2020

IDAHO DEAL FLOW REPORT

A COLLABORATIVE REPORT PRESENTED BY:

We are pleased to present the 2020 Idaho Deal Flow Report. This is our seventh annual report, showcasing many of the companies that are starting, growing, and thriving in Idaho. Even with the challenges presented during the COVID-19 pandemic, there were 151 deals with over $5.2 billion of capital flow. The report confirms that Idaho continues to experience rapid growth and is one of the best places in the country to live and grow a business.

The Deal Flow Report presents capital flow throughout the state, highlighting businesses, capital providers, and supporting organizations. The data collected shows the resilience of the Idaho economy and adaptability of local entrepreneurs. We continue to see population growth across the state, which drives a burgeoning talent pool. Idaho’s growing talent gives us confidence that our state will continue to be fertile ground for entrepreneurs and startups. 2020 was a particularly exciting year with multiple high-value deals spanning a variety of industries: Ericsson’s $1.1 billion dollar of Cradlepoint in the Technology/Software industry, Albertsons $1.7 billion funding and IPO in the Consumer/Retail space, and Vacasa’s exciting $108 million venture round in the Services industry.

This year was proof that Idaho has what it takes to build, grow, and reinvest in the local ecosystem, and shows that investors—both in and out of Idaho—are eager to invest in Idaho businessesThis report is published to shed light on the many versatile, strong entrepreneurs and businesses here in our state. We are confident that Idaho will adapt to the new landscape in 2021, and we are excited to see what new innovations local founders bring to the marketplace.  

THE PEOPLE

Capital Connect + Deal Flow Committee

Blake Hansen
Co-chair, Alturas Capital

Alison Johnson
Co-chair, Holland & Hart, LLP

Jay Larsen
Idaho Technology Council

Christina Slaughter
Idaho Technology Council

Laura Squyres
Holland & Hart, LLP

Lucas Henken
Alturas Capital

Maggie Hyde
Alturas Capital

Coltin Barney
Alturas Capital Intern

Carter Scoresby
Alturas Capital Intern

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

Alison G. Johnson
Holland & Hart LLP
Deal Flow Co-Chair

OPENING REMARKS

Dear Friends,

It is an honor for me to introduce the 2020 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.

When the COVID-19 pandemic began at the start of 2020, no one knew what to expect. But together, Idahoans worked to protect our loved ones and our economy, and the hard work paid off. Idaho has the strongest economy in the nation, and we are poised 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 another year of growth. The market continues to recognize the innovation of our entrepreneurs and mature companies are getting bought and sold. The acquisition of homegrown Cradlepoint in 2020 is a great story of an Idaho startup experiencing a billion-dollar exit.

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 2020 Idaho Deal Flow Report. You have put together a 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 make Idaho the place our children and grandchildren want to stay.

Sincerely,

Brad Little
Governor of Idaho

DEAL FLOW SNAPSHOT

$ 0 +
Billion

TOTAL CAPITAL

0
Total Deals

TOTAL DEALS

$ 0 +
Billion

M+A DEALS

BIGGEST DEALS OF 2020

Private Placements

$ 0 B
Growth Equity
$ 0 M
Growth Equity
$ 0 M
Series C+

Mergers + Acquisitions

$ 0 B
Acquired by Ericsson
$ 0 M
Acquired by First American
$ 0 M
Acquired by Alpine 4 Automotive

Public Offering

$ 0 M
IPO

DEAL FLOW FINDINGS + DATA

Data Overview

Despite COVID-19, Idaho experienced another great year of growth. There were 151 deals that accounted for $5.2 billion in capital flow. While the number of deals was nearly identical to last year, there was almost $800 million more in capital flow. This points to an increase in the size of each deal and, that despite COVID-19, startups are getting funded and mature companies are getting bought and sold. 

PUBLIC OFFERINGS

Only one company pursued an IPO last year, but it was an exciting start to a new chapter for Albertsons. In June of 2020, just as the COVID-19 pandemic was raging, Albertsons went public. Check out our conversation with former Vice President Andy Scoggin.

Albertsons

A Conversation with Andy Scoggin, former Executive Vice President

The story of Albertsons is woven tightly into our community. Founded in Boise in 1939, Albertsons experienced success, failure, and a rebirth that led to the company going public in June 2020. While the history of Albertsons is storied, many will remember the uncertainty heading into the 2006 restructuring and successful turnaround that followed.

While the company has recently experienced growth and success, it has been years in the making.

Built In Idaho had the opportunity to sit down with former Executive Vice President Andy Scoggin to discuss the 2006 restructuring, and how Albertsons, its employees, management, and customers put the company on path to go public.

What was your role at the company and what challenges did the company face during this era?

