Report: MN Tech Ventures Receive $38M In Q3
Minnesota’s high-tech startups received at least $38 million in investment funding during the third quarter of the year, according to an analysis by Minnesota tech industry blog, Tech.mn
Two companies, cloud-based farm management software creator, Conservis Corp. of Minneapolis, and Healthsense Inc., maker aging services technology, took the lion’s share of funding and tied for the top spot on the list by receiving $10 million each.
Conservis is competing with Wayzata-based food processing company Cargill Inc. and agricultural giant Monsanto Inc. of St. Louis in recent years, as big names embrace software to improve yields and monitor crops. Healthsense was named a 2013 Small Business Success Story by Twin Cities Business.
Investments are up $7 million from the same quarter in 2013, but down from the second quarter of 2014, during which $44 million was raised. Tech.mn attributes that to the expiration of the Minnesota Angel Tax Credit, which provides a 25 percent tax credit to investors or investment funds that put money into high-tech startups in the state.
The fund has a history of drying up well before the year is over. The Minnesota Department of Employment and Economic Development revised the program for next year, including upping the credit from $12 million to $15 million. Applications for 2015 will be accepted starting in November.
Tech.mn notes that these numbers represent a “worst case scenario,” because there are “always undisclosed transactions” that can’t be factored in.
You can find Tech.mn’s article and full investment list here.