We are pleased to present the 2021 Idaho Deal Flow Report. This is our eighth annual report which shows the state of Idaho continues to flourish. In total, 2021 had 155 deals with $3.5 billion of total volume. Startups, businesses, and investors showed increased interest in Idaho companies with an average deal amount of $22 million. The 2021 Idaho Deal Flow Report shows that the state’s business ecosystem is growing at a rapid rate.
Two companies, Tates Rents and Commercial Tire, sold to their employees through an Employee Stock Ownership Plan. Clearwater Analytics, one of Idaho’s homegrown tech giants, went public through a $540 million IPO. Lovevery, an award-winning developmental toy brand, closed a $100 million private placement round. PlexTrac closed a $12 million Series A, leading up to the announcement of their $70 million Series B which closed in early 2022. Tackle.io closed two rounds of financing for a total of $135 million, valuing the company well over a billion dollars. These companies are actively improving Idaho’s startup ecosystem and showing fellow local founders that high growth is possible here in the Gem State.
2020 and 2021 showed the resilience of Idaho business owners, founders and investors. New Idaho companies are starting at record rates as people from all parts of the country are moving here. Our friendly business climate and hardworking people ensure that Idaho will continue to be a place where companies can start, grow and thrive.


Capital Connect + Deal Flow Committee

Blake Hansen
Co-chair, Alturas

Alison Johnson
Co-chair, Wilson Sonsini

Jay Larsen
Idaho Technology Council

Kevin Bates
Stifel Financial

Kevin Clouser

Sadie Christopher
Idaho Technology Council

Moshe Herman
Idaho Technology Council

Lucas Henken

Maggie Hyde

JP Mora

Matt Price
Connetic Ventures

Brian Randolph
BR Wealth Management

Blake J. Hansen
Alturas Capital, LLC
Deal Flow Co-Chair

Alison G. Johnson
Wilson Sonsini
Deal Flow Co-Chair

Special thanks to Brigham Young University and the Marriott School of Business for supporting the 2021 Idaho Deal Flow Report through an internship partnership.
2021 Idaho Deal Flow Report Team
Adam Fisher
Alex Garrett
Anthony Colunga
Carter Scoresby
Cole Russon
Coltin Barney
Parker Roberts
Matthew Linton


Dear Friends,
It is an honor for me to introduce the 2021 Idaho Deal Flow Report,
a publication we eagerly await every year because it spotlights
many of the industries flourishing in Idaho along with their
investment partners.
We are so proud in Idaho to have the strongest economy in the nation, and thanks to years of responsible governing and the unrelenting can-do attitude of Idaho businesses and entrepreneurs, we are positioned for even more prosperity in the months and years ahead!
Idaho’s success is demonstrated in the strength of our technology sector. Despite the pandemic, Idaho experienced more growth. The market continues to recognize the innovation of our entrepreneurs, and mature companies are getting bought and sold. In 2021, 155 deals totaling $3.5 billion in investments took place in Idaho, and capital continues to be a major area that supports a growing, innovative economy.  
For those who have called Idaho home for years – and for many of us, a lifetime – it is no wonder companies and people from other parts of the country and the world are choosing the Gem State to invest, do business, and live life. Our communities share in the excitement of an entrepreneur starting a business. We root for innovation and investment in our existing businesses, large and small. We extend open arms to anyone wishing to come here from somewhere else to retire, raise their families, or expand or relocate a business.
I appreciate the Idaho Technology Council and all the volunteers and organizers for contributing to the 2021 Idaho Deal Flow Report. Once again, you have put together an outstanding resource that summarizes trends in business activity and identifies where we excel and where can improve.
Together we will remain intently focused on public policies that support economic growth and prosperity because the next generation of Idahoans need the same kind of job opportunities in Idaho that they can find in large cities. With your help, we will continue to meet my goal of making Idaho the place where our children and grandchildren choose to stay.