DEAL FLOW PROFILE

Albertsons


Private Placements

FEB 2020
$750,000,000

MAY 2020
$1,750,000,000

Public Offering

JUNE 2020
$800,000,000

I worked my way up in the ranks of Albertsons Inc. from the time I joined in 1993 through the dissolution of the company in 2006. During this time, the company executed a pretty aggressive growth plan through organic growth and acquisition. While we did acquire several great companies, one of the challenges was the additional strain that executing multiple integrations at the same time put on the company. Most of the companies that Albertsons Inc. acquired had different systems in place whether it was POS, supply chain management, or something else. And, culture integration was often the most challenging factor. So that put stress on Albertsons as did the additional debt of acquisition. While there were many reasons that led to the dissolution of the company and sale to Cerberus and SuperValu, among others, the challenges of integration and debt were two big drivers.

What was the situation when you stepped into your role with Albertsons LLC, the company formed by the Cerebrus led private equity group to acquire the underperforming Albertsons stores?

At that point, SuperValu purchased about two-thirds of what was left of Albertsons. SuperValu acquired the part of the company that many considered to be the most profitable and stable portion of the business which left the ‘bottom’ third of the company. But I, and others who had worked at Albertsons prior to this, knew that what was left still had a great foundation, mainly because of the people, who really cared about their stores. So a group of Albertsons executives got together, and with the backing of the Cerebrus consortium, acquired the remaining third.

Others thought that the stores your group acquired were past the point of no return; what did you see and how did you make it successful?

The stores we acquired were primed for success, they just had not been given the opportunity. In total, it was about 650 stores spread throughout the U.S. from Florida to Texas, Louisiana, Arizona, Colorado, among others. All but one of these stores were Albertsons stores prior to our acquisition which means they had good systems and processes, and some of the best employees you could find. The real drawback, was that these individuals had not been given the capital or incentive structure to capture opportunity and find success.

Cerberus first recruited Bob Miller, who was in retirement but had spent the first thirty years of his career with Albertsons rising to the position of Executive Vice President of Operations before leaving to take the position CEO of Fred Meyer and later Rite Aid. Bob is one of the most respected leaders in retail grocery, but more importantly, he was trusted by our employees and cared deeply about their success and for them as people. If we had not had Bob, it would have been incredibly difficult to do what we did.

In addition to Bob, we also brought in industry veterans and promoted from within to elevate those who demonstrated leadership, vision, and care for their employees and colleagues. These divisional presidents and Bob helped realize the untapped potential of our stores and employees.

The key to our success were our employees. What we did as a management team was give our regional divisions independence by trusting their judgement in local markets and decentralize the decision-making process. We also set ambitious goals focused on EBITDA and sales targets that helped to motivate the divisions to exceed expectations.

Albertsons: An Idaho Company through the Decades

Jul 1936
1951
1964
1975
1999
1999
2006
MARCH 2013
JAN 2015
JUNE 2020

How did the management team approach the rebuilding?

After getting things stabilized in the first 5-6 years, we decided to sell off some of our stores to really focus in on our true value drivers. This put us in a stronger position to go after the stores that SuperValu was looking to offload in 2013. Even though SuperValu got the ‘better’ stores back in the mid-2000s, they struggled to maintain profitability which gave Albertsons LLC the opportunity to buy them back which we did in 2013. In just three months, we took those stores positive in sales.

This positioned us well to make a move on Safeway when they started exploring a sale in 2014-2015. In acquiring the Supervalu stores and the Safeway chain, Albertsons LLC grew rapidly from 20,000 employees, 192 stores, and $4 billion in revenue to 250,000 employees, 2,000 stores, and over $60 billion in revenue. These acquisitions put Albertsons, which we renamed as Albertsons Companies, on the path to our public offering.

Most importantly, we didn’t change the way we managed even when we acquired these companies. We had to change some of the processes and systems, but our values of independence, decentralization, decomplication, trust, and rewarding our people never changed.

“The key to our success were our employees. What we did as a management team was give our regional divisions independence by trusting their judgement in local markets and decentralize the decision-making process.”

— ANDY SCOGGINS, FORMER EXECUTIVE VICE PRESIDENT

How did Albertsons get to the point where going public made sense?

We, of course, were thinking about going public for many years, but we really started to think about the possibility of going public after our acquisition and integration of Safeway. As many know, we were in negotiations to acquire Rite Aid in 2018 which would have brought Albertsons public through acquisition. That didn’t pan out, but it put us in a position to work with Apollo Global Management in 2020 which did ultimately lead us to the public market.

The partnership with Apollo really brought two main things to Albertsons: a highly reputable investor demonstrating confidence in the company and an established valuation of the company that positioned us for our IPO.

What impact do you think Albertsons going public had on Boise and Idaho?

