2022
IDAHO DEAL FLOW REPORT
OPENING NOTES
We are pleased to present the 2022 Idaho Deal Flow Report, our ninth annual report. In total, 111 deals transacted with over $6.5 billion of total volume. While 2022 had the lowest number of deals since we started tracking data in 2010, total volume exceeded the annual average by $1 billion. We saw new startups emerging in a range of industries and established companies expanding operations. The state’s supportive business climate has helped to attract and retain businesses of all sizes, driving continued growth in the region.
Significant deals include the acquisition of US Ecology for $2.2 billion, MAD Energy’s $98 million raise, and Bardenay’s employee stock ownership plan. Returning companies to the report included Plextrac, which closed a Series B round, Pitch Aeronautics, which closed a crowdfunded Seed round, and Natural Intelligence Systems, which successfully raised their second seed round. Kompliant’s $14 million seed round and Soiltech’s $2.8 million seed round represent companies featured for the first time.
We are optimistic that the business ecosystem will support more companies starting and growing in Idaho. This year’s report is proof that Idaho companies have access to capital to start, grow, and thrive. With expanded interest from capital providers inside and outside the state, we expect entrepreneurs to keep building, innovating, and experimenting here in Idaho.

Blake J. Hansen
Alturas
Special thanks to the Deal Flow Report team at the College of Idaho, led by Professor Seth Ruhter.
Jahona Akbarova
Loi Ha
Dorian Hardin
Benjamin Hermes
Blake Murray
OPENING REMARKS
Dear Friends,
It is an honor for me to introduce the 2022 Idaho Deal Flow Report, “TECH GROWS HERE!” We eagerly await this publication every year because it spotlights many of the industries flourishing in Idaho along with their investment partners.
Idaho’s success is no accident. We have the strongest economy in the nation thanks to years of responsible governing, strategic investments, and the unrelenting can-do attitude of Idaho businesses and entrepreneurs. I’m particularly proud of the investments we’re making in our workforce with Launch, our new and upcoming plan to invest in “real world” jobs like those you find in the technology sector. Launch, along with our historic investments in education, will help position Idaho’s technology sector for even more strength and success.
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 2022 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 education, workforce development, 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.


State of Idaho
DEAL FLOW SNAPSHOT
TOTAL CAPITAL
TOTAL DEALS
M+A DEALS
BIGGEST DEALS OF 2022
Private Placements



Mergers + Acquisitions



ESOP

DEAL FLOW DATA
Data Overview
2022 showed slower growth than in previous years, but with transactions slowing nationwide this was to be expected. Total deal count was 111, well below the 10-year median of 142.9 deals per year. Total private placement deals came in at 57 deals, which is significantly lower than the 10-year average of 77 private placement deals per year. 2022 had a total of 54 M&A deals, below the 10-year average count of 63.
The year’s average deal amount was $123.2 million, with the average private placement deal at $11.1 million and the average disclosed M&A deal at $753.5 million. This year’s averages were highly skewed by two large acquisitions: US Ecology for $2.2 billion and Peninsula Pacific Entertainment for $2.75 billion. Of 53 disclosed amount deals, 31% were under $1 million, with 43% between $1 million and $16 million, and 26% above $16 million.
Total Count by Quarter
No Data Found
Total Volume by Quarter
No Data Found
Deal Count by Region
No Data Found
Deal Volume by Region
No Data Found
ESOP
An employee stock ownership plan (ESOP) is an ownership structure that allows employees to own shares of their employer’s stock. ESOPs can be a way for employees to accumulate wealth and benefit from the success of the company they work for. Bardenay Inc. had the only ESOP deal in Idaho in 2022.
Bardenay Inc is a restaurant chain and distillery based in Boise. The company was founded in 1999 by Kevin Settles, who converted a historic brick building in downtown Boise into a restaurant and distillery. Bardenay quickly became popular for its unique combination of dining and spirits, and the company expanded to additional locations in Eagle and Coeur d’Alene.
Bardenay also produces its own line of spirits, including vodka, gin, and rum, which are distributed to liquor stores throughout Idaho. The company has been recognized with numerous awards for its spirits, including a gold medal at the San Francisco World Spirits Competition.
Today, Bardenay continues to expand with new locations, as well as plans for a new distillery in the Boise area. The company remains committed to its roots as a locally owned and operated business, with a focus on using high-quality, locally sourced ingredients in its food and drinks.

