Unofficial flower of the Midwest? The traffic cone 🕳️🚧🚗

⏰ Midwest Minute 

We’re a few weeks into the summer and construction season is in full swing. The traffic cones are in full bloom on an interstate near you! From suspension bridge marvels like the Mackinac Island Bridge to historic Route 66 which starts in Chicago and spans all the way to Santa Monica, CA, the Midwest is no stranger to roadways and the upkeep that comes with them. Did you know the first recorded use of asphalt as a road-building material was in Babylon around 625 B.C.? Today, the U.S. has over 4M miles of paved roads, many of which are made from asphalt. The U.S. also has the most extensive road network in the world. While the lifespan of roadways varies greatly, busier highways and interstates typically require resurfacing every 10-15 years. Short-term fixes, like filling potholes—a common nuisance in the Midwest—happen nearly every year. Michigan and Indiana are among the top five states with the worst potholes.

Some construction has been never-ending—like Indiana’s I-69 construction that has hit some bumps along the way—a project that has been in the works between Indianapolis and Evansville for more than 15 years. The influx of EVs on roadways have recently been cause for concern—the heavier vehicles are causing a bit of a ruckus on the roads. Luckily advances are being made to help combat these heavier loads and are also helping to improve overall vehicle range. With big winners like EquipmentShare and early up-and-comers like Pavewise, there’s no shortage of construction tech innovation happening in the Midwest.

Breaking ground on the latest funding announcements: it’s been a slow past few weeks. Chicago-based GeoWealth raised $18M led by BlockRock and Vanqua Biosciences announced their Series B extension. Find more of the latest news below.

Have any insights into the Midwest ecosystem or a funding announcement to share? Want to share an ongoing road work project near you? Send us an email: [email protected] 

📰 Notable News

Exits

• Minneapolis-based Code42 was acquired by Mimecast for an undisclosed amount

Startup Funding

• Vanqua Biosciences - $45M Series B extension | Chicago

• Strive - $30M Series B led by Cantor Fitzgerald | Columbus

• GeoWealth - $18M round led by BlackRock | Chicago

• PairUp - $2.8M round co-led by Hearst Lab and Hillsven | Chicago

• Coldcart - $6.5M Seed led by Collide Capital | Chicago

• Kwikly Dental Staffing - Undisclosed Series A led by Heartland Dental | Minneapolis

Other News

• IBJ Media announces the Indiana 250 Honorees

• What corporations need to know about venture investing

• U.S. VC Activity still Rocky but Indiana Again Outpaces the Nation

• Global cyber outage grounds flights, hits banks, telecoms, media

• We finally know what caused the global tech outage - and how much it cost

• CrowdStrike offers a $10 apology gift card to say sorry for outage

📆 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]