Round and round we go 🎡

⏰ Midwest Minute 

The sun is shining, the days are long and ice cream has never sounded better than at this very moment. Warm weather in the Midwest signals the start of festival season, state fairs, outdoor activities and carnival fun. Speaking of carnivals, did you know that the iconic Ferris Wheel has deep roots in the Midwest? Debuting at the 1893 Chicago World's Fair, Pittsburgh native George Washington Gale Ferris Jr. designed the wheel to compete with Gustave Eiffel’s tower from the 1889 Paris World’s Fair. Did you know that Indianapolis is now sporting its own version of the tower in celebration of the upcoming Olympic Swimming Trials? The wheel was 264 feet tall, had 36 gondolas and could hold up to 2,160 people.

While the first wheel had been up and running for 40 years before Ferris Jr.'s rendition in Chicago, the Windy City's version went down in history, and the name "Ferris Wheel" has stuck ever since. It even made a reappearance at the 1904 St. Louis World’s Fair. The Centennial Wheel on display at Chicago's Navy Pier was inspired by the 1893 version and has become an iconic part of the skyline. In case it's a life goal to ride every Ferris Wheel in existence, we've got your list right here. And following up on last week's Lighthouse Edition of the newsletter: did you see the news about the recent water emergency in Lake Superior?

Circling into the latest funding news… Chicago’s Tegus was acquired by AlphaSense in a $930M deal. Cincinnati-based CinRx Pharma announced their Series B round. Avail raised a $43M Series A. Indianapolis-based High Alpha announced their Fund IV. Find more of the latest news and funding announcements below. It's always a wheel-y good time in the Midwest!

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

📰 Notable News

Exits

• Chicago-based Tegus acquired by AlphaSense for $930M 

• Minneapolis-based Wicked Kitchen acquired by Ahimsa Companies for an undisclosed amount

Startup Funding

• CinRx Pharma - $59M Series B led by Perceptive Advisors | Cincinnati

• Avail - $43M Series A from investors | Chicago

• Claros Technologies - $22M Series B co-led by Ecosystem Integrity and American Century | Minneapolis

• Workbox - $17.5M Series A led by Chicago Atlantic | Chicago

• Understory - $15M Series A led by True Ventures and Prelude | Madison

• ElectronX - $15M Seed led by Innovation Endeavors | Chicago + New York

• Hoop - $5M Seed led by Index Ventures | Chicago + New York

• The Desire Co - Undisclosed Series B with valuation at $97M | Chicago

VC Funds

• High Alpha - $125M FIV | Indianapolis

• Idea Fund of LaCrosse - $31.5M FII | La Crosse, WI

Other News

• Pipeline Entrepreneurs Strengthen Local Support for Nebraska Founders

• Foxtrot co-founder Mike LaVitola aims to take the upscale food market back to its roots

• StartupBlink ranks Chicago's startup ecosystem against other U.S., global markets

• Crypto Exchange Kraken Is in Talks for Pre-IPO Fund Raising Round

• Why UChicago's New Venture Challenge startup competition saw record-breaking investment in 2024

📆 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]