Brad Little
Governor of Idaho


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Total Deals


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Private Placements

$ 0 M
Series C
$ 0 M
Series C
$ 0 M
Series B

Mergers + Acquisitions

$ 0 M
Acquired by EnPro Industries
$ 0 M
Acquired by Equifax
$ 0 M
Acquired by Enlight Renewable Energy

Public Offering

$ 0 M



Data Overview

2021 was another strong year for equity deal flow in Idaho. Total deal count was 155, above the 10-year median of 151.6 deals per year. Total private placement deals came in at 69 deals, which is significantly lower than the 10-year average of 83 private placement deals per year. Lower private placement count was bolstered by more M&A activity, which is echoed in the national market1. 2021 had a total of 83 M&A deals, the highest in the history of the Idaho Deal Flow Report.
The year’s average deal amount was $44.8 million, with the average private placement deal at $8.2 million and the average disclosed M&A deal at $52.2 million. Of 67 disclosed amount deals, 34% were under $1 million, with 45% between $1 million and $16 million, and 21% above $16 million. The majority of this year’s deals came from more established companies, which is a departure from recent years. This may explain the higher mid-range deal volume, as these more mature companies may not need as much capital investment as early revenue startups.
The Technology/Software industry had a 39% increase in deal count from 2020. Idaho’s technology sector is growing rapidly, with a 2.7% projected growth rate in net tech employment and 9.2% overall economic impact2. The proportion of Technology/Software deals has grown steadily since 2010, and is expected to continue to grow as Idaho’s tech ecosystem evolves.


Since 2010, the total amount of Public Offerings has increased steadily over the years. Today there have been over 59 public offerings that have occurred and attracted more investors to the state of Idaho. Companies like Albertsons and Clearwater Analytics Holdings Inc. are some of the most recent companies to go public in the state of Idaho. It is projected that many companies in the state of Idaho will make the jump to IPO in the upcoming years.

Clearwater Analytics

Clearwater Analytics, founded in Boise in 2003, is a SaaS company offering investment accounting and analytics for over 1,000 institutional clients. The company’s mission, “to be the world’s most trusted and comprehensive technology platform for investment accounting and analytics and revolutionize the world of investing,” is being fulfilled with their single instance multi-tenant architecture and dedication to client success.
Clearwater Analytics announced the initial public offering on September 14, 2021, and shortly after debuted on the New York Stock Exchange on September 24. The IPO was priced at $18 per share, and it closed at $25.37 on the first day of trading. Investors were excited to snag a piece of the company which boasts a 25% CAGR of ARR from 2016 to 2021.


Clearwater Analytics

Private Placements

MARCH 2011

OCT 2020


AUG 2016

Clearwater’s success can be traced back to their Boise origins. The company was founded by David Boren, Michael Boren, and Douglas Bates, and continuously credits the “Boise Nice” mentality for their impressive retention rate. Current CEO Sandeep Sahai said, “Boise is a city where the hotel receptionist was genuinely concerned about my long flight in. A city where our employees do not view our clients as arms-length transactional companies, but as deeply valued personal relationships that endure. As we grow globally and domestically, it is this high integrity, client-first culture that we want to protect and grow.”
With a Net Promoter Score of over 60, Clearwater shows they are committed to providing their clients with a top-tier product. The company’s single instance multi-tenant architecture not only streamlines the process for each client, but it creates a unique network effect which improves the customer experience and gives Clearwater a fundamental technological advantage. This translates to an exceptionally high Net Revenue Retention Rate at 111% and Gross Revenue Retention Rate of 98%.
Another key to the company’s success is a focus on diligent profitability. Clearwater is among a short list of organizations that qualify as a Rule of 50 company. This means the company’s annual revenue growth and EBITDA margin exceed 50%; Clearwater sits at 53% as of end-Q4 2021. The typical software company sits at 25%, which
is a product of growing fast at the expense of profitability.
Clearwater has taken strategic steps with investors rather than taking on more capital than necessary. The company solidified their three core market verticals of insurance, asset management, and corporations by 2014, and was scaling sustainably by the time they were acquired by Welsh, Carson, Anderson & Stowe (WCAS) in 2016. WCAS provided a deep understanding of the industry, and placed Sandeep Sahai as CEO of Clearwater in 2018. The WCAS acquisition proved to be a success with expansion into Europe and the company’s first $100b+ client.
Clearwater was well-positioned by the time Warburg Pincus, Permira, Dragoneer Investment Group, and Durable Capital were added to the ownership team in Q3 2020. At the time, the company was serving over $4 trillion in assets, which is now close to $6 trillion. By mid-2021, the company had expanded into Paris, Frankfurt, and Singapore with well-established global operation centers in Boise, Edinburgh, and Noida.
With a successful track record lasting almost a decade, the company still has big plans in store. “We want to accelerate growth in international markets, we want greater market awareness of how we help to solve some of our clients’ most painful challenges through innovation and outstanding client service, and we want to build adjacent solutions to replace other legacy technologies that our clients are forced to rely on,” said CEO Sandeep Sahai.

