Venture and Angel/seed funds serving Iowa
The following guide, distributed at the 2009 Iowa Venture Forum, is divided into two lists:
Venture Funds Serving Iowa
AAVIN Equity Partners
118 3rd Avenue SE, Suite 630
Cedar Rapids, IA 52401
Contacts: James D. Thorp, Paul Rhines
Phone: 319.247.1072
Email: ,
Website: www.aavin.com
Preferred projects: Growth financings, ownership changes and recapitalizations.
Preferred investment: $1 to $4 million
Preferred financing size: $1 to $10 million – will work on LBOs up to $50 million
Bayview Capital Partners Fund II
301 Carlson Parkway, Suite 325
Minnetonka, MN 55305
Contact: Mike Smiggen
Phone: 952.345.2030
Email:
Website: www.tonkabayequity.com
Investment target: Late stage, growing companies in manufacturing, services, and distribution.
DeWaay Investment Partners I, LLLP
13001 University Avenue
Clive, IA 50325
Contact: Adam Claypool
Phone: 515.273.1300
Email:
Preferred projects: Early stage growth financing in revenue generating companies that have working technologies. Our model is designed to help companies that already have proven products and services that are already deployed. We do not fund purely seed or start-up companies. Candidates for our portfolio should demonstrate that they are capital efficient, meaning that they will require no more than $5 million to $10 million in funding to achieve profitability. The preferred investment size is $250,000 to $1,250,000. The total fund size is $10 million.
Sector preferences: Although not limited to these markets, DeWaay Investment Partners has the most experience in IT, software, SaaS, and Internet technologies and services. In general, we do not pursue engagements with companies that develop medical devices and technologies, biotechnology or pharmaceuticals.
Size of fund: $10 million
Preferred investment: $250,000 to $1,250,000
Equity Dynamics Inc.
2116 Financial Center, 21st Floor
Des Moines, IA 50309
Contacts: John Pappajohn, Matt Kinley
Phone: 515.244.5746
Email:
Website: www.pappajohn.com
Preferred projects: Investment is available in all stages of companies with substantial growth opportunities.
Sector preferences: Primary areas of investment are high tech and medical.
Invest Northwest, L.P.
L & C Private Equities II, L.P.
101 Second Street SE, Suite 800
Cedar Rapids, IA 52401
Contact: David R. Schroder
Phone: 319.363.8249
Email:
Preferred projects: 80% in later stage, up to 20% in growth stage.
Iowa Corn Opportunities, LLC
5505 NW 88th Street #100
Johnston, IA 50131
Contact: Brian R. Jones
Phone: 515.225.9242 ext 336
Email:
Website: www.iowacornopportunities.com
Preferred projects: Investment is available in seed and growth stage opportunities, particularly those related to Midwest agriculture broadly and the corn industry specifically. Iowa Corn Opportunities is currently accepting proposals and evaluating investment opportunities.
Iowa First Capital Corp.
c/o Corridor Management Co., LLC
101 1st Avenue S.E.
P.O. Box 607
Cedar Rapids, IA 52401
Contact: Dennis C. Wangeman
Phone: 319.364.4411
Email:
Size of fund: $9 million
Preferred projects: Early, mid- and later stage companies, including certain buyout situations; primarily focus is companies located in Iowa.
Preferred financing size: $250,000 to $900,000
LFE Growth Fund II
60 South Sixth Street, Suite 2320
Minneapolis, MN 55402
Contact: Duane Harris
Phone: 612.752.1820
Email:
Website: www.lfecapital.com
Investment target: Growth and expansion capital in the business services, consumer and health sectors.
OCA Ventures II
505 North LaSalle Street, Suite 500
Chicago, IL 60654
Contact: Eddie Lou
Phone: 312.542.8926
Email:
Website: www.ocaventures.com
Investment target: Core technology platforms, technology-enabled business and consumer services with emphasis on financial services and for-profit education sectors.
