Iowa raised $387M across 48 deals in 2025. Most capital went to ag tech and B2B SaaS. The ecosystem is small but pragmatic - investors here fund businesses that solve real problems, not moonshots. You won't raise a $10M seed round in Des Moines, but you also won't compete with 50 other startups for the same check.
Quick list
ISA Ventures (Cedar Rapids): Led Granular's $4.2M Series A before their $300M exit to DuPont
Candeo Venture Capital (Des Moines): Backed NewBoCo's $2.1M growth round in Cedar Rapids' tech corridor
Midvale Capital (Des Moines): Led Source Allies' $3.5M expansion in Iowa's enterprise software wave
Iowa Equity Fund: Invested in Banno's early rounds before their acquisition by Jack Henry
Cultivation Corridor: Backed Rantizo's $7.5M Series A in Iowa's ag tech boom
Greater Des Moines Partnership Venture Fund: Co-invested in Hatchlings' $1.8M seed round
Midwest Growth Partners (Des Moines): Led AgStudio's $5M Series B in precision ag software
Ag Ventures Alliance: Backed Grinnell Mutual's insurtech investments across Iowa
VirtualWisdom Ventures (Iowa City): Invested in ACT's spinout companies
Cedar Valley Angel Network: Funded multiple Cedar Rapids software companies at seed stage
Iowa Innovation Corporation: Backed Accumold's precision manufacturing expansion
Pappajohn Entrepreneurial Center Network: Connected dozens of University of Iowa spinouts to funding
Why Iowa makes sense for bootstrapped fundraising
Iowa has 8-12 active institutional investors and another 20+ angel groups. Average seed round is $800K-$1.5M. Series A rounds typically land between $3-7M. That's lower than coastal markets but your burn rate will be 60% less too.
The ecosystem favors ag tech, healthcare software, and B2B SaaS. Consumer plays don't get funded here unless you've got strong traction. Most Iowa investors want to see a path to profitability within 24 months. They're not betting on 10-year payoffs.
Des Moines has the most capital, but Cedar Rapids and Iowa City have strong university ties. You'll find follow-on capital scarce - most Iowa Series B companies raise from Chicago or Minneapolis funds. Plan that move early.
Picking the right Iowa investor for your startup
Local presence: Physical location matters in Iowa. Investors want quarterly in-person updates, not just Zoom calls. Des Moines investors prefer startups within 90 minutes. Cedar Rapids and Iowa City funds are more flexible.
Portfolio companies: Check if they've backed Iowa companies before. Many Midwest funds have one Iowa deal but don't actively source here. Look for 3+ Iowa portfolio companies minimum.
Check sizes: Seed rounds are $500K-$1.5M. Series A is $3-7M. Anything above $10M requires out-of-state lead investors. Iowa funds rarely write checks over $2M individually.
Industry fit: Ag tech gets funded easily. Healthcare software with hospital customers works. Consumer apps won't get meetings unless you're doing $100K+ MRR. Most Iowa VCs have ag or enterprise software backgrounds.
Communication: Share your deck through Ellty with trackable links. Iowa investors take 2-3 weeks to review materials. You'll see which partners actually opened your financials versus which ones ghosted you.
Follow-on capacity: Most Iowa funds can't lead your Series B. Ask upfront about their reserve strategy and Chicago/Minneapolis relationships. You'll need those intros in 18-24 months.
How to find and approach Iowa investors effectively
Research local deals: Check the Corridor Business Journal and Des Moines Business Record archives. Every Iowa deal gets covered. Note which funds co-invest together - those relationships matter for syndication.
Leverage local ecosystem: Start with the Greater Des Moines Partnership, NewBoCo in Cedar Rapids, or Iowa City Area Development Group. They maintain direct relationships with every active fund. ISU's Pappajohn Center and University of Iowa's John Pappajohn Entrepreneurial Center connect student startups to investors regularly.
Build relationships first: Iowa investors don't take cold emails seriously. Get intros through portfolio founders or the local accelerator networks. Plan on 3-4 coffee meetings before you get to pitch. That's just how it works here. Keep sensitive materials under wraps with simple but effective password protection.
Share your pitch deck: Upload to Ellty and create unique links for each Iowa investor. You'll see exactly which slides they view and how long they spend on your unit economics. Iowa investors skip market size slides but drill into CAC and gross margins hard.
Attend local events: StartupCity Des Moines hosts monthly events where deals actually happen. The Venture School Demo Day brings in Chicago investors too. Skip the university pitch competitions - Iowa VCs rarely attend those. Greater Des Moines Partnership's annual meeting is where you meet decision-makers.
Connect with portfolio founders: Talk to founders at Gravitate in Des Moines or Vault Coworking in Cedar Rapids. They'll tell you which funds respond in days versus which ones string you along for months. If you're operating as a mission-driven organization, explore how to tailor your outreach for the nonprofit space.