Clearwater Analytics

May 12, 2022
County: Ada
City: Boise
Region: Southwestern
CEO: Sandeep Sahai
Clearwater analytics joined the New York Stock Exchange and raised $540 million in its initial public offering valuing the company at $4.17 billion on September 24, 2021.


ESOP stands for employee stock ownership program. ESOPs allow employees to be compensated through the ownership of portions of the company they work for. As an employee works for a certain amount of time, they gain the right to own the stock, which is known as vesting. The employee can then sell back their shares for either market or fair value. Two ESOP deals occurred in 2021: Commercial Tire and Tates Rents.
Commercial Tire is an automotive service provider that specializes in tires and tire related services. Commercial Tire transitioned shares to employees in 2021 after being a family-owned business for 52 years for an undisclosed amount. With Commercial Tire, the shares are owned by employees automatically and gain value the longer they hold them. They have become a “completely employee-owned company”.
The second deal was with Tates Rents, founded in 1946. They specialize in providing construction rental equipment to over 30,000 customers. The company went through an employee buyout for an undisclosed amount in 2021.

Tates Rents

The iconic blue Tates Rents logo can be seen across the Treasure Valley, and is synonymous with quality customer service. Tates Rents, started by the Tate Family in 1946, has gone through some extensive changes in 2021. CEO Haley Hennessey discussed how her team navigated these company changes and how she has led her team with deep company culture.

Why did Tates Rents choose an ESOP?
The Tate family was looking for more than just an exit strategy. It was important to them to keep the Tates Rents legacy alive. By selling to its employees, the business can continue to operate with the values instilled by the family at the forefront. Also, the ESOP is an incredible benefit for its employees and the family wanted to reward the employees who helped build the company.

How have your team members navigated these exciting events?
Being a newly employee-owned company has provided a steep learning curve in many respects. However, with the help of great advisors and a team who is eager for growth, we’ve managed to ask the right questions and navigate each challenge and opportunity as we go.

The Tates Rents team. Image courtesy of Tates Rents.

What is some advice you would give to other companies who are integrating new employees?
As an ESOP we have the advantage of being able to offer employee ownership to the McCall Rental team. Instead of a new individual or a distant investor the new owners are their coworkers. This dynamic makes acquisition as an ESOP a win-win proposition.
We’ve done our best to listen and learn from our new employees first. They have area specific knowledge and new ideas that have been vital to our success in the area. We were also sure to transfer their years of experience from McCall Rental to Tates Rents. If they have been working at McCall Rental for 10 years, they got the same benefits as 10-year Tates Rents employees when the ownership changed.

How has the company’s culture contributed to its growth?
The Tates Rents culture is to treat our customers like our friends, and we empower our employees to be flexible and find solutions to do that. We don’t do a lot of marketing because we believe in the power of word of mouth when a customer leaves our stores feeling like they’ve really been taken care of. By doing the basics really well, over and over, we fuel our own growth.
Similarly, we prioritize grassroots community giving. We sponsor little league teams, rodeos, and Eagle Scout projects. We occasionally buy 4-H animals and frequently donate rentals to local non-profits. We believe supporting our community is the right thing to do, but it’s also how we continue to grow our reach in a meaningful way.

Image courtesy of Tates Rents.

Commercial Tire

March 18, 2021
County: Ada
City: Meridian
Region: Southwestern
Headcount: 500
CEO: Bob Schwenkfelder
Commercial Tire transitioned ownership to employees in March of 2021 after 52 years of family ownership.

Tates Rents

January 14, 2021
County: Ada
City: Boise
Region: Southwestern
CEO: Haley Hennessey
Tates Rents transitioned ownership to employees in January of 2021 after 75 years of family ownership.


Starting in 2010, the total amount of Private Placement deals was just under $1.5 Billion. From there, we saw fluctuation in the deal amounts. From 2010 to 2019, there wasn’t a large correlation between the number of deals and the deal amounts. Some years had a large count of deals, but a small sum of deals, and the opposite is true as well.