Bardenay Inc.
Consumer/Retail
UNDISCLOSED

Bardenay Inc.
Consumer/Retail
UNDISCLOSED
PRIVATE PLACEMENTS
DATA
DEAL FLOW HIGHLIGHT
Jasper Health
by Sharon Fisher
Jasper Health is an app intended to help people manage their cancer care.
“Jasper starts with the patient first,” Pellegrini said. It’s a platform that connects the patient to various kinds of coaches, as well as its broader healthcare team.”
“No one really knows what to do in the unfortunate situation where you have cancer,” Pellegrini said. “Your mind goes blank. It’s an actual physiological change that happens in your mind.”
DEAL FLOW PROFILE

Jasper Health
Seed/Angel
MAR 2021
$6,800,000
Series A
FEB 2022
$25,000,000
The app acts as a guide from diagnosis through treatment through remission. “We’re not trying to do second opinions or clinical treatment,” Pellegrini said. Instead, the app offers suggestions and manages aspects such as mental health, diet and nutrition, lifestyle, and how to deal with stress and anxiety. Meanwhile, the various coaches and clinicians using the app can see all of their patients that need help today, as well as those who can wait a little bit.
For example, if a patient is starting chemotherapy, the app will tell them how they should be eating and come up with a diet plan. “It’s all in partnership with the clinicians,” Pellegrini said.
How Jasper Health came to be
Jasper Health was incubated out of a venture firm in New York called Redesign Health, Pellegrini said. The idea came from his cofounder, Kira Wampler, who also worked for Redesign, after serving as chief marketing officer for startups such as Lyft and Trulia. “She had a loved one going through this very terrible experience,” he said. “When this experience happened, she said, ‘I can’t believe there’s not a digital experience to help people in these times right away.’”
For its first year, the firm was headquartered in New York, but Wampler knew she needed a partner who knew the digital health side. “So that’s where she recruited me,” Pellegrini said.
Then two years ago April – perhaps you remember the time – Pellegrini took over as cofounder and CEO.
“We still work almost every day brainstorming,” Pellegrini said.
Pellegrini’s involvement
So how did Pellegrini get involved? And what’s the connection to Yellow Pine?
“I live there part-time,” Pellegrini explained. “My wife’s family actually homesteaded Yellow Pine,” and he and his wife have three cabins of the original homestead. They’re there almost every weekend, even in the winter – when it’s a 4 ½-hour single-lane drive from Eagle – and they live there full time during the summer.
On Pellegrini ‘s grandmother’s side, his family is from New Meadows and worked at the Stibnite mine, not far from Yellow Pine. “My family has been around these parts since the very early days,” he said. While Pellegrini himself traveled around in the military to Tacoma, Chicago, and Texas, “my wife and family have always had property in Yellow Pine,” he said. “Our goal was, ‘how do we get closer to Yellow Pine.’”
Pellegrini has been involved in digital health care for more than 20 years, he said. It includes stints working for the American Cancer Society and Microsoft Health, followed by becoming an executive for Walgreens in Chicago. He built their digital health strategy, then worked for the founder of FitBit, followed by CVS Health and Aetna.
“When this came along, it was all of my former jobs rolled into one,” he said.
The venture firm knew Pellegrini from his previous positions, primarily the Microsoft one, and they knew his track record. “Digital health is a very small world,” he said. So they offered him the position running the company.
Read the full story at the Built in Idaho blog →
PRIVATE PLACEMENT DEALS

Alphy
Technology/Software
$7,500,000
STAGE: Seed/Angel

American Revolution Vodka
Consumer/Retail
UNDISCLOSED
STAGE: Growth Equity

Athlyt
Technology/Software
$775,000
STAGE: Seed/Angel

AutoLOTO
Technology/Software
$1,100,000

Bank of Idaho Holding
Financial Services
$53,200,000
STAGE: Growth Equity
Build
Technology/Software
$450,000
STAGE: Seed/Angel
Build
Technology/Software
$450,000
STAGE: Seed/Angel

American Revolution Vodka
Consumer/Retail
UNDISCLOSED
STAGE: Growth Equity

Uncle Ed's Damn Good Vodka
Consumer/Retail
UNDISCLOSED

KORE Power
Technology/Software
$75,000,000
STAGE: Growth Equity

RescueStat
Healthcare
UNDISCLOSED
STAGE: Growth Equity

Decked
Consumer/Retail
$10,700,000
MERGERS & ACQUISITIONS
M+A DATA
M+A DEALS

Agency Software
Technology/Software
UNDISCLOSED

Albeni Falls Building Supply
Materials + Resources
UNDISCLOSED

Association Management
Services
UNDISCLOSED

Avercast
Technology/Software
UNDISCLOSED

Axiom Fitness
Consumer/Retail
UNDISCLOSED

Berggren Diesel
Services
UNDISCLOSED

Agency Software
Technology/Software
UNDISCLOSED

Albeni Falls Building Supply
Materials + Resources
UNDISCLOSED

Association Management
Services
UNDISCLOSED

Avercast
Technology/Software
UNDISCLOSED

Axiom Fitness
Consumer/Retail
UNDISCLOSED

Berggren Diesel
Services
UNDISCLOSED
ABOUT ALTURAS

Alturas owns and operates multiple companies and real estate assets. Everything is centered around creating value for our partners, employees and customers.
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Built in Idaho is a digital community for Idaho business owners, investors and entrepreneurs on a mission to amplify investment and entrepreneurship within our state.
ABOUT THE COLLEGE OF IDAHO

The College of Idaho’s Business and Accounting Department offers a comprehensive curriculum, preparing students for careers in a variety of fields, from finance and accounting to entrepreneurship and management.