Ag Start-Up Engine tops $10 million in follow-up investments
Ag Startup Engine (ASE), located within the Iowa State University (ISU) Research Park, announced this week that the seven agricultural startups in its portfolio of companies collectively raised over $10 million in follow-on investments.
The milestone, which ISU Presdient Wendy Wintersteen, called, “impressive,” comes three years after the ASE effort began to help Iowa-based ag technology entrepreneurs commercialize their innovations. More than 40 jobs have been created by the portfolio companies, according to a news release issued this week.
The companies have brought to market technologies including an automation platform for agriculture equipment, an algae-based waste water treatment system, a “Zillow for Farmland,” and animal health data traceability and analytics software, among others.
“Efforts like the ASE and ISU Startup Factory help position Iowa well for the future,” Wintersteen said in the release. “It is impressive how the ASE in tandem with efforts at Iowa State look at opportunities and turn them into reality. Iowans are coming together to address modern challenges and are really trying to make a difference, all from right here in Ames.”
Established in late 2016, the ASE began by looking at the cohort graduates of the ISU Startup Factory accelerators led by seasoned entrepreneur Bill Adamowski. Initial investors, Summit Agriculture Group, Al Myers of Ag Leader Technologies, and Kevin Kimle of ISU Agriculture Entrepreneurship Initiative brought in Joel Harris of Harrisvaccines and Kevin Maher of VetMeasure as co-directors to build a mentor network and manage the program. There are now 10 investor members that make up the ASE Fund.
To meet its initial goal of bringing 10 to 15 startups into the portfolio by its third year, ASE plans to announce additional startups to the group by the end of the year.
“With the ASE, we have a sounding board of Iowa’s top agricultural experts, willing to help us each step of the way, with both industry insight and accountability,” said Clayton Mooney, Nebullam Co-Founder and CEO. “The Nebullam team and traction could not have grown this much over 2018 without the help of all members and fellow portfolio companies.”
Kyle McMahon, CEO of Tractor Zoon, said the ASE is a unique group of entrpreneuers and investors not found anywhere else.
“They are from the Midwest, have been in our shoes and deeply understand production agriculture,” he said. “There is a lot of innovation coming out of Iowa, and we’re excited to grow our equipment auction marketplace alongside ASE as they become the premier early stage agtech fund.”
Adam Koppes, of Rural Vitality Funds, said reaching the $10 million milestone is a testament to the portfolio companies, “themselves who have each held one another to the highest standard.
“In addition, the well thought through structure of the program as well as the mentor members involved combine to form a unique commercialization platform unrivaled in the agtech space,” Koppes said.
Scott Koekman, principal at Next Level Ventures, an ASE investor member, said he’s impressed with the progress made by the portfolio companies.
“In addition, ISU and its Startup Factory have dramatically improved the overall ecosystem,” he said.
“Thus, in a short period of time, the Ag Startup Engine has made a truly significant impact in Iowa.”
Joel Harris said reaching the milestone doesn’t mean the work is done.
“ASE continues to welcome new entrepreneurs and engaged participants genuinely interested in assisting the next generation of companies in the industry,” he said. “The goal with Ag Startup Engine from the very beginning was to address gaps between agricultural technology ideation and commercialization here in Iowa. We look forward to continuing to play our role in cementing the Iowa State University Research Park as the place to be in the industry.”
Read the article at http://www.amestrib.com