Albertsons going public means that the company is more stable and more likely to stay headquartered in Boise. Albertsons also has more capital behind it now which makes it a more active player in the M&A space, which will help local startups and companies find success. And, in my opinion, one of the greatest benefits of Albertsons going public is the benefit to employees who can now be incentivized with liquid equity – something they didn’t previously have as an option. 

What advice would you have for smaller businesses and entrepreneurs?

  • Keep decision making as close to the customer as possible
  • Make life as uncomplicated for employees as possible (focus on what they need to do) 
  • Trust those around you and get out of the way
  • Give them enough capital to do what you want
  • Never lose sight of what your capital is buying
  • Don’t spend money on things you don’t need to!
 

Albertsons

Consumer/Retail
June 26, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 265000
CEO: Robert Miller
Albertsons Companies, Inc. completed its initial public offering on the New York Stock Exchange under the ticker symbol of ACI on June 26, 2020. The total proceeds, before expenses, to the selling shareholders is $800 million.
$800,000,000

PRIVATE PLACEMENTS

Private placements led the count with 86 deals. Of those publicly available, most of these deals were in the Seed/Angel category at 43, which shows a strong number of early-stage companies gaining traction throughout Idaho. 

Not only are early-stage companies gaining traction, but early-stage companies are also raising significant equity rounds propelling them into the next level. There were five Series A, nine Series B, and two Series C+ funding rounds. 

Two Series A rounds that caught our attention were Proud Source Water and Tackle.io. Proud Source expanded nationally with a production facility in Florida while Tackle.io closed their Series A in June 2020, then closed a $35 million Series B in March of 2021. 

Private Placements by Industry

Like 2019, Technology and Software companies made up many of the Private Placement Deals. In 2020, the industry accounted for 30 total deals. There were 19 Seed or Angel investments with the remaining 11 deals split between Series A (4), Series B (4), and unclassified (5). 
 

Materials & Resources and Consumer & Retail account for 15 deals each. Materials & Resources were spread evenly from Seed/Angel through Series C+ indicating that the industry is seeing success from startup to maturity. Consumer & Retail saw 6 deals in Seed/Angel while the remaining classified deals were Series B (2) or Growth Equity (3). These deals were largely associated with Albertsons as it prepared for its IPO. 

The remaining industries accounted for the remaining 26 private placements with 12 Seed/Angel rounds, 2 Series Bs, and one Series C+ with the remaining deals unclassified. These industries, while experiencing fewer deals, did see significant investment in early-stage companies which may appear in future deal flows with follow on funding rounds.  

Iron Mule, Inc.

The History of Iron Mule, Inc.

Iron Mule, Inc. is the product of two formerly independent, Boise-based coffee companies: Ironside Roasting Co. and Café MuléThese wholesale focused companies merged in 2018, and founders Matt Bishop and Colin Seeley decided to continue selling roasted coffee under the separate brands they had originally foundedTaking that a step further, in late-2019 they began plotting the launch of a third major brand, one that might address a number of challenges both for them as a company and for the smallholder farmers from whom they source specialty coffee.   

DEAL FLOW PROFILE

Iron Mule, Inc.


Seed Funding

MAY 2020
$25,000

Direct Access – Coffee Reimagined

Direct Access is the brand they decided to pioneer as the new flagship for their company. They realized that small “local” coffee roasters often saturate the market in their immediate area but fail to implement a strategy to achieve meaningful scale. To address this, Seeley and Bishop decided from day one that Direct Access needed to target growing customer demand and have a strategy to achieve national scale. They chose to focus on the rapidly growing specialty and single-origin coffee market while providing a unique value proposition through a strong social mission. Seeley and Bishop also recognized that many craft roasters price themselves out of the market, setting prices so high that they can only sell online and severely limiting their potential scaleFor that reason, they decided to pursue a grocery first strategy, offering a premium yet affordable coffee for conscientious consumers. 

A New Model – Disrupting the Supply Chain

A significant differentiator for Direct Access coffee is its disruptive new supply chain model that provides better returns to smallholder farmers. Typically, coffee is purchased from farmers for low prices, dictated by a highly volatile commodity market. Over 45-years, commodity prices for coffee have not appreciated, while farm-level inputs have risen greatly.  This dynamic is squeezing farmers. While margins are getting ever smaller at the farm, the retail price of premium coffees continues to rise. Realizing these dynamics, Seeley and Bishop engineered a way for small farmers to maintain ownership of their coffee until it is sold to the end consumer. They are doing this by harnessing the power of development minded financiers who are willing to lend to small farmers.