Organize due diligence: Set up an Ellty data room before first meetings. Iowa investors move slower than coastal VCs but faster than corporate investors. Have your financials, cap table, and customer references ready. They will check every reference.
Understand local pace: Expect 8-12 weeks from first meeting to term sheet. Iowa investors don't have investment committees that meet weekly. Many funds have quarterly approval processes. Ask about timeline upfront and plan accordingly.
Iowa-specific considerations for raising capital
Iowa investors prefer B2B models over consumer. If you're ag tech, you'll get 5+ meetings easily. Healthcare software works if you've got hospital customers lined up. Anything requiring $20M+ to reach breakeven won't get funded locally.
Most Iowa funds co-invest with Chicago or Minneapolis lead investors. You'll rarely see Iowa-only cap tables above $3M rounds. That's not a weakness - it's how you access follow-on capital later. The state offers tax credits that make Iowa investors attractive co-investors for out-of-state leads.
Competition is lower than coastal markets but capital is scarcer too. There are maybe 40 startups per year that raise institutional rounds in Iowa. If you're one of them, you'll get attention. If you're not, you won't get pity meetings.
12 top investors in Iowa
1. ISA Ventures
They've backed 15+ Iowa companies and actually understand the local market instead of treating it like flyover country.
- Recent Deals: Granular ($4.2M Series A, 2018), Source Allies ($1.5M growth, 2019), multiple undisclosed ag tech investments (2024-2025)
- LinkedIn: Mike Colwell LinkedIn
- Sector Focus: ag tech, enterprise software, B2B SaaS, healthcare IT
- Stage Focus: seed, Series A
- Office Location: Cedar Rapids, Iowa
- Website: isaventures.com
2. Candeo Venture Capital
Des Moines fund that writes $500K-$2M checks and has the patience for Iowa's slower sales cycles.
- Recent Deals: NewBoCo ($2.1M growth, 2023), multiple Iowa SaaS companies (2024-2025), undisclosed healthcare software investments
- LinkedIn: Steve Papermaster LinkedIn
- Sector Focus: B2B SaaS, healthcare software, fintech, enterprise solutions
- Stage Focus: seed, Series A, growth
- Office Location: Des Moines, Iowa
- Website: candeovc.com
3. Midvale Capital
They focus on Iowa software companies with actual revenue and don't waste time on pre-revenue pitches.
- Recent Deals: Source Allies ($3.5M, 2022), AgStudio growth rounds, multiple Iowa enterprise software companies (2024-2025)
- LinkedIn: Scott Brenton LinkedIn
- Sector Focus: enterprise software, B2B SaaS, ag tech software
- Stage Focus: Series A, growth, expansion
- Office Location: Des Moines, Iowa
- Website: midvalecapital.com
4. Cultivation Corridor
Ag tech specialists who understand Iowa farming better than Silicon Valley ever will.
- Recent Deals: Rantizo ($7.5M Series A, 2024), multiple precision ag investments (2024-2025), undisclosed farm management software deals
- LinkedIn: Mike Naig LinkedIn
- Sector Focus: ag tech, precision agriculture, farm management software, agribusiness
- Stage Focus: seed, Series A
- Office Location: Des Moines, Iowa
- Website: cultivationcorridor.org
5. Iowa Equity Fund
State-backed fund that de-risks deals for other investors and has backed some of Iowa's best exits.
- Recent Deals: Banno (early rounds, acquired by Jack Henry), multiple Iowa startups (2024-2025), co-investments across sectors
- LinkedIn: Michael Gartner LinkedIn
- Sector Focus: sector agnostic, preference for B2B
- Stage Focus: seed, early stage
- Office Location: Des Moines, Iowa
- Website: iowalifechanging.com
6. Midwest Growth Partners
They've invested in 8 Iowa companies and actually show up to board meetings instead of phoning it in.
- Recent Deals: AgStudio ($5M Series B, 2023), multiple Iowa software companies (2024-2025), healthcare IT investments
- LinkedIn: David Tominsky LinkedIn
- Sector Focus: ag tech software, healthcare IT, B2B SaaS, manufacturing tech
- Stage Focus: Series A, Series B, growth
- Office Location: Des Moines, Iowa
- Website: midwestgrowthpartners.com
7. Greater Des Moines Partnership Venture Fund
They're connected to every major company in Des Moines and will make customer intros if your product fits.
- Recent Deals: Hatchlings ($1.8M seed, 2024), multiple Des Moines startups (2024-2025), co-investments with other Iowa funds
- LinkedIn: Jay Byers LinkedIn
- Sector Focus: insurance tech, financial services, ag tech, enterprise software
- Stage Focus: seed, early stage
- Office Location: Des Moines, Iowa
- Website: dsmpartnership.com
8. Ag Ventures Alliance
Network of ag industry investors who understand commodity cycles and farm economics.
