Midwest Healthcare Startups Raise $351 Million in First Half of 2013
Ohio and Minnesota Lead States
CLEVELAND, July 24, 2013 /PRNewswire/ -- Midwest healthcare startups reported $351 million in total investments across 117 companies in the first half of 2013, according to the BioEnterprise Midwest Healthcare Venture Investment Report. Ohio led the way in total financings with companies attracting $155 million, followed by Minnesota whose companies attracted $69 million during the period. Among regions, Cleveland, Minneapolis, and Cincinnati were the leading areas for healthcare investment in the Midwest.
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"In the midst of a challenging investment environment, the Midwest continues to attract interest from investors," said Aram Nerpouni, BioEnterprise President and CEO. "The number of 2013 Midwest deals (117) is at a high for the last 5 years, and while the dollars invested ($351 million) are down from the banner 2012, they are on par with previous years. All in all, Midwest healthcare investment has remained very active."
By sector, the equity funding was as follows:
- Biopharmaceutical companies: $84 million
- Medical device companies: $188 million
- Healthcare software and service companies: $72 million
The Midwest Healthcare Venture Investment Report includes all reported numbers and regionally collected data. For complete state and region results across the Midwest see the following table.
To view additional data about Midwest healthcare business activity visit http://www.bioenterprise.com/Reports/.
Table: Midwest Healthcare Venture Investment (By State)
| State |
First Half 2013 |
First Half 2012 |
First Half 2011 |
First Half 2010 |
First Half 2009 |
|||||
| $ Millions |
# of Cos. |
$ Millions |
# of Cos. |
$ Millions |
# of Cos. |
$ Millions |
# of Cos. |
$ |
# of Cos. |
|
| Illinois |
27.1 |
4 |
84.3 |
4 |
18.0 |
1 |
123.4 |
6 |
42.6 |
4 |
| Indiana |
11.7 |
5 |
51.6 |
9 |
10.5 |
4 |
18.4 |
10 |
8.9 |
4 |
| Iowa |
- |
- |
- |
- |
- |
- |
- |
- |
3.0 |
1 |
| Kansas |
7.0 |
1 |
- |
- |
3.0 |
1 |
18.9 |
4 |
0.2 |
1 |
| Kentucky |
- |
- |
25.9 |
2 |
4.1 |
4 |
10.5 |
2 |
0.0 |
0 |
| Michigan |
37.9 |
6 |
55.9 |
9 |
21.8 |
5 |
35.8 |
5 |
64.7 |
5 |
| Minnesota |
69.3 |
45 |
86.1 |
9 |
88.3 |
13 |
42.8 |
7 |
117.6 |
12 |
| Missouri |
14.1 |
6 |
32.4 |
1 |
32.2 |
4 |
5.7 |
2 |
51.0 |
3 |
| Ohio |
154.9 |
38 |
126.4 |
44 |
80.1 |
25 |
47.3 |
27 |
86.9 |
33 |
| Western Pennsylvania |
17.3 |
8 |
32.8 |
12 |
8.2 |
12 |
59.6 |
7 |
18.6 |
12 |
| Wisconsin |
11.5 |
4 |
15.2 |
7 |
49.0 |
6 |
50.0 |
5 |
9.0 |
5 |
| Total |
350.8 |
117 |
510.6 |
97 |
315.2 |
75 |
412.4 |
75 |
402.5 |
80 |
Table: Midwest Healthcare Venture Investment (By Region)**
| Region |
First Half 2013 |
First Half 2012 |
First Half 2011 |
First Half 2010 |
First Half 2009 |
|||||
| $ Millions |
# of Cos. |
$ Millions |
# of Cos. |
$ Millions |
# of Cos. |
$ Millions |
# of Cos. |
$ Millions |
# of Cos. |
|
| Chicago |
27.1 |
4 |
84.3 |
4 |
18.0 |
1 |
123.4 |
6 |
42.6 |
4 |
| Indianapolis |
1.6 |
2 |
50.5 |
8 |
10.5 |
4 |
14.8 |
6 |
6.9 |
3 |
| West Lafayette |
0.2 |
2 |
- |
- |
- |
- |
2.8 |
2 |
2.0 |
1 |
| Louisville |
- |
- |
N/A |
1 |
4.1 |
3 |
10.5 |
2 |
- |
- |
| Detroit-Ann Arbor |
37.9 |
5 |
55.9 |
9 |
21.8 |
5 |
31.7 |
4 |
47.5 |
3 |
| Minneapolis |
69.3 |
45 |
86.1 |
9 |
88.3 |
13 |
42.8 |
7 |
116.9 |
11 |
| St. Louis |
14.1 |
6 |
32.4 |
1 |
32.2 |
4 |
5.7 |
2 |
13.0 |
2 |
| Kansas City* |
7.0 |
1 |
- |
- |
3.0 |
1 |
18.9 |
4 |
38.2 |
2 |
| Cincinnati* |
42.0 |
3 |
40.2 |
5 |
23.8 |
4 |
7.0 |
2 |
46.6 |
4 |
| Cleveland |
79.1 |
27 |
104.1 |
34 |
50.2 |
18 |
36.7 |
17 |
30.5 |
17 |
| Columbus |
33.7 |
8 |
8.1 |
6 |
6.1 |
14 |
2.6 |
4 |
9.6 |
11 |
| Pittsburgh |
17.3 |
8 |
32.8 |
12 |
8.2 |
12 |
59.6 |
7 |
18.6 |
12 |
| Wisconsin |
11.5 |
4 |
15.2 |
7 |
49.0 |
6 |
50.0 |
5 |
9.0 |
5 |
* Border MSAs such as Kansas City and Cincinnati include deals from both states in those geographies; deals are aggregated into state totals based on the MSA's principal state
**Regions' totals do not equal states as not all areas are included in list of regions
Sources: Compiled by BioEnterprise team from Venture Wire, Private Equity Week, Wall Street Journal, Venture Source, SEC Filings, company press releases, www.biospace.com, and Midwest bioscience organizations and institutions.
About BioEnterprise
BioEnterprise is a business formation, recruitment, and acceleration effort designed to support the growth of bioscience companies. Located in Cleveland, BioEnterprise provides management counsel and support services to healthcare companies. BioEnterprise partners are Case Western Reserve University, Cleveland Clinic, University Hospitals, Summa Health System, and the Austen BioInnovation Institute in Akron. Additional technology partners include the NASA Glenn Research Center, Cleveland State University, NorTech, and BioOhio.
The initiative comprises the collective activities of BioEnterprise and its partners' commercialization offices: the Case Office of Technology Transfer, Cleveland Clinic Innovations, University Hospitals Case Medical Center - Center for Clinical Research and Summa Enterprise Group. The combined efforts of these groups has created, recruited, and accelerated more than 170 companies in ten years.
SOURCE BioEnterprise Corporation
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