In turn, farmers hire the Iron Mule team to operate a vertically integrated supply chain on their behalf and get the product on shelves under the Direct Access brand. The Iron Mule team turns a profit as a service provider. And importantly, participating farmers can pin their financial outcome to a steady and relatively robust retail price rather than being subjected to the whims of the commodity market. For farmers, it is the difference of consistently positive returns with Direct Access or the prospect of marginal returns and years of being under water with the traditional coffee trade. 

The Funding

One of the most important items that the Iron Mule team realized they would need to be successful in their launch of Direct Access was outside funding.  A company needs to be well capitalized to launch and support products with major grocers such as Whole Foods or Target.  Within the coffee space, the competitive nature of online direct-to-consumer sales has similar requirements for marketing spend.  To meet their immediate needs, the Iron Mule team opened up a convertible note in spring 2020.  To date, they have closed $540,000 of this seed round, closing out the round that originated from accredited investors in Idaho.  Bishop and Seeley believe they will need $4.5 Million in outside funding over three years to scale nationally in multiple grocery banners and anticipate a future Series A and Series B round of funding. 

Tackle.io

Tackle’s focused strategy has been evident from the beginning of the tech company’s swift 4-year lifespan. Founded in 2016, Tackle’s Cloud Marketplace Platform allows software companies to optimize the Cloud Marketplace experience to list, market, and sell quickly, easily, and cost-effectively. The company has helped hundreds of software providers accelerate revenue through Cloud Marketplaces like AWS, Azure, and Google Cloud, all with zero engineering resources required.  

Due to the recent shift in remote work across the globe, 80% of a typical software provider’s sales cycle has moved to digital environments. This caused many companies to host their applications on the public clouds like AWS, Azure, and Google Cloud and also enable their workforce to access cloud-based applications. Tackle has been fortunate to see rapid tailwinds due to this shift over the last 12 months. 

DEAL FLOW PROFILE

Tackle.io


Series A

JUNE 2020
$7,250,000

Tackle shared some insights on doing business in Idaho and their recent Series B round:

What makes Idaho a great place to do business?

Other local entrepreneurs in Boise have been incredibly helpful and supportive as Tackle has grown. The tech scene here is much more tight-knit than many other cities, and we love collaborating with others who share our values. The biggest testament to the Boise startup scene is that we’ve had a handful of folks we hired in other cities around the country who have decided to move their families here after just visiting once or twice. That isn’t something that happens in most other cities, and it is something that will only become more common as major tech companies continue to embrace remote work.

“This investment from Andreessen Horowitz and Bessemer Venture Partners is an enormous validation of the impact Tackle has had on the Marketplace purchasing experience. We’ll continue to make it painless for sellers to get started without the need for developers so they can focus on innovating on their own products. Our vision remains to revolutionize the way software is bought and sold, and this funding will rapidly accelerate our ability to deliver on that.”

— JOHN JAHNKE, CEO

How did the Series A round lay the foundation for the most recent Series B round?

We actually have not spent any of the money from our Series A round as we doubled our customer count and tripled revenue in 2020. Given there is so much demand for our Cloud Marketplace Platform, we saw the Series B as an opportunity to accelerate the execution of our ambitious product roadmap to further help software companies sell through Marketplaces. Our partners, Andreessen Horowitz and Bessemer Venture Partners, are perfectly aligned with our mission to give the software industry the ideal platform to establish, generate, and scale revenue through the cloud.   

Tackle.io’s Cloud Marketplace Platform Dashboard

What will the funds be used for and what has it allowed Tackle to do that it would not have been able to otherwise?

In general, our philosophy has always been to keep the company very well-capitalized, to give us options as we scale so we can make the right decisions for the company and our customers. This new capital enables us to accelerate our investment in meeting market demand for our products and platform. We are constantly evaluating investment decisions and prioritizing on the next best investment for Tackle to make. We want these decisions to be logical, easy for our existing customers to consume, and for our existing team to support.  While we see an enormous opportunity to build, we need to keep this simple, logical expansion thinking in mind and take calculated expansion bets as we scale. One of our main priorities is to scale our talent to accommodate our new timeline. We started this year with 56 employees, and our plan for 2021 is to grow to approximately 120 employees.

We’re excited to continue innovating our platform, bring exciting new things to the industry, and hire top talent from across Idaho and the U.S. to make it all possible. 