However, in 2020 we saw a massive deviation from the recent trends resulting in the sum of the deals totaling just over $2.9 Billion. This amount was just about double the amount of 2010, which was the highest within that 9-year window. The average deal amount from 2010 to 2019 was $636 Million. Comparing the average amount from 2010 to 2019 to the large jump in 2020, we saw about a 356% increase in the sum of the deals. 2020 is considered an outlier year in terms of total Private Placement volume, and 2021 showed a return to normal deal flow activity.

2021 saw two $100 million Series C Private Placements: Lovevery‘s deal with The Cherin Group and Mark Vadon, and Tackle‘s deal with Coatue Management and a16z. These companies, among many others, were returning to the Deal Flow Report after raising in previous years. We expect this trend to continue and grow, and will likely see many startups returning for growth investment in the near future.


Stukent, located in Idaho Falls, helps education students further their experience and education with their unique simulations and courseware. Founder Stu Draper shares the company’s founding story and how they’ve grown in the Idaho ecosystem.

What does Stukent do, and how is it differentiated in the industry?
Stukent builds simulations (yep – like a flight simulator) for secondary and higher education students. We integrate up-to-date courseware with proprietary, first-in-the-world simulations in the marketing, business, and communications spaces. Together, these products give students actionable, hands-on experience with classroom concepts. Studies show that hands-on activities help a student retain up to 70 percent of the material they are learning.




FEB 2014


JULY 2015


APRIL 2016

Growth Equity

AUG 2021

Not only do our products help students retain their knowledge, but they make educators’ lives easier, too, as we include lesson plans, auto-graded assignments and quizzes, lecture slide decks, and more. Unlike traditional publishers, our courseware and simulations are always on the industry’s leading edge. Because our materials are digital, we update them on an annual basis. Our staff and our authors are committed to keeping our materials current, which means our users always have access to the latest trends, best practices, and strategies. We are proud to put the best course materials  into the hands of students and educators all over the world. I tell people that what Under Armour was to Nike and Adidas, that is what Stukent is to Pearson and McGraw Hill.

What inspired you to start Stukent?
Several years ago, I taught a marketing class at Brigham Young University-Idaho and discovered something unexpected… all of the course materials from traditional publishers were outdated. The marketing industry was evolving faster than academic publishers could revise, print, and distribute their textbooks, which made it difficult to prepare their students for the challenges of the real world.
So, I started Stukent. Our mission is to help educators help students help the world, and we do that by addressing the gap between dynamic, fast-moving industries and academia. Since 2013, we’ve helped thousands of educators prepare more than 500,000 students for today’s competitive job market. And we’re not stopping there — we are going to continue to innovate and inspire, find new verticals, and bring better tools to more classrooms all over the world. We’ve also begun to make our simulations available to businesses for training their professional teams.

How has the east Idaho startup ecosystem grown in the last 5 years?
I don’t know that the east Idaho startup ecosystem has grown much in the last 5 years as it relates to supporting entrepreneurs that need funding. There aren’t any new institutional investors. There are no incubators, or business plan competitions available to the public that I am aware of. There is a network of high networth individuals that are willing to make seed-round investments in startups, but it is challenging for entrepreneurs to know where to go to connect with these folks.
Without local venture capital and private equity groups, being on the Inc 5000 list four years in a row garnered a lot of attention from these groups for me and eventually led to a very successful partnership with Tritium Partners just last year.

What challenges exist in the EdTech space?
There are long sales cycles in education and most of the revenue is generated just a few months of the year due to the seasonality of the business. This was especially challenging in the early days of Stukent.
As an industry, EdTech tends to have high customer churn — we aren’t immune to that issue at Stukent. Educators, particularly those in higher education, may only teach a course for a semester or two; and while those educators may love our products, we sometimes struggle to connect with the new educator assigned to teach the course.
The Stukent team has expanded over the last few months, which will allow us to broaden our horizons and develop products in exciting new subjects. We want to have the best solutions for the educators who rely us, each and every time.
Additionally, educators may hesitate to implement new curricula or methodologies into their pedagogical practices. Traditional textbooks, with all their limitations, are what educators know, and educators don’t like change! So our customer success, sales, and marketing teams work to make our customers’ transitions from traditional textbook to current courseware and simulations as smooth as possible.

