Innoventures Iowa

What Innoventures Iowa does

InnoVenture Iowa is a Des Moines-based, publicly funded venture capital co-investment fund launched in 2022 with $30 million in capital anchored by the federal State Small Business Credit Initiative (SSBCI) program. Operating in partnership with the Iowa Economic Development Authority (IEDA) and BioConnect Iowa, the fund makes early-stage equity investments in Iowa-headquartered startups operating in bioscience, ag-tech, advanced manufacturing, SaaS, and AI. Target companies are typically generating under $2 million in revenue and have raised less than $2 million in outside capital; the fund does not charge portfolio companies for its investment services.

The organization's core offerings span four programs: (1) the InnoVenture Iowa Fund, the underlying co-investment vehicle that deploys capital alongside private investors and institutional funds; (2) the annual InnoVenture Challenge, a pitch competition awarding a $100,000 non-dilutive cash prize to an Iowa early-stage startup; (3) the InnoVenture Iowa Fellowship Program, a part-time hybrid Spring/Fall fellowship preparing future venture professionals; and (4) the Iowa Tech Podcast, a weekly ecosystem podcast launched in May 2024 and hosted by Investment Director Kaylee Williams. Deal flow is sourced via direct founder outreach, an online JotForm application, the InnoVenture Challenge, the Fellowship Program, and the Heartland Hustle statewide tour, with approvals routed through a virtual Investment Committee.

The fund has scaled a 45-company portfolio as of Spring 2026, including winners such as Hawkeye Surgical Lighting (2022) and ReEnvision Ag (2023). Co-investors include Next Level Ventures, ISAV, Ames Seed Capital, UI Ventures, M25, Invest Nebraska, and Y Combinator. Because the fund is publicly backed and intended to operate as an evergreen vehicle, its competitive advantage lies in patient, non-time-pressured capital rather than traditional fund economics; realized returns will depend on portfolio exits within a stated 24–36 month horizon for select companies, managed by Portfolio Manager Safiya Lee-Evans across 19 board seats.

Name

Innoventures Iowa

Legal name

InnoVenture Iowa

Website

https://innoventureiowa.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

InnoVenture Iowa is Iowa's first publicly funded, $30 million SSBCI-backed venture capital co-investment fund, making early-stage equity investments in Iowa-based bioscience, ag-tech, advanced manufacturing, SaaS, and AI startups alongside private investors.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Miscellaneous Financial Investment Activities (523999)

SIC

Investment Advice (6282)

akta.pro primary industry

Accelerators & Incubators (Investor-Operated) (FSANAAAM)

Keywords

• Venture capital fund
• Early-stage investing
• Pitch competition
• Startup funding
• Co-investment fund

Headquarters

HQ city

Des Moines

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Venture Capital Returns: InnoVenture Iowa generates returns through equity investments in early-stage Iowa startups across bioscience, ag-tech, advanced manufacturing, SaaS, and AI. The fund operates as a co-investment vehicle, investing early alongside other investors and supporting portfolio companies through follow-on funding. Returns are realized through exits, which the fund anticipates within 24 to 36 months for some portfolio companies.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

InnoVenture Iowa is a $30 million publicly funded venture capital co-investment fund that makes early-stage equity investments in Iowa-based startups across bioscience, ag-tech, advanced manufacturing, SaaS, and AI sectors. The fund deploys capital alongside private and institutional co-investors and supplements investment activity with an annual $100,000 InnoVenture Challenge pitch competition, a Fellowship Program, and the Iowa Tech Podcast.

Product overview

InnoVenture Iowa is a $30 million public venture capital co-investment fund that serves as Iowa's first state-backed venture capital initiative, launched in 2022. The organization operates multiple interconnected programs: the InnoVenture Iowa Fund itself for direct equity investments in early-stage startups; the annual InnoVenture Challenge pitch competition offering a $100,000 non-dilutive prize; the Fellowship Program for training future venture professionals; and the Iowa Tech Podcast for ecosystem engagement. The fund focuses on startups in bioscience, ag-tech, advanced manufacturing, SaaS, and AI sectors, with a portfolio that has grown to include 45 companies as of Spring 2026.

Differentiator

Problem solved

Functional benefit

Brands

• InnoVenture Challenge: Annual $100,000 pitch competition for early-stage Iowa startups in bioscience, advanced manufacturing, and information technology

Products and services

• InnoVenture Iowa Fund A $30 million public venture capital co-investment fund that provides early-stage equity investments to Iowa-based startups in bioscience, ag-tech, advanced manufacturing, SaaS, and AI, deploying capital alongside private and institutional co-investors.
• InnoVenture Challenge An annual pitch competition that awards a $100,000 non-dilutive cash prize to an Iowa-based early-stage startup in bioscience, advanced manufacturing, or information technology, with three finalists pitching before a panel of judges.
• InnoVenture Iowa Fellowship Program A part-time hybrid fellowship program offered during Spring and Fall semesters that provides training and experience in venture capital investing and the Iowa startup ecosystem.
• Iowa Tech Podcast A weekly podcast covering innovation, venture capital, startups, and technology in Iowa, featuring entrepreneurs, investors, and ecosystem builders.