Private Placement Deals

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4800 Hill

Other
April 10, 2020
County: Ada
City: Boise
Region: Southwestern
CEO: Walter Hartje
4800 Hill LLC, announced that it will receive $375,000 in funding on April 10, 2020.
$375,000

Albertsons

Consumer/Retail
January 21, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 265000
CEO: Robert Miller
Safeway Inc., New Albertsons L.P. and Albertson’s LLC are acting as co-issuers with respect to this offering. The interest on notes will be payable semi-annually. The company is offering 3.5% Senior Unsecured Notes due February 15, 2023 for an amount of $750,000,000.
$750,000,000
STAGE: Growth Equity

Albertsons

Consumer/Retail
May 20, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 265000
CEO: Robert Miller
Albertsons Companies, Inc. received $1.75 billion of development capital from Apollo Global Management on June 8, 2020.
$1,750,000,000
STAGE: Growth Equity
INVESTOR: Apollo Global Management

Allucent

Technology/Software
March 19, 2020
County: Madison
City: Rexburg
Region: Eastern
Headcount: 10
Allucent LLC, announced that it will receive $150,000 in funding on March 19, 2020.
$150,000
STAGE: Seed/Angel

Ammo^2

Consumer/Retail
March 27, 2020
County: Ada
City: Nampa
Region: Southwestern
Headcount: 21
CEO: Dan Morton
AmmoSquared raised $313,000 of angel funding via crowdfunding platform Wefunder on March 27, 2020.
$313,000
STAGE: Seed/Angel
INVESTOR: Wefunding

AppDetex

Technology/Software
August 27, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 92
CEO: Faisal Shah
AppDetex raised $12.21 million of venture funding from undisclosed investors on August 27, 2020.
$12,210,000
STAGE: Series B

Ascent Behavioral Health Services

Healthcare
February 5, 2020
County: Ada
City: Meridian
Region: Southwestern
CEO: Steve Nadauld
Ascent Behavioral Health Services was acquired by VSS, Cimarron Healthcare Capital, Monroe Capital and its management through an LBO on February 05, 2020 for an undisclosed sum.
UNDISCLOSED
INVESTOR: Cimarron Healthcare Capital, Monroe Capital, VSS

Avery

Services
May 1, 2020
County: Ada
City: Boise
Region: Southwestern
Avery LLC received $2,650,000 in its first transaction as of May 13, 2020. The transaction included participation from 6 investors.
$2,650,000

Bank of Idaho

Financial Services
August 14, 2020
County: Bonneville
City: Idaho Falls
Region: Southeastern
Headcount: 125
CEO: Jeff Newgard
Bank of Idaho Holding Company announced that it has received $10,000,000 in funding on August 25, 2020.
$10,000,000
STAGE: Series B

Blue Water Technologies

Technology/Software
December 30, 2020
County: Kootenai
City: Hayden
Region: Northern
Headcount: 14
CEO: Arthur Brown
Blue Water Technologies announced a funding round of $1,000,000.
$1,000,000
STAGE: Seed/Angel

Cauze

Technology/Software
September 18, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 11
CEO: Jason Hausske
CAUZE announced that it has received $100,000 in its first transaction.
$100,000
STAGE: Seed/Angel

CellarStash

Consumer/Retail
June 5, 2020
County: Ada
City: Eagle
Region: Southwestern
CEO: Robert Imeson
CellarStash raised $425,000 of convertible debt financing from investors via SeedInvest on June 5, 2020.
$425,000
STAGE: Seed/Angel

Chaos Prime

Technology/Software
December 8, 2020
County: Alameda
City: Fremont
Region: Northern
Chaos Prime, Inc. announced that it has received $8,000,000 in a round of funding led by Walden Riverwood Ventures on December 8, 2020. The transaction also included participation from Micron Ventures and returning investor X2 Equity GmbH.
$8,000,000
INVESTOR: Micron Ventures; WRVI Capital; X2 Equity GmbH

Clearwater Analytics

Technology/Software
October 8, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 950
CEO: David Boren
Clearwater Analytics received an undisclosed amount of development capital from Permira, Warburg Pincus, Dragoneer Investment Group and Durable Capital Partners on October 8, 2020.
UNDISCLOSED
INVESTOR: Pemira, Warburg Pincus, Dragoneer Investment Group, Durable Capital Partners

Continuous Composites

Technology/Software
December 22, 2020
County: Kootenai
City: Coeur d’ Alene
Region: Northern
Headcount: 23
CEO: Tyler Alvardado
Continuous Composites raised $1.43 million of angel funding from Arkema and other investors on December 22, 2020.
$1,430,000
STAGE: Seed/Angel
INVESTOR: Arkema

Covr

Financial Services
July 28, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 69
Covr Financial Technologies, LLC announced that it has received $7.5 million in a round of funding on July 28, 2020. The transaction included participation from new investors, Connecticut Innovations, Incorporated, Fairview Capital Investment Management, LLC, Aflac Corporate Ventures, and existing investors.
$7,500,000
INVESTOR: Connecticut Innovations, Incorporated; Fairview Capital Investment Management, LLC; Aflac Corporate Ventures