What makes Idaho a great place to start a business?
The people. Good people. Down-to-earth people. Humble, hard working people. Friendly people.
People used to fear that you couldn’t run a tech company from Idaho. Just ask BEA and Micron. Idaho is more than just potatoes. We have the internet here too!
Idaho is a great place to run a business — the state’s economy is booming, and its population is growing faster than anywhere else in the country, save maybe Utah. The Gem State currently ranks in the top ten for GDP growth and net migration, while its sales and property taxes remain low. Plus, more than half of the state’s workforce is employed by small businesses.
With all these factors in mind, it’s easy to see why Idaho is so good at nurturing startups and small businesses!
Additionally, Idaho is a great place to live. There are good reasons it’s the second fastest-growing state in the U.S., including low cost of living, wide-open spaces, and abundant opportunities for adventure.


LeanLaw was founded in 2015 and is an emerging software company that specializes in helping small to medium size law firms more effectively process their finances.
Since 2015, LeanLaw has been an impressive company to observe as it has grown rapidly and continues to thrive in its operations.
The company first raised capital in the amount of $405k in May 2015. Then in June 2018, LeanLaw raised another $220k from individual accredited investors. In May 2020, the company raised $500k of angel funding and last year raised $2.37M of seed funding in June 2021.
The company is rapidly growing as it receives more financing and continues to expand its reach in the market. Read below about some questions we asked LeanLaw about the industry changes they are facing and their expectations for the future.




MAY 2015


MAY 2017


JUNE 2018


MAY 2020


JUNE 2021

What does LeanLaw do, and how is it differentiated from other companies in the industry?

LeanLaw is the financial operating system for small and mid-sized law firms. We make subscription software that automates law firm timekeeping, billing, trust accounting and reporting workflows, integrates deeply with other business-critical software, and produces key data insights and reports. We are unique in the industry because (1) our focus is on the law firm’s finances, not all-in-one practice management; (2) we integrate deeply with the industry leader QuickBooks Online for accounting rather than producing a built-in accounting tool; and (3) we focus on mid-market law firms, with our sweet spot in firms with 25 to 75 users. For a mid-sized law firm that wants to use QuickBooks Online, and doesn’t want built-in practice management, LeanLaw is the only choice.

How has the process of raising capital changed from your first deal?
We have raised several tranches of seed capital since 2015. We have a number of shareholders who have made multiple investments, and generally the checks are getting larger. Our 2015 raise was $405,000. In 2022-23, we expect to raise $4 million to $5 million. This will include our first investments from institutional investors, which will require significantly more preparation, due diligence and sophistication in our execution than our
prior efforts.

How does LeanLaw plan on using its 2021 seed funding?
We are cresting over $1 million ARR, and are in the process of scaling the company. The primary components of this effort are building proper demand and sales engines and expanding our engineering and product teams to build out our product vision more quickly. The 2021 financing has helped finance these initiatives.

What are some challenges around developing a tech-based team?
Hiring is difficult today. Part of our response to this challenge has been to embrace a work anywhere culture. Since the beginning of 2021, we have grown the team from 5 to 25 people and over half of our team is located outside of Idaho. We hear this is now the norm for SaaS companies outside of major tech hubs. Having a remote team requires focus on creating a cohesive culture, which is not easy but ultimately creates an effective and fun work environment.

What makes Idaho a great place to run a business?
What sets Idaho apart is the openness and accessibility of the business community and elected leaders. People have been welcoming and helpful all the way from investors and entrepreneurs to the mayor and governor. There is a strong entrepreneurial spirit here that helps overcome some of Idaho’s historical challenges like access to capital (which has improved dramatically over the last few years).

What advice would you give to founders raising capital?
An advisor told us that investors ask themselves two questions: (1) can I trust these people? and (2) How do I get my money back? Answer these questions well and you will not have trouble raising money. The first question is really difficult at the beginning because there is so much you don’t know. You need to convey confidence you can navigate through that uncertainty to success. This is always a difficult tightrope to walk. Our best advice is honesty is the best policy. As to the investor getting her money back, it is important to be clear and consistent. Are you building a company to own or to sell? If to own, how does the investor get a return? If to sell, what are your realistic expectations about when and how you are going to get the company to exit. With that said, the most important thing is never to give up. If you look at things with clear eyes and still know in your bones you are creating something of value, you will find a way to succeed. Ultimately, raising capital is simply the outcome of your determination.

