acquired by NBC Sports

Minneapolis start-up Sport Ngin has been sold to NBC Sports Group, capping years of rapid growth and plentiful financing for the software company.

Read more at the StarTribune.

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Twin Cities startup with record VC haul bags another $46M

Med-tech company CVRx Inc., which has bagged more venture funding than any company in Minnesota history, has closed on $46 million in equity financing and landed commitments for another $25 million.

Read more at the Minneapolis-St. Paul Business Journal.

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Target + Techstars retail accelerator names first class of startups

Startups developing online wedding registries, apps for supply chain inspectors and interactive games are among the 10 companies picked to participate in the Target + Techstars retail accelerator program.

Read more at the Minneapolis-St. Paul Business Journal.

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Angel Tax Credit funding included in supplemental budget bill

Last week, Governor Dayton signed the supplemental budget, which contained a one-year extension of the Angel Tax Credit funded at $10 million. Without this funding, the credit would have ended once this year’s funding was exhausted.

50 percent of the funding must be allocated to credits for qualifying investments in qualified greater Minnesota businesses and minority- or women-owned qualified small businesses in Minnesota. If any of that funding is not allocated by September 30, it becomes available for allocation to other credit applications beginning on October 1.

The Angel Tax Credit is an important mechanism for encouraging investment in startups across Minnesota.

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When I Work attracts $15 million in venture capital, may move to Minneapolis

When I Work Inc., the St. Paul software firm whose app is an increasingly popular tool for scheduling work at small businesses and temporary jobs, just attracted $15 million in new venture capital, the company said this morning.

Read more in the Star Tribune.

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State Nears Adoption Of Equity Crowdfunding Rules

Minnesotans of all incomes might soon be able to make equity investments in local companies not unlike how they give money to Kickstarter campaigns.

The ability to do so is thanks to MNvest, legislation that “aims to provide wider, cheaper and faster access to funding for companies and entrepreneurs,” according to the organization by the same name lobbying the effort. MNvest was signed into law in 2015 as part of an omnibus spending bill, but it needed to complete the 22-step process of rulemaking that can sometimes takes years.

Read more in Twin Cities Business.

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Local Entrepreneurs Advance to Next Round of MN Cup

MN Cup has announced the 80 teams of Minnesota-based entrepreneurs, inventors and innovators that have advanced to the second round of the 2016 competition. In its twelfth year, the MN Cup is giving away a record $402,000 in total prize money.

Semifinalists will be honored at a private reception on June 15 at the Carlson School of Management. The following 80 semifinalists from eight divisions will compete for a share of the $402,000 prize money, as well as mentoring, training and support to help make their entrepreneurial ideas a reality:

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a16z Podcast

The a16z Podcast discusses trends, news, and the future of a world being shaped by technology, especially as ‘software eats the world’. It features industry experts, business leaders, and other interesting thinkers and voices from around the world. This podcast is produced by Andreessen Horowitz (aka “a16z”), a Silicon Valley-based venture capital firm that invests in entrepreneurs building the next great consumer and enterprise companies. Multiple podcasts are released every week and sometimes on weekends; visit a16z.com for more details.

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Minnesota startups’ busy spring: $90M raised in two months

Minnesota startups raised more than $90 million in funding since the end of March.

It was easier than usual to hit that mark thanks to one big deal in April: Startup insurer Bright Health closed on an $80 million an $80 million round led by Bessemer Venture Partners and New Enterprise Associates.

Read more at the Minneapolis-St. Paul Business Journal.

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Land O’Lakes and Techstars are launching a food and tech startup program

Agriculture giant Land O’Lakes Inc. and Techstars want to grow a crop of Minnesota food and agriculture-tech startups with a new program launching this summer.

Techstars, which operates startup accelerators, and Arden Hills-based Land O’Lakes are seeking entrepreneurs for Startup Next Food & Tech, which will mentor young companies.

Read more at the Minneapolis-St. Paul Business Journal.

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Med-tech partnership promotes Minnesota as a place to do business

Studies show that Minnesota offers many advantages for medical technology companies, but industry will need future investments in trade promotion, local workforce engagement and strong supplier networks to keep its edge in the ever-changing global field.

Enter the Minnesota Medical Manufacturing Partnership. The multi-stakeholder public-private MMMP, led by economic development group Greater MSP, was formally launched Tuesday as a means to increase Minnesota’s reputational standing among potential med-tech investors and to give local projects an advantage with 11 federal agencies that coordinate more than $1 billion in economic development assistance.

