You scream, I scream—yes, we’re talking all about ice cream. 🍦☀️

⏰ Midwest Minute 

Did you know that the Midwest is a veritable scoop of history when it comes to ice cream and frozen treats? This region is not just the land of cornfields and deep-dish pizza—it's also the birthplace of some iconic icy delights. From the Bomb Pop, to Dippin’ Dots and your favorite traditional ice cream brands, the Midwest has a lot of notable names competing in the industry. For instance, the ice cream sundae was invented right here in the Midwest! In the late 19th century, towns across the region like Two Rivers, WI, and Evanston, IL, claim the creation of this beloved treat. Of course the sundae was initially served on Sundays as a special indulgence.

It makes sense that frozen treats history are so deeply tied to the Midwest, after all, the region has been a leader in traditional dairy farming for decades and happens to be home to Wisconsin, aka America’s Dairyland. The average American consumes 20 pounds of ice cream every year—the equivalent to four gallons. Based on a recent Statista survey, we may be buying less product, but we’re willing to spend more when it comes to frozen desserts.

Moreover, the Midwest is home to some of the oldest and most revered ice cream brands in the country. In Ohio, you’ll find Graeter’s Ice Cream, which has been perfecting their French Pot method since 1870. Over in Wisconsin, the dairy state, frozen custard stands dot the landscape, with places like Kopp's and Leon's serving up rich, creamy custard that’s become a cultural staple. And, we would be remiss to not mention Ted Drewe’s out of St. Louis. But it’s not all about the classics. The Midwest is also a hub of innovation in the frozen treat world. From unique flavors at Jeni’s Splendid Ice Creams to quirky treats like the Ohio-born "Frozen Buckeye," a peanut butter and chocolate delight modeled after the state’s famous nut—the region’s frozen dessert scene is diverse. Some of our team favorites include Malley’s Chocolates (Cleveland, OH); Graeter’s Ice Cream (Cincinnati, OH); Kilwins (Petoskey, MI); Babcock Dairy Store (Madison, WI); Dairy Queen (Joliet, IL). So, next time you're indulging in a scoop, you may just be enjoying some rich Midwestern history.

Now for the latest announcements (frozen treat is highly recommended, but not required)… Chicago’s Tempus officially IPO’d at $411M. Tock, once purchased by Squarespace for $400M, was acquired by American Express for a similar amount. Aether Fuels has announced yet another round of funding and has raised $30.4M of $34.3M. More of the latest below!

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

📰 Notable News

Exits

• Chicago-based Tempus officially IPO’d at $411M

• Chicago-based Tock, acquired by Squarespace in 2021, sold to American Express

Startup Funding

• Aether Fuels - $30.4M of $34.3M round | Chicago

• Formic - $27.4M Series A led by Blackhorn | Chicago

• Honeycomb Credit - $6M Seed+ co-led by SustainVC, Mudita and the American Family Insurance Institute for Corporate and Social Impact | Pittsburgh

• Prescribe Fit - $4.8M Series A from repeat investors | Columbus

• LunchTable - $2.4M Seed led by JumpStart | Cincinnati

• Backstroke - $2M Seed co-led by High Alpha and ground game | Indianapolis

• Nave Analytics - $400K round from investors like Invest Nebraska, Husker Venture Fund and Nelnet | Lincoln

VC Funds

• Nurse Capital - $1M FI | Chicago

Other News

• The application for the 7th annual AI and Robotics Venture Fair is now open

• 1871 Announces 2024 Supply Chain Innovation Lab with Accenture

• Bears QB Caleb Williams launches investment firm

• Google to invest an additional $2.3B across its Central Ohio data center sites

📆 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]