Any exciting plans for LeanLaw in the near future?
We are building a cutting-edge workflow for the financial life cycle of a law firm’s client from onboarding through payments that will fundamentally change the way law firms convey the value of the firm’s work to their clients. In doing so, LeanLaw will capture an important revenue share of the hundreds of millions of dollars our clients bill through our platform.

Private Placement Deals

A7 Core

April 8, 2021
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 5
CEO: Thomas Bartz
The company raised an undisclosed amount in seed funding.


September 1, 2021
County: Twin Falls
City: Twin Falls
Region: South Central
CEO: Jordon Ritchie
On September 1, 2021 the company raised $100,000 of angel funding from undisclosed investors.
STAGE: Seed/Angel


January 28, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 100
CEO: Faisal Shah
Appdetex raised its Series C round of $12.2 million in January of 2021 in a round led by Baird Capital.
STAGE: Series C
INVESTOR(S): Baird Capital

BlueSky Energy

Materials + Resources
March 17, 2021
County: Bonner
City: Ponderay
Region: Northern
Headcount: 24
CEO: Lyle Gold
BlueSky Energy closed on $117,285 out of planned $1.07 million of equity crowdfunding via StartEngine.com on March 15, 2021, putting the company’s pre-money valuation at $19.88 million.
STAGE: Seed/Angel
INVESTOR(S): Crowdfunding

Boise Mobile Equipment

Materials + Resources
September 16, 2021
County: Ada
City: Boise
Region: Southwestern
Headcount: 100
CEO: Chad Moffat
Boise Mobile Equipment entered into a strategic agreement with Oshkosh Inc. and it’s Pierce Manufacturing division. This partnership included an undisclosed amount of growth equity provided by Oshkosh to BME.
STAGE: Growth Equity
INVESTOR(S): Oshkosh Inc.

Continuous Composites

Materials + Resources
May 24, 2021
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 28
CEO: Tyler Alvarado
The company received $750,000 of grant funding from the United States Department of Defense.
INVESTOR(S): United States Department of Defense


Mergers + Acquisitions

The total amount of annual Merger and Acquisition (M&A) deals in Idaho has been steadily going up from 2010 to 2021. On average the number of deals goes up by just over 3 deals a year. This was not consistent with the jump from 2020 to 2021 as there were 9 more total deals. With this jump in the total deal amount, there is a negative correlation with the total sum of these M&A deals.  The total volume of M&A deals peaked in 2015 at over $15 Billion and has steadily decreased. In 2021, there was just over $3 Billion of reported M&A deals. Compared to previous years, a lower number of deals disclose amounts; only $3 Billion has been reported for the year 2021 totaling only 20% of these M&A deals disclosed. From this data we know that the total amount of deals is increasing, which in turn is growing the economy. It is difficult to get a causal outcome as we have such minimal reporting on deal volume.

M+As by Industry

No Data Found

20/20 Produce

May 11, 2022
County: Cassia
City: Heyburn
Region: South Central
Headcount: 6
CEO: Mark Williams
The company was acquired by Mycotopia Therapies in a reverse merger, which combined entity trading on Over-the-Counter Pink Sheet exchange under the ticker symbol TWGL on January 19, 2021.
BUYER TYPE: Financial
INVESTOR(S): Mycotopia Therapies

Advanced Asset Management

May 11, 2022
County: Ada
City: Eagle
Region: Southwestern
Atlas, a full-service real estate company acquired Advanced Asset Management to expand their footprint into the Treasure Valley market.
BUYER TYPE: Strategic
INVESTOR(S): Atlas Real Estate

Advanced Health Care

May 11, 2022
County: Bannock
City: Pocatello
Region: Southeastern
Headcount: 400
CEO: Dave Nattress
The Larry H. Miller Group acquired Advanced Health Care for an undisclosed sum in January of 2021.
BUYER TYPE: Financial
INVESTOR(S): Larry H. Miller Group

Aftermarket Performance Group

May 11, 2022
County: Madison
City: Rexburg
Region: Eastern
Headcount: 81
CEO: Victor Pompino
The company was acquired by Ripple Industries for an undisclosed amount on April 1, 2021.
BUYER TYPE: Strategic
INVESTOR(S): Ripple Industries

Ag-West Distributing Company

Materials + Resources
May 11, 2022
County: Cassia
City: Burley
Region: South Central
Headcount: 18
CEO: Don Knopp
The company was acquired by Heartland Agriculture for an undisclosed amount on March 3, 2021.
BUYER TYPE: Strategic
INVESTOR(S): Heartland Agriculture

