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Venture Capital
ideafundvc.com

Investments

9

Portfolio Exits

2

Funds

2

About Idea Fund

The Idea Fund partners with seed- and early-stage startup businesses across the state of Wisconsin.

Headquarters Location

102 Jay St. Suite 400

La Crosse, Wisconsin, 54601,

United States

608.498.4557

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Latest Idea Fund News

Missouri receives $95M from federal initiative to boost startup, small business growth

Oct 12, 2022

U.S. Treasury Department in Washington, DC A newly announced $27 million in federal funds earmarked to support small businesses, startups, and entrepreneurs is headed to Missouri, representing the first of three awards approved by the U.S. Department of Treasury — totaling $95 million — to be deployed through the Missouri Technology Corporation. The funding comes via the State Small Business Credit Initiative, which is providing nearly $10 billion to states, the District of Columbia, territories, and Tribal governments to increase access to capital and promote entrepreneurship, especially in traditionally underserved communities as they emerge from the pandemic, according to the treasury department. SSBCI funding is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding, amplifying the effects of the funding and providing small business owners with needed resources to sustainably grow and thrive. MTC’s state-sponsored venture capital program, the IDEA Fund Co-Investment Program, is the first program approved to deploy SSBCI funding in Missouri. Gov. Mike Parson, R-Missouri, speaks in March at Union Station during the announcement of Meta’s new $800 million data center in Kansas City; Startland News photo “The Missouri Technology Corporation provides vital support for companies that go on to benefit our entire state,” said Gov. Mike Parson, R-Missouri, who earlier this year signed a budget raising MTC’s funding to a historic $31 million . “SSBCI will enhance these efforts to invest in the leading tech companies of tomorrow. Our state’s commitment to innovation and entrepreneurship means an increased capacity for economic growth and more good-paying jobs for Missourians.” Click here to learn more about the State Small Business Credit Initiative. Originally established as part of the Small Business Jobs Act of 2010 under the Obama Administration, the SSBCI is intended to provide public funds to leverage private-sector lending and equity investment into small businesses. The initiative was reauthorized and expanded as part of the American Rescue Plan Act, President Biden’s $1.9 trillion stimulus package, which passed Congress in March 2021 along party lines. U.S. Reps. Cori Bush and Emanuel Cleaver, D-Missouri, and U.S. Rep. Sharice Davids, D-Kansas, a member of the House Small Business Committee, supported and voted for the American Rescue Plan. All Republican members of both the Missouri and Kansas Congressional delegations in the U.S. House and U.S. Senate voted against the $1.9 trillion stimulus package. “This is an historic investment in entrepreneurship, small business growth, and innovation  through the American Rescue Plan that will help reduce barriers to capital access for traditionally underserved communities,” said Janet L. Yellen, secretary of the U.S. Treasury. “I’m excited to see how these SSBCI funds will promote equitable economic growth across the country.”  The treasury department has now announced the approval of 31 state plans for about $4.8 billion in SSBCI funding. More state plans are expected to be approved on a rolling basis. Eligible SSBCI programs are limited to venture capital, loan participation, loan guarantee, collateral support, and capital access. SSBCI is the only American Rescue Plan-funded program that can be used for state-sponsored venture capital activities. Previously, only venture capital programs have been able to achieve the expected 10:1 leveraged capital ratio requirement of the program, according to MTC. It is expected that for every dollar of federal funding invested, at least 10 dollars of private capital investment will be generated. MTC’s IDEA Fund makes direct equity-based investments in Missouri’s most promising emerging companies to promote growth and encourage additional future investment, according to the public-private partnership. The program requires matching private funds to ensure state and federal funds are invested in the most attractive early-stage investment opportunities. In 2011, MTC received $24 million through SSBCI which was invested in 80 Missouri-based companies. These companies have raised more than $760 million in additional private capital and created more than 500 new jobs, according to MTC. Click here to check out the Missouri IDEA Fund portfolio. “SSBCI funding will have a positive impact on economic development statewide,” said Maggie Kost, acting director of the Missouri Department of Economic Development. “Startups and entrepreneurs are vital to the long-term success of our economy. We’re grateful for this significant investment that will expand support for emerging businesses and create greater opportunities for Missourians.” Nearly $40 million of Missouri’s $95 million allocation is required to support socially and economically disadvantaged (SEDI) businesses. In partnership with the Department of Economic Development, MTC has published three requests for proposals to identify partners to launch SSBCI-funded programs supporting SEDI businesses. Pending federal approval, MTC anticipates the new programs will be operational in early 2023. “MTC has a strong track record of leveraging investments to generate economic impact and financial returns that expand entrepreneurial capacity in the state,” said Jack Scatizzi, executive director of MTC. “We’re excited to identify new partners to launch programs that provide financial support to SEDI businesses. We look forward to continuing our work through the IDEA Fund to ensure all Missouri entrepreneurs can access federal SSBCI funds.”

Idea Fund Investments

9 Investments

Idea Fund has made 9 investments. Their latest investment was in Lumberjack Technologies as part of their Unattributed VC on April 4, 2023.

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Idea Fund Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

4/17/2023

Unattributed VC

Lumberjack Technologies

$0.85M

Yes

1

1/25/2023

Seed VC

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$99M

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10

3/3/2022

Seed VC

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$99M

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10

1/31/2022

Seed VC - II

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10

8/26/2021

Seed VC - II

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10

Date

4/17/2023

1/25/2023

3/3/2022

1/31/2022

8/26/2021

Round

Unattributed VC

Seed VC

Seed VC

Seed VC - II

Seed VC - II

Company

Lumberjack Technologies

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Amount

$0.85M

$99M

$99M

New?

Yes

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Co-Investors

Sources

1

10

10

10

10

Idea Fund Portfolio Exits

2 Portfolio Exits

Idea Fund has 2 portfolio exits. Their latest portfolio exit was Finmark on November 03, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/3/2022

Acquired

$99M

17

8/31/2021

Acquired

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$99M

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10

Date

11/3/2022

8/31/2021

Exit

Acquired

Acquired

Companies

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Valuation

$99M

$99M

Acquirer

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Sources

17

10

Idea Fund Fund History

2 Fund Histories

Idea Fund has 2 funds, including Thought Fund II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

9/30/2022

Thought Fund II

$20M

2

7/11/2017

The Idea Fund of La Crosse

$99M

10

Closing Date

9/30/2022

7/11/2017

Fund

Thought Fund II

The Idea Fund of La Crosse

Fund Type

Status

Amount

$20M

$99M

Sources

2

10

Idea Fund Team

1 Team Member

Idea Fund has 1 team member, including current Managing Director, Jonathon Horne.

Name

Work History

Title

Status

Jonathon Horne

Managing Director

Current

Name

Jonathon Horne

Work History

Title

Managing Director

Status

Current

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