Open Prairie Ventures
Kansas City, KS
Contact: Michael Peck
Phone: 913.219.7860
Email:
Website: www.openprairie.com
Petra Growth Fund II
3825 Bedford Avenue, Suite 101
Nashville, TN 37215
Contact: Doug Owen
Phone: 615.313.5999
Email:
Website: www.petracapital.com
Investment target: Middle market growth companies in the healthcare, business and information services sectors.
Prolog Capital II
7733 Forsyth Boulevard, Suite 14403
St. Louis, MO 63105
Contact: Dan Broderick
Phone: 314.743.2400
Email:
Website: www.prologventures.com
Investment Target: Early stage traditional healthcare opportunities as well as emerging areas – such as nutrition, wellness, plant science and enabling platforms.
Rural Vitality Fund and Rural Vitality Ag Processing Fund
Iowa Farm Bureau Federation
5400 University Avenue
West Des Moines, IA 50266
Contact: Dave Sengpiel
Phone: 515.225.5465
Email:
Preferred projects: Companies in early or growth stages in communities of less than 30,000, or RVF agriculture, agricultural processing, or biotechnology companies in communities or 50,000 or less for RVAPF.
Preferred investment: Under $1 million
Stone Arch Capital II
800 Nicollet Mall, Suite 1150
Minneapolis, MN 55402
Contact: Bill Van Sant
Phone: 612.317.2980
Email:
Website: www.stonearchcapital.com
Investment target: Investing and holding majority ownership in later stage companies that offer solid potential for growth, introduction of new products and add-on acquisitions.
Village Ventures Fund II
1512 Larimer St., Suite 200
Denver, CO 80202
Contact: Matt Warta
Phone: 303.339.7270
Email:
Website: www.villageventures.com
Investment target: Seed and early-stage companies in consumer media and retail, healthcare and financial services.
Angel/Seed Funds Serving Iowa
Ag Ventures Alliance
2023 South Federal
Mason City, IA 50401
Contact: Terry Carpenter
Phone: 641.494.2368 or 641.430.1140
Email:
Website: www.AgVenturesAlliance.com
Preferred projects: Value-added agricultural ventures with at least partial farmer ownership.
Ames Seed Capital Fund
Ames Economic Development Commission
1601 Golden Aspen Drive, Suite 110
Ames, IA 50010
Contacts: Dan Culhane, Ron Hallenbeck
Phone: 515.232.2310
Email: ,
Website: www.amesedc.com
Preferred projects: Ames area.
Preferred financing size: $50,000-$100,000
Cedar Valley Venture Fund
Pappajohn Entrepreneurial Center
Business & Community Services Bldg. #128
University of Northern Iowa
Cedar Falls, IA 50614-0130
Contact: Katherine Cota-Uyar
Phone: 319.273.5732
Email:
Website: www.jpec.org/cvvf.htm
Size of fund: $1.61 million
Preferred investment: $100,000-$300,000
Emerging Growth Capital Fund, LP
107 East 5th Street
Des Moines, IA 50309
Contact: John LaMarche
Phone: 515.471.1965
Email:
Website: www.emerginggrowthgroup.com
Preferred projects: Any seed, early-stage with potential for significant return.
HBE Holdings LLC
3103 21st Street
Camanche, IA 52730
Contact: Ron Burmeister
Phone: 563-259-1430
Email:
Website: www.hbeholdings.com, www.pantherlogisticsllc.com
Iowa Capital Corporation
c/o Capital Management Associates, Inc.
2600 Grand Avenue, Suite 410
Des Moines, IA 50312
Contact: Terry Sullivan, Jim Fogt
Phone: 515-883-2904
Email: ,
Preferred projects: All stage of companies with substantial growth opportunities.
Iowa Commitment Fund
107 East 5th Street
Des Moines, IA 50309
Contact: John LaMarche
Phone: 515.471.1965
Email:
Preferred projects: Seed and early stage companies with significant return potential
Iowa Lakes Capital, LLC
Iowa Lakes Corridor Development Corporation
1900 Grand Avenue North; Suite E-12
Spencer, IA 51301
Contact: Kathy J. Evert
Phone: 712.264.3474 or 1.800.765.1428
Cell: 712.260.8746
Email:
Website: www.lakescorridor.com
Size of fund: $1.355 million
Status of activities: Actively looking for investments in four county area, but open to other Iowa investment opportunities.