Crave Delivery

Services
December 16, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 28
CEO: Devin Wade
Crave Delivery raised $7.3 million of seed funding in a deal led by StagedotO on December 16, 2020.
$7,300,000
STAGE: Seed/Angel
INVESTOR: Capital Eleven, StageDotO
BUYER TYPE: Financial

Dagda Technologies

Services
February 6, 2020
County: Ada
City: Eagle
Region: Southwestern
Headcount: 7
CEO: Rory Millikin
Dagda Technologies raised $596,043 of angel funding from investors on February 6, 2020.
$596,043
STAGE: Seed/Angel

DaysToHappy

Technology/Software
September 1, 2020
County: Ada
City: Meridian
Region: Southwestern
Headcount: 35
CEO: Corey Davis
DaysToHappy raised $500,000 of angel funding on a $10 million valuation from investors in September of 2020.
$500,000
STAGE: Seed/Angel

DCP Emerald

Other
June 10, 2020
County: Kootenai
City: Post Falls
Region: Northern
DCP Emerald received $895,000 in its first transaction as of June 10, 2020. The transaction included participation from 16 investors which includes 4 accredited investors.
$895,000

Drishti Technologies

Technology/Software
June 16, 2020
County: Santa Clara
City: Mountain View
Region: Southwestern
Headcount: 50
Drishti announced that it has received $25 million in its series B round of funding led by new investor Sozo Ventures on June 16, 2020.
$25,000,000
STAGE: Series B
INVESTOR: Presidio STX, LLC; Emergence Capital Partners; Benhamou Global Ventures LLC; Micron Ventures; Andreessen Horowitz LLC; Sozo Ventures, LLC; Toyota AI Ventures, LLC; Alpha Intelligence Capital; HELLA Ventures

Edible Armstrong

Consumer/Retail
June 25, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 7
Edible Armstrong LLC, raised $945,000 of venture funding from Sage Capital Growth and other investors on on July 9, 2020. Edible Armstrong, Inc. announced that it will receive $1,545,000 in a round of funding on June 25, 2020. The company issued preferred shares and convertible promissory note in the transaction. The company will issue securities pursuant to exemption provided under Regulation D. The preferred share will be issued at a price of $5.2897. The notes are convertible into preferred shares of the company at $1.7632 per share. The preferred shares are convertible into common shares of the company at a fixed conversion price of $5.2897. The transaction will be raised at a post-money valuation of $2,444,021. As on July 9, 2020, the company raised $645,000 in its first tranche. The transaction included participation from 9 investors.
$945,000
STAGE: Seed/Angel
INVESTOR: Sage Capital Growth

Emmersion

Technology/Software
October 6, 2020
County: Madison
City: Rexburg
Region: Eastern
Headcount: 58
CEO: Joseph Tomco
Emmersion raised $500,000 of venture funding in the form of convertible debt from investors on October 6, 2020.
$500,000
STAGE: Seed/Angel

Engage Media & Technology

Technology/Software
April 15, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 5
CEO: Michael Boerner
Engage Media & Technology raised $50,000 of angel funding from investors on April 15, 2020.
$50,000
STAGE: Seed/Angel

Fatbeam

Technology/Software
January 28, 2020
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 21
CEO: Kim Devlin
Fatbeam was acquired by SDC Capital Partners through an LBO on January 28, 2020 for an undisclosed sum.
UNDISCLOSED
INVESTOR: SDC Capital Partners

Focus IP

Services
August 17, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 92
Focus IP, Inc. announced that it will receive $12,206,005 in funding on August 17, 2020. The company will issue common shares in the transaction. The company will issue securities pursuant to exemption provided under Regulation D.
$12,210,000
INVESTOR: First Analysis Corporation; EPIC Ventures; Origin Ventures; Baird Capital

Four Horseman

Consumer/Retail
January 31, 2020
County: Ada
City: Boise
Region: Southwestern
Four Horsemen Inc announced that it will receive $500,000 in funding on January 31, 2020.
$500,000

Fufuloo Products

Other
March 12, 2020
County: Bannock
City: Pocatello
Region: Southeastern
CEO: Robert Poleki
Fufuloo Products LLC announced that it will receive $500,000 in funding on March 12, 2020.
$500,000
STAGE: Seed/Angel

GarageSkins

Materials & Resources
December 3, 2020
County: Kootenai
City: Post Falls
Region: Northern
Headcount: 7
CEO: Richard Medlen
GarageSkins raised $1.2 million of venture funding in a deal led by Central Texas Angel Network on December 3, 2020.
$1,200,000
STAGE: Seed/Angel
INVESTOR: Central Texas Angel Network

Gather

Services
October 13, 2020
County: Ada
City: Meridian
Region: Southwestern
Headcount: 14
CEO: Zachary Chatterton
Gather raised $4 million of angel funding from investors on October 13, 2020.
$4,000,000
STAGE: Seed/Angel