Read more at the Star Tribune.

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Venture Capital Investment reaches $54 million in Q1 2016

Minnesota companies raised nearly $54 million in venture capital in the first quarter of 2016, according to data from Thomson Reuters and the PwC/NVCA MoneyTree™ Report.

The $54 million raised was a dip from last quarter, when Minnesota companies raised $191 million. Total investment in 2015 reached $371 million — the 7th-best year for Minnesota.

Read more at the Minneapolis-St. Paul Business Journal.

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Bright Health Raises $80 Million In Venture Funding

Bright Health, a Minneapolis-based insurance startup, announced that it had secured $80 million in venture funding. Read more at Twin Cities Business Magazine.

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2016 MN Cup competition now underway

Entering its twelfth year, the Minnesota Cup is now open for applications . Participants have until May 6 to submit for a chance to compete for a share of the prize money — which this year will nearly total a record-breaking $400,000.

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Target accelerator gets applications from more than 500 startups

More than 500 startups from 32 states and 45 countries applied to be admitted to the Target + Techstars retail accelerator program.

The accelerator will name 10 winning companies that will move into 8,000 square feet of space at Target Corp.’s Minneapolis headquarters this summer, where entrepreneurs will get mentoring from Target executives and Techstars.

Read more at the Minneapolis-St. Paul Business Journal.

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Minnesota is tops in med-tech deals

Midwest health care startups raised $1.5 billion in 2015 with Minnesota leading the region, according to a report from Cleveland-based nonprofit BioEnterprise. Learn more at the Minneapolis-St. Paul Business Journal.

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Real Estate Software Developer HomeSpotter Raises $925K

HomeSpotter, a mobile applications developer for real estate agencies, closed a $925,000 funding round on Friday. Read more at Twin Cities Business

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Health care startup RetraceHealth raises funding from HealthEast, Blue Cross

RetraceHealth, a health care startup that offers patients video and in-home visits with nurse practitioners, has closed on a funding round led by two Twin Cities health care organizations and McKesson Corp.’s venture arm.

Read more at the Minneapolis-St. Paul Business Journal.

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The Big Know Raises $3 Million in Series A Funding

The Big Know announced that it has raised $3 million in Series A funding, following a highly successful launch in October. Led by LFE Capital, the financing includes investor Steve Shank, founder of Capella Education Company. The new investments will accelerate the company’s growth through the addition of talent and technology capabilities supporting the company’s vision of creating a new model for consumer engagement: “Brand As Teacher.”

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Learn to Live Raises $1 Million Round of Funding Led by Blue Cross and Blue Shield of Minnesota

Learn to Live — a Minnesota online Cognitive Behavioral Therapy company — has raised over $1 million led by Minnesota’s largest health plan, Blue Cross and Blue Shield of Minnesota (Blue Cross). Blue Cross contributed a significant share to the raise, with additional funds coming from TreeHouse Health, Matchstick Ventures and several angel investors, including Daren Cotter, CEO of InboxDollars.

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Congress passes tax package, includes extension of R&D Tax Credit and suspension of medical device tax

With the end of 2015 approaching, federal lawmakers passed a $650 billion federal tax package. The package includes, among other provisions, a permanent extension of the federal research and development (R&D) tax credit and a two-year suspension of the medical device tax. These provisions are great news for Minnesota’s high-tech and medical technology communities.

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Minnesota’s Angel Tax Credit Program accepting 2016 certification applications

The Minnesota Department of Employment and Economic Development is accepting 2016 certification applications for the Angel Tax Credit Program. Of the $15 million in new credits available in 2016, $7.5 million is reserved for investors or investment groups funding minority-owned and -managed businesses, women-owned and -managed businesses or businesses located in Greater Minnesota.

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Applications open for Target and Techstars retail accelerator program

The application process for the Target and Techstars retail accelerator program is now open. The Techstars Retail Accelerator will launch next year and will open the doors to any startup that aspires to improve the retail experience, whether online, in-store or a combination of both.

The partnership, which will seek innovations that address all aspects of retail, will have a powerful impact on the Minneapolis / Twin Cities startup community. The area was recently named by Forbes as one of the fastest growing for tech jobs in the U.S. and Target’s investment in building the startup community will only accelerate this growth.

The Techstars program, a three-month, immersive, mentorship-driven startup accelerator, will be based near Target’s headquarters in downtown Minneapolis, MN.

Applications are due in March. Click here to apply. For more information, visit Target’s website or the Minneapolis-St. Paul Business Journal.