American Crypto Systems

July 6, 2021
County: Ada
Region: Southwestern
American Crypto Mining was acquired by TRON Group for an undisclosed amount on July 6, 2021.
BUYER TYPE: Strategic

American Geotechnics

May 11, 2022
County: Ada
City: Boise
Region: Southwestern
Headcount: 11
CEO: Chuck Bergert
On November 15th 2021, Shannon and Wilson agreed to acquire this company for an undisclosed amount.
BUYER TYPE: Financial
INVESTOR(S): Shannon and Wilson

American Harvest

May 11, 2022
County: Jefferson
City: Rigby
Region: Eastern
The company was acquired by Darco Capital for an unknown amount on February 18, 2021.
BUYER TYPE: Financial
INVESTOR(S): Darco Capital

Aspen Valley

May 11, 2022
County: Ada
City: Boise
Region: Southwestern
CEO: Scott Jenkins
The company, a division within Compass Senior Living, was acquired by 1031 CrowdFunding for $11 million on February 26, 2021.
BUYER TYPE: Strategic
INVESTOR(S): 1031 CrowdFunding

Berkeley Building

Materials + Resources
May 11, 2022
County: Ada
City: Meridian
Region: Southwestern
Headcount: 10
CEO: Heather Atalla
The company was acquired by Summit Custom Homes for an undisclosed amount.
BUYER TYPE: Strategic
INVESTOR(S): Summit Custom Homes


Chicana Foods

Boise Entrepreneur Week Trailmix Impact Award Winner

Boise Entrepeneur Week’s Trailmix Competition features local CPG startups battling it out to win non-dilutive capital and shelf space at Albertsons. Chicana Foods, one of 7 finalists, won the Impact Award.
Chicana Foods offers a line of salsa macha based on Corona’s family recipe. The founder was recognized for turning personal hardships into opportunity, and for bringing awareness to racial injustice. The product itself is rooted in diversity; salsa macha is a staple food of Mexico and has been influenced by many cultures.
Founder and CEO Allison expands on her company’s founding story and their plans for the future.

“Trailhead is very proud of Allison’s achievement at Trailmix and BEW. Chicana Foods won the 2022 BEW Impact Award, presented by Scoggin Investment Capital, because she inspired us with her story of enduring entrepreneurship. Allison launched her business in response to overwhelming adversity in her personal life as well as in the country, this is a true testament of her entrepreneurial spirit. Chicana Food’s salsa macha has a unique flavor profile and has many versatile uses in the kitchen or on the go, we keep running out of it at Trailhead because it is so popular."


What products does Chicana Foods offer, and how is it different from other products in the category?
Chicana Foods is currently producing two flavors of salsa macha. Salsa macha is different than other salsas because it is not tomato or produce-based. It is an oil-based salsa with seeds and dried chiles. It comes from Veracruz, Mexico on the Gulf Coast and it has distinct influences from Indigenous, African and Spanish cultures.

What is your background and story? What is Chicana Foods founding story?
Chicana Foods was born after some of the hardest years of my life. A lot of rage and passion went into starting this business—rage and anger that corporations, organizations and businesses weren’t doing enough anti-racism work and passionate that food would help me make a difference in other people’s lives.

How did Trailmix help you develop Chicana foods?
Chicana Foods won the $5,000 “Impact Award,” which was new this year. We put that money in a savings account and run a super lean business. It’s nice to know we have a little set aside in case of an emergency while we try to grow. When we can afford it, we’ll most likely use it toward equipment purchases to streamline production. I feel like I
learned a ton from the other participants. There were things I picked up from each of the other pitches that were just as valuable as the money.

What are some challenges around developing a CPG company?
It is extremely hard to compete with large CPG companies. Margins on food are already minimal and there’s always pressure to try and compete on their level whether that’s by using sup-par ingredients or using cheaper plastic packaging. But that’s already changing and I’m happy that the new generation of consumers will prioritize things like reusable packaging, better-for-you ingredients and a social entrepreneurship.

What advice would you give to food-focused founders raising capital?
I’m not the right person to ask about this as I would also like to know. I’m still learning. My approach has been to apply to every single grant opportunity available to me and keep working hard to bring awareness to our brand and product.