Gold Express Mines

Materials & Resources
July 1, 2020
County: Shoshone
City: Wallace
Region: Northern
Gold Express Mines, Inc. announced that it will receive $390,000 in funding on July 1, 2020.
$390,000
STAGE: Seed/Angel

Gold Express Mines

Materials & Resources
September 17, 2020
County: Shoshone
City: Wallace
Region: Northern
Gold Express Mines, Inc. announced that it will receive $1,600,000 in a round of funding on September 17, 2020.
$1,600,000

Granatus Septem

Materials & Resources
November 16, 2020
County: Kootenai
City: Coeur d’ Alene
Region: Northern
CEO: Greg Emerson
Granatus Septem raised $26,000 of angel funding from investors on November 16, 2020.
$30,000
STAGE: Seed/Angel

Guerdon Enterprises

Materials & Resources
February 10, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 350
CEO: John Beddow
Guerdon Enterprises was acquired by Innovatus Capital Partners, Mr. Laurence Dawson and Mr. Mike Bowers through an LBO on February 10, 2020 for an undisclosed sum.
UNDISCLOSED
INVESTOR: Innovatus Capital Partners

Hecla Mining

Materials & Resources
July 7, 2020
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 1622
CEO: Phillips Baker
Hecla Mining Company announced that it has entered into a note purchase agreement for private placement of $36,820,000 on July 7, 2020.
$36,820,000
INVESTOR: Investissement Québec, Investment Arm
BUYER TYPE: Strategic

HOA Life

Services
December 3, 2020
County: Blaine
City: Sun Valley
Region: South Central
Headcount: 2
HOA Life raised an undisclosed amount of venture funding from Earnest Capital on December 3, 2020.
UNDISCLOSED
INVESTOR: Earnest Capital

HoodHub

Technology/Software
February 28, 2020
County: Latah
City: Moscow
Region: Northern
Headcount: 8
CEO: Isaiah Taylor
HoodHub raised $264,893 of angel funding from investors on February 28, 2020.
$26,000
STAGE: Seed/Angel

Hopkins Skyliner

Other
May 28, 2020
County: Ada
City: Meridian
Region: Southwestern
Hopkins Skyliner LLC announced that it will receive $500,000 in funding on May 28, 2020.
$500,000
STAGE: Seed/Angel

Idaho First Bank

Financial Services
January 3, 2020
County: Valley
City: McCall
Region: Southwestern
Headcount: 60
CEO: Greg Lovell
Idaho First Bank received $9.9 million of development capital from Dye Capital & Company on January 3, 2020 through a private placement.
$9,900,000
STAGE: Series B
INVESTOR: Dye Capital & Company

Iron Mule

Consumer/Retail
May 5, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 10
CEO: Matt Bishop
Iron Mule raised $25,000 of angel funding in the form of convertible debt from investors on May 5, 2020.
$25,000
STAGE: Seed/Angel

Joule Case

Technology/Software
January 1, 2020
County: Ada
City: Seattle
Region: Southwestern
Headcount: 13
CEO: James Wagoner
Joule Case raised an undisclosed amount of venture funding in the form of bridge financing from Keiretsu Capital and Keiretsu Forum on January 1, 2020.
UNDISCLOSED
INVESTOR: Keiretsu Capital

Killer Creamery

Consumer/Retail
July 9, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 7
CEO: Louis Armstrong
Killer Creamery raised $945,000 of venture funding from Sage Capital Growth and other investors on on July 9, 2020.
$945,000
STAGE: Seed/Angel
INVESTOR: Sage Capital Growth

LeanLaw

Technology/Software
May 14, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 10
CEO: Gary Allen
LeanLaw raised $500,000 of angel funding from investors on May 14, 2020.
$500,000
STAGE: Seed/Angel

Legov Systems

Technology/Software
July 13, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 5
CEO: Kelly Rowels
Legov Systems Group joined NSF’s Beat-the-Odds Bootcamp on July 13, 2020 and received $225,000 in funding in the form of grant. The company intends to use the funding to conduct research and development work on a Shape Memory Alloy (SMA) Thermal Energy Harvesting System.
$225,000
STAGE: Seed/Angel
INVESTOR: National Science Foundation

Lightning Creek Resources

Other
April 21, 2020
County: Kootenai
City: Hayden
Region: Northern
CEO: Joshua White
Lightning Creek Resources received $20,000 in its first transaction as of April 21, 2020. The transaction included participation from 1 investor.
$20,000
STAGE: Seed/Angel