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Star Tribune: Strategic investor Andrew Mitchell wants to connect start-ups with branding experts

Start-up companies looking for capital are usually happy to take any money, but even better than capital is strategic capital. It’s the money that comes from investors who also bring some expertise that helps grow the business. Read more at the Star Tribune.

 

 

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Astro HQ named overall winner of the Minnesota Cup

Astro HQ was named the grand winner of the 2015 Minnesota Cup at the Final Awards event on September 9. Astro HQ’s product is Astropad, an app that transforms an iPad into a professional graphics tablet for the Mac, allowing artists to use their iPad to draw directly into Photoshop and any other Mac creative tools they know & love.

The Minnesota Cup is a premier resource for Minnesota entrepreneurs. Minnesota Cup supports emerging entrepreneurs from across the state through events, educational programming and an annual new venture competition that provides them with tools, resources and support to launch and accelerate the development of their new ventures. The competition inspires entrepreneurs to begin their startup journey, supports them as they develop a solid business plan, provides exposure for their ideas and offers numerous opportunities to expand their networks.

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U of M research leads to record 16 startups in FY15

Technology commercialization transforms the latest breakthroughs into everyday solutions that improve our health, environment and quality of life.

At the University of Minnesota, researchers are developing inventions that aim to tackle some of society’s greatest challenges. In fiscal 2015, the Venture Center at the U’s Office for Technology Commercialization formed a record 16 startup companies around these inventions, topping the previous record of 15 companies in 2014 and bringing the total number of startups launched to 84 since the Venture Center formed in 2006.

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MN Cup division winners each take home $30K in prize money

The Minnesota Cup has announced the winners and runner-ups in each of the 7 divisions.

Since the announcement of the 2015 MN Cup division finalists on August 18th, 21 teams across 7 divisions have been rehearsing their pitches and preparing for the next round of the MN Cup Competition. To help the teams accelerate and perfect their pitches, Joan Moser of Spoken Impact provided presentation training to these startups in sharing their business opportunity, plan, and progress with the MN Cup review boards.

On August 25th and 26th, each startup company delivered a 12-minute live presentation, followed by 12 minutes of Q & A from judges. After judges reviewed each of the 3 companies within the division, the division winner and division runner-up were selected. The winner of each division took home $30,000 and the runner-up received $5,000 to support their business idea. Congratulations to the 2015 winners! You can find the winners and runner-ups here.

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MN Cup Finalists Announced in 11th Annual Entrepreneurial Competition

The MN Cup announced that it has advanced 21 teams of Minnesota-based entrepreneurs, inventors and innovators to the third round of the 2015 competition — the division finals.

The MN Cup is an annual new venture competition that provides entrepreneurs with tools, resources and support to launch and accelerate the development of their new ventures. Finalists were selected from 70 semifinalists across seven divisions, out of a pool of nearly 1300 original participants.

The full list of finalists can be found here.

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Minnesota Cup names three finalists in High Tech Division

The Minnesota Cup named the three finalists in their High Tech Division at a reception on August 5 at the Minneapolis offices of Gray Plant Mooty. The three finalists were AstropadPrevent Biometrics, and Kipsu.

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Minnesota companies featured on Inc. 5000 list

Inc. Magazine has released the 2015 Inc. 5000 list, featuring the 5000 fastest growing private companies in the United States. The list features 100 Minnesota companies, many of which are in science and technology. You can learn more about the Inc. 5000 and see the other Minnesota companies who made the list by visiting Inc.com

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Mayo Clinic’s THINK BIG Challenge to offer entrepreneurs $100,000 start-up funds, expert guidance

Mayo Clinic’s Center for InnovationMayo Clinic Ventures and AVIA have announced the Mayo Clinic THINK BIG Challenge, a national competition offering awards totaling $100,000 for entrepreneurs with innovative ideas to transform the future of health and health care.

Entrepreneurs can apply for one of two $50,000 THINK BIG challenge awards in these categories:

  • Got Health?
    This challenge will focus on healthy people staying healthy and explore areas such as eating healthy, enhancing well-being, monitoring risk factors and engaging in daily exercise.
  • I Am Not My Disease
    This challenge will tackle the presumption that people are defined by their disease and explore areas such as access to health data, health literacy and behavior modification.

In addition, Mayo Clinic experts will guide winners for a year as they develop their concepts for market. Applications are due by Saturday, Aug. 15, at transformconference.mayo.edu/think-big.

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