Iowa Seed Fund, LLC
230 Second Street S.E., Suite 212
Cedar Rapids, IA 52401
Contact: Curt Nelson
Phone: 319.369.4955
Email:
Website: www.edcinc.org
Preferred projects: Invests in early stage scalable, interstate commerce businesses headquartered in Iowa.
Preferred financing size: Maximum initial investment of $150,000. Follow-on maximum of $150,000.
Iowa State University
Pappajohn Center for Entrepreneurship
2501 North Loop Drive, Suite 1615
Ames, IA 50010
Contact: Michael Upah
Phone: 515.296.6532
Email:
Preferred projects: Projects with technological advancements, intellectual property, excellent growth potential, and/or able to attract private equity.
NIACC North Iowa Accelerator
John Pappajohn Business & Entrepreneurial Center
500 College Drive
Mason City, IA 50401
Contact: Jamie Zanios, Tim Putnam
Phone: 641.422.4162 and 641.422.4111
Email: ,
Website: www.niacc.com/pappajohn
Preferred projects: Look at all types other than retail and professional services.
North Iowa Venture Capital Fund
500 College Drive
Mason City, IA 50401
Contact: Tim Putnam
Phone: 641.422.4111
Email:
Website: www.niacc.edu/pappajohn
Preferred Projects: Not limited to region. Early stage, emerging and growth companies and attractive acquisition opportunities. $50,000-$160,000 in direct equity or convertible debt financing.
Size of fund: $1.69 million
Rock River Capital
Contact: Bruce Jennings
Phone: 712.472.2531
Email: ,
Website: www.rockrivercapital.com
Preferred projects: Provides equity financing for start-up, expanding or ownership transition businesses, with a primary focus on businesses operating in or moving to Lyon County, Iowa.
Preferred financing size: $50,000-$100,000
Siouxland Chamber
101 Pierce Street
Sioux City, IA 51101-1485
Contact: Joseph Wright
Phone: 712.255.7903 ext. 211
Email:
Website: www.siouxlandchamber.com
The Development Corporation of Fort Dodge and Webster County
822 Central Avenue, Suite 406
Fort Dodge, IA 50501
Contact: John Kramer
Phone: 515.955.7788
Email:
University of Iowa
John Pappajohn Entrepreneurial Center
108 Pappajohn Business Building, Suite 160
Iowa City, IA 52242
Contact: Lynn Jahn
Phone: 319.335.1022
Email:
Preferred projects: Looking at all types other than retail and professional services.
University of Northern Iowa
John Pappajohn Entrepreneurial Center
Business & Community Services Bldg. #128
Cedar Falls, IA 50614-0130
Contact: Katherine Cota-Uyar
Phone: 319.273.5732
Email:
Website: www.jpec.org/wellmark.htm
Preferred projects: Iowa-based, for-profit corporations engaged in IT, educational technology, advanced manufacturing, technology-related industries, medical or surgical advancements, biotechnology, and cutting-edge computer-related products or software with prospects for growth. No retail or restaurants.
VentureNet Iowa
107 East 5th Street
Des Moines, IA 50309
Contact: John LaMarche
Phone: 515.471.1965
Email:
Website: www.venturenetiowa.com
Preferred projects: Any seed, early-stage with potential for significant return.
Western Iowa Venture Growth Fund
P.O. Box 768
Carroll, IA 51401
Contact: Rick Hunsaker
Phone: 712.792.9914 ext. 18
Email:
Preferred projects: All stage companies that show growth potential. Investment area includes all of Iowa, with emphasis on Audubon, Calhoun, Carroll, Crawford, Greene, Guthrie, Sac and Shelby Counties.
Size of Fund: $330,000