Quantifiable outcome

• Portfolio of 45 companies as of Spring 2026
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Iowa Small Business Development Center (SBDC)coreStrategic or Co-development Partner · 1 January 2023Partnered with InnoVenture Iowa for the SSBCI Roadshow to educate founders across Iowa about SSBCI funding and InnoVenture programs. SBDC is part of America's SBDC network.
• NewBoCominorGTM or Marketing Partner · 1 January 2023Sponsored buses to shuttle attendees from Cedar Rapids to the 2023 InnoVenture Challenge event.
• Ag Ventures AllianceminorGTM or Marketing Partner · 1 January 2023Sponsored buses to shuttle attendees from Clear Lake to the 2023 InnoVenture Challenge.
• Nyemaster GoodeminorGTM or Marketing Partner · 1 January 2023Generously sponsored the 2023 InnoVenture Challenge People's Choice Award.
• Momentum StudiosminorGTM or Marketing Partner · 1 January 2023Co-sponsored the 2023 InnoVenture Challenge, enabling the team to double the size of the event.
• BrownWinickminorGTM or Marketing Partner · 1 January 2023Co-sponsored the 2023 InnoVenture Challenge.
• Iowa Venture Capital AssociationminorGTM or Marketing Partner · 1 January 2023Participated as a sponsor of the 2023 InnoVenture Challenge (Field of Dreamers).
• Maple StudioscoreChannel Partner/ Reseller/ Distributor · 1 January 2023Startup studio based in West Des Moines. Megan Brandt, Director of Maple Studios, served as first-round judge for the InnoVenture Challenge. Applications reviewed and scored in partnership with Maple Studios.
• Iowa Economic Development Authority (IEDA)coreStrategic or Co-development Partner · 1 January 2023Co-organized the SSBCI Roadshow in partnership with IEDA and SBDC, featuring panels with IEDA staff across four Iowa cities.
• Technology Association of IowaminorGTM or Marketing Partner · 1 January 2023Co-organized the Women in VC Panel event with InnoVenture Iowa.
• Iowa Economic Development Authority (IEDA)coreStrategic or Co-development Partner · 1 January 2022InnoVenture Iowa was launched in partnership with the Iowa Economic Development Authority. IEDA co-manages the SSBCI funding that backs the fund and collaborates on statewide programs including the SSBCI Roadshow to educate founders about available capital programs.
• BioConnect IowacoreStrategic or Co-development Partner · 1 January 2022Launched in partnership with BioConnect Iowa alongside IEDA to support Iowa's innovation ecosystem with a focus on bioscience startups.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Regional players

• Gener8tor: Midwest-based accelerator and venture fund operating programs across multiple states including Iowa. Comparable as a regional investor/accelerator combination supporting early-stage founders in the Midwest.
• Launch Tennessee: State-backed venture and entrepreneurship organization in Tennessee supporting early-stage startups with programmatic and capital resources. Comparable as a publicly aligned state ecosystem builder and investor.
• Capital Factory: Texas-based startup ecosystem operator combining accelerator programming with venture investment. Comparable as a state-aligned venture platform that pairs programmatic founder development with equity investing.
• BioConnect Iowa: Iowa-based organization supporting bioscience startups, partnered with InnoVenture Iowa at launch. Comparable as an Iowa-aligned ecosystem builder with a focus on bioscience commercialization.

Direct peers

• M25: Chicago-based early-stage VC firm that collaborates with InnoVenture Iowa to support Iowa startups. Comparable in early-stage, geographically focused investing, and is an active co-investment partner.
• Iowa Startup Assets & Ventures (ISAV): Iowa-focused venture fund that co-invests with InnoVenture Iowa and contributes to first-year deal flow. Targets similar early-stage Iowa startups with comparable equity-investment model.
• Invest Nebraska: Nebraska state-backed investment firm that co-invests with InnoVenture Iowa to support Iowa startups. Adjacent-state public-purpose VC with similar co-investment and ecosystem-development model.
• Ames Seed Capital Fund: Early-stage VC fund making equity investments in businesses growing in Central Iowa. Has co-invested alongside InnoVenture Iowa and provides first-round judging for the InnoVenture Challenge.
• Next Level Ventures: Early-stage venture capital firm based in Des Moines that co-invests alongside InnoVenture Iowa and helped establish its first-year deal flow. Operates in the same Iowa early-stage market with similar check sizes and sector focus.
• UI Ventures: University of Iowa's venture arm that co-invests in Iowa-based startups alongside InnoVenture Iowa. Comparable in mission and early-stage focus, anchored to the same Iowa university research base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/InnoventureIowa
• Facebookfacebook.com/profile.php?id=100086563638674
• LinkedInlinkedin.com/company/innoventure-iowa

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Innoventures Iowa