They keep the Midwest churning. 🧈

⏰ Midwest Minute 

Commodities usually conjure up oil barrels, gold bars or grain futures (aka the heavyweights of global trade). However, here in the Midwest, the markets seem a little more homegrown: Illinois grows over 90% of the nation’s pumpkins, Iowa dominates in corn, while Illinois and Iowa are first and second when it comes to soybeans, and Wisconsin turns out nearly a quarter of all U.S. cheese (more than 3.5 billion pounds a year). And while watermelon production is largely a warmer weatherman’s game (Florida, Texas, California, and Georgia lead the pack), Indiana rounds out the top five, meaning melon lovers everywhere look to the Hoosier state to supply these seedy treats. Even butter has its regional preferences: on the East Coast, it’s traditionally cut into long, narrow sticks, while the West Coast favors shorter, stubbier ones, a relic of different churn sizes and packaging equipment. In fact, Elgin, Illinois, was where the East Coast standard originated and was once known as the Butter Capital of the World, with its butter prices setting the national average well into the early 1900s.

Midwest ingenuity keeps turning raw goods into global staples. Minnesota’s Bizzy Cold Brew transforms imported beans into a ready-to-drink source of caffeine and Iowa’s Renewable Energy Group (acquired by Chevron) turns soybeans into biofuel. Quaker Oat’s was originally founded in Ohio before moving their current headquarters in Chicago. Their largest mill is located in Iowa. Even pumpkin patches in central Illinois feed the holiday pie market for brands like Libby’s. From butter to biofuel, the Midwest continues to prove that commodities aren’t just traded here, they’re grown here.

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

📰 Notable News

Exits

• Minneapolis-based Jamf to be taken private by Francisco Partners for $2.2B

• Indianapolis-based Qualifi was acquired by Humanly for an undisclosed amount

Startup Funding

• Olli Health - $10M Series A led by Industry Ventures | Madison

• Spektrum Labs - $10M Seed led by Danu Venture Group | Indianapolis

• Cylerity - $4M round led by HealthX Ventures with $24M debt facility

• Edge Energy - $3.5M Seed led by PRETTL Mechatronics & Actuators GmbH | Cincinnati

• Nestimate - $3M Seed led by S3 Ventures | Lincoln

• Overfuel - $3M investment from Recurring Capital Partners | Indianapolis

• Voltaic Marine - $3M Seed led by Antler | Traverse City

VC Funds

• CMT Digital - $136M FIV | Chicago

• SaaS Capital - $101M FV | Cincinnati

Other News

• Medline reveals filing for blockbuster US IPO as market recovery gains momentum

• Leading Chicago Innovators Relocate to Edelman Chicago Headquarters, Establishing New Innovation Hub

• Elad Gil on which AI markets have winners—and which are still wide open

• Chicago startup sues OpenAI for trademark infringement over Sora's 'Cameo' feature

• Rivian to pay $250 million to settle investor lawsuit

• Waukesha to become 'growing investment hub' for GE HealthCare

• Uline, Eli Lilly strive to build talent in Racine, Kenosha area

• A16z puses its famed TxO Fund for underserved founders, lays off staff

• Heartland BioWorks headquarters planned for 16 Tech

• Unicorn companies list & tracker

Have exciting news to share? If you're announcing a funding round, exit or other milestone, send your press release to [email protected] to be featured. While we can’t share everything, we love to feature great stories from across the region.

📆 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 in our next newsletter? Send us an email: [email protected]