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InnoVenture Iowa is Iowa's first publicly funded venture capital co-investment fund, established in 2022. The fund was launched in partnership with the Iowa Economic Development Authority and BioConnect Iowa, utilizing federal SSBCI capital to support early-stage companies in Iowa. The organization aims to invest in world-changing technologies that are proudly built in Iowa, fostering innovation and growth within the state.
As of now, InnoVenture Iowa manages a fund size of $30 million and has made over 40 investments since its inception. The fund operates as a co-investment vehicle, requiring a signed term sheet from a lead investor before considering any investment. The organization focuses on sectors such as bioscience, ag-tech, advanced manufacturing, SaaS, and AI, with a commitment to supporting startup founders who demonstrate leadership and innovation.
InnoVenture Iowa's notable milestones include the launch of the InnoVenture Challenge pitch competition, which awards $100,000 to promising startups. The fund's headquarters is located in Iowa, and it actively collaborates with local organizations to enhance the entrepreneurial ecosystem.
InnoVenture Iowa invests in early-stage companies across various sectors, including bioscience, ag-tech, advanced manufacturing, SaaS, and AI. The fund specifically targets startups that are founded, headquartered, or have significant operations in Iowa. Investment stages include pre-seed, seed, and seed-plus, with check sizes typically ranging from $250,000 to $2 million, representing 10-25% of fundraising rounds.
The organization seeks to support startup founders who demonstrate leadership and innovation, helping them grow and succeed in the market. InnoVenture Iowa emphasizes the importance of collaboration, requiring a lead investor to be involved in the funding process. This co-investment model not only mitigates risk but also enhances the support network for portfolio companies.
InnoVenture Iowa's investment thesis is centered around fostering innovation in Iowa by backing early-stage companies that are poised to make a significant impact in their respective fields. The fund is committed to enhancing the entrepreneurial landscape in Iowa, ensuring that local startups have access to the resources and capital they need to thrive.
InnoVenture Iowa's portfolio includes a diverse range of companies that reflect its investment focus on agtech, SaaS, and AI. Notable portfolio companies include:
These companies represent a mix of innovative solutions across various sectors, showcasing InnoVenture Iowa's commitment to supporting early-stage startups that are making a difference in their industries.
Kaylee Williams: Investment Director. Kaylee has a background as the former President of VolunteerLocal and Head of Customer Development at Roboflow. She graduated from the University of Iowa in 2012 and received the 2022 Young Alumni Entrepreneurial Leadership Award.
Safiya Lee-Evans: Portfolio Manager. Safiya brings over 20 years of experience, including 7 years with BioConnect Iowa. She completed the Stanford Law School venture capital program in February 2026 and manages a $40 million fund along with 20+ portfolio company boards.
Micah Walker: Investment Associate. Micah holds an MBA in Entrepreneurship from Iowa State University and was the inaugural InnoVenture Fellow, promoted in December 2025. He is also the founder of Stratus IAC apparel company.
Anita Norian: Investment Committee Member. Anita is the President of GW Nutrition and the Founder of Norian Consulting, with 25 years of experience in food ingredients and eCommerce.
Clayton Nevins, PhD: Investment Committee Member. Clayton is the New Venture Lead at Pivot Bio, holding a PhD in soil microbial ecology from the University of Florida, and is an expert in agri-science.
Gary Weihs: Investment Committee Member. Gary is the Managing Partner at Kincannon & Reed, with an MBA from Harvard and over 30 years of experience in Fortune 100 and startup management.
Startups interested in pitching to InnoVenture Iowa should visit their application page at innoventureiowa.com. The fund prefers a clear and concise pitch deck that outlines the business model, market opportunity, and team qualifications. Founders should include any relevant traction metrics and a clear ask for funding.
InnoVenture Iowa values warm introductions but also accepts direct applications through their website. Response times may vary, but founders can expect to hear back within a few weeks of submission.
InnoVenture Iowa runs the annual InnoVenture Challenge, a pitch competition that awards $100,000 to promising startups. This program aims to encourage innovation and support emerging companies in Iowa.
InnoVenture Iowa has been actively conducting investment committee meetings, with recent posts detailing meetings held on February 10 and February 25, 2026. These meetings indicate ongoing engagement and decision-making processes regarding their investment activities.
Since its launch in 2022, InnoVenture Iowa has made over 40 investments, focusing on early-stage companies in Iowa. The fund's commitment to supporting innovation in the state continues to drive its investment strategy.
What are InnoVenture Iowa's investment criteria?
InnoVenture Iowa invests in early-stage companies that are founded, headquartered, or have significant operations in Iowa. The fund focuses on sectors such as bioscience, ag-tech, advanced manufacturing, SaaS, and AI.
How can startups apply for funding?
Startups can apply for funding by visiting InnoVenture Iowa's application page at innoventureiowa.com. The fund requires a signed term sheet from a lead investor before considering any investment.
What makes InnoVenture Iowa different from other venture capital firms?
InnoVenture Iowa is unique as it is Iowa's first publicly funded venture capital co-investment fund, focusing specifically on supporting early-stage companies within the state. The fund collaborates with local organizations to enhance the entrepreneurial ecosystem.
What is the typical check size for investments?
The typical check size ranges from $250,000 to $2 million, representing 10-25% of fundraising rounds.
What is the fund size of InnoVenture Iowa?
InnoVenture Iowa has a fund size of $30 million, which is utilized to support early-stage companies in Iowa.
What kind of post-investment involvement does InnoVenture Iowa have?
InnoVenture Iowa provides strategic support and resources to its portfolio companies, fostering connections within the Iowa entrepreneurial ecosystem and offering mentorship to startup founders.
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