📣🚦 Start your engines! 🏎️💨

⏰ Midwest Minute 

It’s officially that time of year… This is May! Indiana has been front and center in the sporting world over the past couple months. After a NCAA March Madness title, big news on the WNBA scene, Pacers making it to the NBA Playoffs and the new drama unfolding in regards to a potential MLS team, it appears that the spotlight is never ending. Of course May revs up a whole other level of a spectacle with Indiana’s signature event: the Indianapolis 500. Since 1911, Indianapolis has hosted thousands of spectators for a 500-mile (200 laps around a 2.5-mile course) Indy Car race every Memorial Day weekend. After opening the track in Speedway, IN in 1909, the track promoters decided to host one large racing event at the end of May to draw in a large crowd of 80,000 and 40 competitors to showcase “the greatest race course in the world.” Nowadays, the speedway can hold hundreds of thousands (257,325 to be exact), and an estimated 325,000 people attended in 2022 after pandemic restrictions were lifted with many temporary seating arrangements to help accommodate such a large crowd.

The Midwest is no stranger to the roar of engines. Indianapolis may be considered the Racing Capital of the World, but the city’s neighbor to the north might just outrun it with its automotive history. Detroit, also known as the Motor City, has been home to many large automotive makers like Ford and Dodge—truly earning its place in the Rust Belt. Over time, many car producers have closed their doors, but these old factories are experiencing a revival. Take a spin to the Stutz Building in Indianapolis, the Renaissance District that has taken over the old Studebaker factory in South Bend, IN or the upcoming housing at the Fisher 21 Lofts that is replacing the old Fisher body plant in Detroit. In the 1980s and into the 1990s, the Midwest region once accounted for 60% of all car production in the U.S. While those numbers have changed over the years, the Midwest still remains to be one of the most important automotive hubs in the world and has seen a newfound revival with the rise in EVs. If you’re fueled by a passion for cars and Midwestern history, can we interest you in a Car Museum Road Trip this summer?

Before you race off to the rest of the newsletter, we have a few fundraising announcements to share! Lexington-based PayHOA raised a whopping $27.5 Series A. St. Louis’ FinLocker announced a $17M Series B. Honeycomb Insurance, based out of Chicago, raised a $36M Series B. Find more of the latest news below. Until next time, please enjoy this video of Adam Sandler and Kevin James to get you in the mood for the big race!

Have any insights into the Midwest ecosystem or a funding announcement to share? Want to share your favorite auto race? Send us an email: [email protected] 

📰 Notable News

Exits

• Indianapolis-based Market Wagon acquired The Local Y’all for an undisclosed amount

• Horizon Virtual was acquired by Avel eCare for an undisclosed amount | St. Cloud, MN

Startup Funding

• Honeycomb Insurance - $36M Series B led by Zeev Ventures | Chicago

• PayHOA - $27.5M Series A led by Elephant | Lexington

• Integrity Orthopaedics - $20.6M Series B co-led by Piper Sandler Merchant Banking and an undisclosed existing investor

• Sift Healthcare - $20M Series B led by B Capital | Milwaukee

• FinLocker - $17M Series B led by Radian | St. Louis

• CoverTree - $13M Series A led by Portage | Detroit

• Blackwell Security - $13M round co-led by General Catalyst and Rally Ventures | Ann Arbor 

• Fleetpulse - $11M Seed led by Four More Capital | Chicago

• PAXAFE - $9M Series A led by Framework VP | Indianapolis

• Cargado - $6.8M Seed led by Primary Ventures | Chicago

• Niobium - $5.5M Seed led by Fusion Fund | Dayton, OH

• Mycocycle - $3.6M Seed extension led by Closed Loop Partners | Chicago

Other News

• Trio of Cincinnati VC firms land $30M from state to invest in early-stage startups

• St. Louis' geospatial aspirations are its 'secret weapon'

• New Fellowship Connects UChicago Students with Cleantech Startups

• MTC hits $50M investment milestone through its state-sponsored venture capital program

• Foxtrot assets sell for $2.2 million at auction

• Chicago named top-10 life-sciences market boosted by its strong educational base

• Render Competition winners crowned at inaugural Derby Tech Summit

• Duolingo raises outlook for full year

📆 Mark your Calendar

Need to fill your social calendar? We’ve scoured newsletters, scanned LinkedIn and found some of the latest tech + startup events in the region. Know of any upcoming events and want to share them? Send us an email: [email protected]