- Recent Deals: Multiple Grinnell Mutual insurtech investments, ag tech seed rounds (2024-2025), precision ag software deals
- LinkedIn: AgVentures Alliance LinkedIn
- Sector Focus: ag tech, insurtech, precision agriculture, farm management
- Stage Focus: seed, Series A
- Office Location: Statewide network, Iowa
- Website: agventuresalliance.com
9. VirtualWisdom Ventures
Connected to ACT and University of Iowa - good for software companies with academic roots.
- Recent Deals: Multiple ACT spinout investments, University of Iowa commercialization deals (2023-2025), software company seed rounds
- LinkedIn: VirtualWisdom LinkedIn
- Sector Focus: educational technology, B2B SaaS, data analytics, assessment tools
- Stage Focus: seed, early stage
- Office Location: Iowa City, Iowa
- Website: virtualwisdomventures.com
10. Cedar Valley Angel Network
Active angel group that moves faster than institutional funds and writes $50K-$300K checks.
- Recent Deals: Multiple Cedar Rapids software companies (2024-2025), manufacturing tech investments, healthcare IT seed rounds
- LinkedIn: Cedar Valley Angels LinkedIn
- Sector Focus: software, manufacturing tech, healthcare IT, B2B services
- Stage Focus: seed, angel
- Office Location: Cedar Rapids, Iowa
- Website: cedarvalleyangels.com
11. Iowa Innovation Corporation
State initiative that connects startups to investors and provides matching funds for qualified deals.
- Recent Deals: Accumold expansion financing, multiple Iowa manufacturing tech deals (2024-2025), university spinout investments
- LinkedIn: Iowa Innovation LinkedIn
- Sector Focus: advanced manufacturing, ag tech, biosciences, software
- Stage Focus: seed, early growth
- Office Location: Des Moines, Iowa
- Website: iowainnovation.com
12. Pappajohn Entrepreneurial Center Network
University-connected centers at Iowa State, University of Iowa, and University of Northern Iowa that funnel student startups to investors.
- Recent Deals: Dozens of university spinout seed rounds (2024-2025), connections to ISA Ventures and other Iowa funds, student founder investments
- LinkedIn: ISU Pappajohn Center LinkedIn
- Sector Focus: university spinouts, student founders, technology commercialization
- Stage Focus: pre-seed, seed
- Office Location: Ames, Iowa City, Cedar Falls (Iowa)
- Website: pappajohncenter.com
Start tracking your Iowa investor outreach
These 12 investors closed Iowa deals in 2025-2026. Before you start reaching out to Des Moines or Cedar Rapids funds, set up proper tracking.
Upload your deck to Ellty and create a unique link for each Iowa investor. You'll see exactly which slides they view and how long they spend on your financials. Iowa-based founders often find local investors skip market size but focus heavily on unit economics, customer acquisition costs, and team background.
When Iowa investors ask for more materials, share an Ellty data room instead of messy email threads. Your cap table, financial model, customer references, and incorporation docs in one secure place with view analytics.
Common questions
Do I need to be based in Iowa to raise from Iowa investors?
Most Iowa funds strongly prefer Iowa-based companies. A few will invest in neighboring states if there's a compelling reason. Don't pitch Iowa investors if you're based in California - they'll pass immediately.
How does Iowa compare to Chicago or Minneapolis for fundraising?
Iowa has less capital but also less competition. Chicago writes bigger checks but wants faster growth. Minneapolis falls somewhere in between. Most Iowa startups eventually raise Series B from Chicago or Minneapolis funds.
What's the average seed round size in Iowa?
$800K-$1.5M. You might squeeze out $2M if multiple Iowa funds co-invest, but don't expect it. Anything above $2M requires an out-of-state lead investor.
Should I raise locally or go straight to Chicago?
If you're pre-revenue, raise locally. Chicago funds won't look at you. Once you're doing $50K+ MRR, you can pitch Chicago for Series A. Keep Iowa investors in the round as co-investors.
Do Iowa investors expect in-person meetings?
Yes. Plan on driving to Des Moines or Cedar Rapids for coffee meetings, pitch meetings, and quarterly updates. Remote-only relationships don't work well here.
What industries get funded most in Iowa?
Ag tech is number one by far. B2B SaaS with enterprise customers is second. Healthcare software with hospital customers is third. Consumer apps almost never get funded unless you've got strong traction.
How long does fundraising take in Iowa?
8-12 weeks from first meeting to term sheet. Add another 4-6 weeks for legal work. Plan on 4-6 months total if you're starting cold without warm intros.
