Medical device startups lead the Midwest with $188 million in total equity funding in the first half of 2013, according to the BioEnterprise Midwest Healthcare Venture Investment Report. Biopharmaceutical companies reported $84 million followed by Healthcare software and service companies with $72 million as the leading sectors in funding in the Midwest.
Overall, Midwest healthcare startups reported $351 million in total investments across 117 companies down from $510 million in the year ago period.
The report shows active growth in the Midwest with Ohio leading the way in total financing with $155 million up from $126.4 million followed by Minnesota with $69 million down from $86.1 million in the first half of 2012.
Cleveland, Minneapolis, and Cincinnati were the top three cities for healthcare startups investments in the Midwest.
See below to view additional data about Midwest healthcare startup investing activity
Midwest Healthcare Venture Investment (By State)
State | First Half 2013 | First Half 2012 | First Half 2011 | |||
$ Millions | # of Cos. | $ Millions | # of Cos. | $ Millions | # of Cos. | |
Illinois | 27.1 | 4 | 84.3 | 4 | 18.0 | 1 |
Indiana | 11.7 | 5 | 51.6 | 9 | 10.5 | 4 |
Iowa | – | – | – | – | – | – |
Kansas | 7.0 | 1 | – | – | 3.0 | 1 |
Kentucky | – | – | 25.9 | 2 | 4.1 | 4 |
Michigan | 37.9 | 6 | 55.9 | 9 | 21.8 | 5 |
Minnesota | 69.3 | 45 | 86.1 | 9 | 88.3 | 13 |
Missouri | 14.1 | 6 | 32.4 | 1 | 32.2 | 4 |
Ohio | 154.9 | 38 | 126.4 | 44 | 80.1 | 25 |
Western Pennsylvania | 17.3 | 8 | 32.8 | 12 | 8.2 | 12 |
Wisconsin | 11.5 | 4 | 15.2 | 7 | 49.0 | 6 |
Total | 350.8 | 117 | 510.6 | 97 | 315.2 | 75 |
Table: Midwest Healthcare Venture Investment (By Region)**
Region | First Half 2013 | First Half 2012 | First Half 2011 | |||
$Millions | # of Cos. | $ Millions | # of Cos. | $ Millions | # of Cos. | |
Chicago | 27.1 | 4 | 84.3 | 4 | 18.0 | 1 |
Indianapolis | 1.6 | 2 | 50.5 | 8 | 10.5 | 4 |
West Lafayette | 0.2 | 2 | – | – | – | – |
Louisville | – | – | N/A | 1 | 4.1 | 3 |
Detroit-Ann Arbor | 37.9 | 5 | 55.9 | 9 | 21.8 | 5 |
Minneapolis | 69.3 | 45 | 86.1 | 9 | 88.3 | 13 |
St. Louis | 14.1 | 6 | 32.4 | 1 | 32.2 | 4 |
Kansas City* | 7.0 | 1 | – | – | 3.0 | 1 |
Cincinnati* | 42.0 | 3 | 40.2 | 5 | 23.8 | 4 |
Cleveland | 79.1 | 27 | 104.1 | 34 | 50.2 | 18 |
Columbus | 33.7 | 8 | 8.1 | 6 | 6.1 | 14 |
Pittsburgh | 17.3 | 8 | 32.8 | 12 | 8.2 | 12 |
Wisconsin | 11.5 | 4 | 15.2 | 7 | 49.0 | 6 |
Featured image credit: MyTudut via cc
