Q3 2021
IDAHO DEAL FLOW REPORT
WELCOME
We are pleased to present the Q3 2021 Idaho Deal Flow Report. Idaho continues to experience growth and exciting economic moments despite the continued impact of COVID-19.
The third quarter experienced 39 deals and $736 million of capital flow, which falls slightly below the second quarter. There was one IPO this quarter, 17 M&A deals and 21 private placements.
Initial Public Offering
One of the most exciting developments in Q3 of this year was the IPO of Clearwater Analytics in September. The company raised $540 million in its initial public offering which valued the company at just over $4 billion.
Clearwater joins a relatively small list of publicly traded companies based in Idaho (24 according to Crunchbase). This puts the company alongside storied Idaho businesses like Boise Cascade, Micron, and Albertsons among others.
M&A Deals
There were a total of 17 Mergers & Acquisitions with only one disclosing acquisition price.
The largest, and only disclosed deal in Q3 was Federal Signal’s acquisition of Ground Force Worldwide in early September. Ground Force Worldwide is a dedicated Original Equipment Manufacturer for the mining industry based in Post Falls. The company offers over 30 product lines in 60 countries around the world.
Another major acquisition was the sale of House of Design to Thomas H. Lee Partners, a leading private equity firm, on September 13, for an undisclosed sum. House of Design provides automated solutions to manufacturers in a wide range of industries. The company is a leading design and engineering firm of robotic systems that increase efficiencies while reducing labor input.
A deal of particular interest was the acquisition of LunchBox Wax by WellBiz Brands. LunchBox Wax, founded by Debi Lane in Boise in 2010, is a franchise waxing salon. It started with just one location in Boise and now has almost 50 around the country. These three transactions represent diverse companies in many different industries founded and grown in Idaho that experience large exits from nationally recognized firms.
Private Placement Deals
There were 21 private placements in Q3 totaling $151 million. Technology and software companies were once again a major beneficiary of investment as were several manufacturing companies. Additionally, there were four Series A rounds totaling almost $46 million in Q3. Two were Idaho based companies while two were companies with a major presence or second HQ located in Idaho.
Continuous Composites and Tovuti, Idaho based companies both experienced Series A rounds in July of $17 and $8 million, respectively. Continuous Composites, a cutting-edge 3D composites manufacturer is based in Coeur d’Alene and was founded in July of 2015. The round was led by B. Riley Venture Capital and will help the company keep up with demand and scale with their customers.
Tovuti is an industry leader in SaaS learning management systems that helps companies scale by providing platforms for learning and training programs. The $8 million round was led by Blueprint Equity and ScOp Venture Capital and aims to support continued growth and development.
These two Series A rounds further illustrate the continued success of Idaho based startups. The participation of capital providers outside of Idaho gives confidence to other Idaho founders that Idaho is no longer a “fly over state”. Rather, it is one of the best places to live and one of the best places to do business.
If you know of additional details, please don’t hesitate to email Lucas Henken at lucas@alturas.com.
Thank you for all your support and enjoy our Q3 2021 Deal Flow Report!
DEAL FLOW SNAPSHOT
TOTAL CAPITAL
TOTAL DEALS
M+A DEALS
DEAL FLOW DATA
Overview
Deals by Industry
DEALS
Public Offering

Clearwater Analytics
Technology/Software
$540,000,000
Private Placements
Deal Search
To select multiple fields, CTRL+Click.
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AIMedica
Technology/Software
$100,000
STAGE: Seed/Angel

Boise Mobile Equipment
Consumer/Retail
UNDISCLOSED
STAGE: Growth Equity

Continuous Composites
Materials + Resources
$17,000,000
STAGE: Series A

Flagship Food Group
Consumer/Retail
UNDISCLOSED
STAGE: Growth Equity

Goodbuy
Consumer/Retail
UNDISCLOSED
STAGE: Seed/Angel

Home Care Pulse
Services
UNDISCLOSED
STAGE: Growth Equity

indieDwell
Materials + Resources
$5,750,000
STAGE: Series A

Joule Case
Materials + Resources
$1,850,000
STAGE: Seed/Angel

Junolive
Technology/Software
$3,500,000
STAGE: Seed/Angel

Kno2
Healthcare
$15,000,000
STAGE: Series A

Lake Street Software
Technology/Software
$100,000
STAGE: Seed/Angel

Lovevery
Consumer/Retail
$98,000,000
STAGE: Series C+

Oluko
Technology/Software
$200,000
STAGE: Seed/Angel

OurPetPolicy
Healthcare
UNDISCLOSED
STAGE: Seed/Angel

RetroLux
Materials + Resources
$50,000
STAGE: Seed/Angel

Silverdraft Supercomputing
Technology/Software
UNDISCLOSED
STAGE: Growth Equity

Slayer Duck Calls
Consumer/Retail
UNDISCLOSED
STAGE: Seed/Angel

Stukent
Technology/Software
UNDISCLOSED
STAGE: Growth Equity

The Caprock Group
Financial Services
UNDISCLOSED
STAGE: Growth Equity

Tovuti
Technology/Software
$8,000,000
STAGE: Series A

XOTHRM
Healthcare
$1,500,000
STAGE: Seed/Angel
Mergers + Acquisitions
Deal Search
To select multiple fields, CTRL+Click.
American Crypto Systems
Technology/Software
UNDISCLOSED

Blue Dog RV
Consumer/Retail
UNDISCLOSED

Born Simple
Consumer/Retail
UNDISCLOSED

Building Energy (Energy Rating)
Materials + Resources
UNDISCLOSED

Critical Process Systems Group
Technology/Software
UNDISCLOSED

Good Superfoods
Consumer/Retail
UNDISCLOSED

Ground Force Worldwide
Materials + Resources
$45,000,000

Hands of Hope Home Health Hospice
Healthcare
UNDISCLOSED

Heart 'n Home Hospice
Healthcare
UNDISCLOSED

House of Design
Materials + Resources
UNDISCLOSED

Impact Group
Services
UNDISCLOSED

Kodiak America
Materials + Resources
UNDISCLOSED

LunchBox Wax
Services
UNDISCLOSED

RadQual
Materials + Resources
UNDISCLOSED

Recovered Energy
Materials + Resources
UNDISCLOSED

Summit Seed Coatings
Materials + Resources
UNDISCLOSED

Western Heating & Air Conditioning
Services
UNDISCLOSED
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THE PEOPLE
Capital Connect + Deal Flow Committee
Blake Hansen Co-chair, Alturas
Alison Johnson
Co-chair, Holland & Hart, LLP
Jay Larsen
Idaho Technology Council
Laura Squyres
Holland & Hart, LLP
Lucas Henken
Alturas
Maggie Hyde
Alturas
Coltin Barney
Alturas Intern
Carter Scoresby
Alturas Intern