Any exciting plans for Chicana Foods in the near future?
We will be a vendor at the Boise Farmers Market on Shoreline starting in April! We also hope to be in many grocery, retail and coffee shop locations throughout the Treasure Valley by this summer.

Boise State Venture College

Launching Ventures Beyond the Classroom

As part of Boise State University’s College of Innovation + Design, Venture College cultivates and supports entrepreneurship to solve important problems in our community and world. Venture College programs build skills and cultivate an entrepreneurial mindset to empower students to develop their ideas, create business plans, and launch their ventures beyond the classroom. Venture College provides training, venture incubation support, and innovative startup experience opportunities to help participants pursue their dreams.
Venture College highlights as of the 2020-2021 academic year include:

  • 159 Active Businesses
  • $20M Revenue Generated
  • $4.4M Capital Raised
  • 500+ Community Supporters

Programs include:

  • Venture College Incubator: An 8-week program where participants pitch ideas, learn concepts to build traction, and set goals in a cohort setting.
  • M43 Entrepreneur Course: A program serving veterans and military spouses with actionable concepts, experience, and the drive to run their own business.
  • Idaho Entrepreneur Challenge: Statewide university competition to develop and reward student entrepreneurs with promising ventures and small businesses.
  • High School Idaho Entrepreneur Challenge: High school students across Idaho are taught new startup concepts as they generate venture ideas and pitch for cash prizes.
  • Hacking for Homebuilding: Partners in the homebuilding industry identify challenges for interdisciplinary teams to solve. Teams refine their solutions into ventures, and pitch for cash prizes.
  • Cybersecurity Entrepreneur Challenge: Interdisciplinary teams select a problem statement provided by industry partners to solve. Teams work closely with Venture College staff to turn their solutions into ventures, and pitch for cash prizes.

Contact Venture College staff at venturecollege@boisestate.edu if interested in participating in, serving as a mentor, or supporting these programs.


Executive Committee

Jay Larsen, President & CEO
Idaho Technology Council

Jeet Kumar, Chair
In Time Tec

Amy Lientz, Vice Chair
Idaho National Laboratory

Dave Pattee, Treasurer

Mike Kerby, Brand Advisor
c308 Marketing

Paris Cole

Jennifer Bickerstaff

Rich Stuppy

Blake Hansen

James Haynes
Power Engineers

Jason Huszar
Idaho Power

Tony Lima

Marcus McDonald
United Heritage Insurance

Steve Meyer
Intermax Networks

Vid Mohan-Ram
J.R. Simplot Company

George Mulhern

Joel Poppen

Melanie Rubocki
Perkins Coie

Kristen Ruffing
MWI Animal Health

Andy Scoggin

Reid Stephan
St. Luke’s Health System

Cory Vaughn
Delta Dental of Idaho

Mark Wilden
Idaho Central Credit Union

Board of Trustees

John Abreu
Portneuf Medical Center

Rick Aman
College of Eastern Idaho

Alex Baar

Jim Buie

Cheryl Charlton
Idaho Digital Learning

Stephen Cilley
Ataraxis PEO

Matt Hamlin

Jeanine Daily

James Price
Clearwater Analytics

Steve Frinsko
Hawley Troxell

Amy Gile
Silverdraft Supercomputing

Adam Guyton
PayneWest Insurance

Erin-Todd Hansen

Alison Johnson
Wilson Sonsini Goodrich & Rosati

Chris Johnson

Dejan Nenov

Zach Olsen

Rich Raimondi
Bishop Kelly

Celynda Roach

Bert Roberts
Sorenson Capital

Richard Ruiz

Scott Schlange

Todd Schwarz
College of Southern Idaho

Scott Snyder
Idaho State University

John Stiffler
Boise Cascade

Mark Wennstrom
Saint Alphonsus

Nancy Glenn
Boise State University

Blake Shannon

Chandra Ford
University of Idaho

Courtney Lee
Amazon, AWS

Jessica Cafferty
Route Network Group

Lisa Burnet

Ryan Allen

Thane Price

Tim Haverkamp
Western Governor’s University





Boise Cascade




Idaho State University

Intermax Networks




PayneWest Insurance

Premier Technology, Inc


Sorenson Capital


United Heritage

University of Idaho


The voice of Idaho’s Technology Based Industry. Driving Idaho into a knowledge based economy with initiatives around Talent, Access to Capital and Commercialization.


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