Lignetics

Materials & Resources
January 1, 2020
County: Bonner
City: Kootenai
Region: Northern
Headcount: 500
CEO: Brett Jordan
Lignetics received $13.5 million of development capital from Gladstone Capital and other investors in January 2020.
$13,500,000
STAGE: Series B
INVESTOR: Gladstone Capital

Lignetics

Materials & Resources
January 31, 2020
County: Bonner
City: Kootenai
Region: Northern
Headcount: 500
CEO: Brett Jordan
Lignetics received $70 million of debt financing in the form of a senior credit facility from Fifth Third Business Capital on January 31, 2020.
$70,000,000
STAGE: Series C+
INVESTOR: Fifth Third Business Capital

Lumineye

Technology/Software
March 30, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 6
CEO: Corbin Hennen
Lumineye, Inc. joined Iterative Accelerator on an date and received $150,000 in funding.
$150,000
STAGE: Seed/Angel

Magic Valley

Consumer/Retail
December 9, 2020
County: Twin Falls
City: Buhl
Region: South Central
Headcount: 12
Magic Valley Brewing LLC announced a private placement of minimum of 25,000 revenue sharing notes and maximum of 100,000 revenue sharing notes at a price of $1 per note for minimum gross proceeds of $25,000 and maximum gross proceeds of $100,000 on December 9, 2020. The company is raising funding through crowd-funding platform MainVest, Inc. The company will accept oversubscriptions in the transaction on a first-come, first-served basis. The notes are subordinated, unsecured, bear an accrual rate of 0.48% and will mature on October 1, 2029. The company will issue securities pursuant to exemptions provided under Regulation C. The transaction is expected to close on March 10, 2021. The company will issue securities at par value. The notes are subject to transfer restrictions. The company will pay a compensation of 6% of the total gross proceeds to MainVest, Inc. in the transaction.
$100,000

NanoSteel

Materials & Resources
February 3, 2020
County: Bonneville
City: Idaho Falls
Region: Southeastern
Headcount: 30
CEO: David Paratore
NanoSteel Company raised $4.07 million of Series 4 venture funding from investors on February 3, 2020.
$4,070,000
STAGE: Series A

Natural Intelligence

Technology/Software
March 16, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 15
CEO: Paul Dlugosch
Natural Intelligence Systems received $100,000 in its first transaction as of March 16, 2020. The transaction included participation from 1 investor.
$100,000
STAGE: Seed/Angel

Natural Intelligence

Technology/Software
March 16, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 15
CEO: Paul Dlugosch
Natural Intelligence Systems raised $907,500 of angel funding in the form of convertible debt from Boise Angel Alliance, THV-NIS Investors LLC and Weobly One Capital on March 16, 2020.
$907,500
STAGE: Seed/Angel
INVESTOR: Boise Angel Alliance, THV-NIS Investors LLC, Weobly One Capital

Natural Intelligence

Technology/Software
May 14, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 15
CEO: Paul Dlugosch
Natural Intelligence Systems raised $100,000 of angel funding in the form of convertible note from investors on May 14, 2020.
$100,000
STAGE: Seed/Angel

Natural Intelligence

Technology/Software
June 8, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 15
CEO: Paul Dlugosch
Natural Intelligence Systems joined Techstars Starburst Space Accelerator as a part of 2020 batch on June 8, 2020.
UNDISCLOSED
INVESTOR: Techstars

New Jersey Mining

Materials & Resources
February 18, 2020
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 17
CEO: Grant Brackebusch
New Jersey Mining Company announced that it has entered into convertible note purchase agreements with nine accredited investors for a private placement of convertible promissory notes for gross proceeds of $885,000 on February 18, 2020.
$885,000
STAGE: Seed/Angel

New Jersey Mining

Materials & Resources
April 22, 2020
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 17
CEO: Grant Brackebusch
New Jersey Mining Co raised $200,000 on April 22, 2020 and $2.71 million in August 2020
$200,000
STAGE: Seed/Angel

New Jersey Mining

Materials & Resources
April 22, 2020
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 17
CEO: Grant Brackebusch
New Jersey Mining Co received $2.91 million of development capital from investors on April 22, 2020 through a private placement.
$2,910,000
STAGE: Series A

Northwoods Veterinary Hospital

Healthcare
January 31, 2020
County: Kootenai
City: Athol
Region: Northern
Headcount: 8
CEO: Hugh Davis
Northwoods Veterinary Hospital was acquired by People Pets and Vets, via its financial sponsor Cressey & Company, through an LBO on January 31, 2020 for an undisclosed sum.
UNDISCLOSED
INVESTOR: Cressey & Company

Octofox Creative

Services
June 25, 2020
County: Kootenai
City: Coeur d’Alene
Region: Northern
Headcount: 5
CEO: Halvor Halversen
Octofox Creative received $90,000 of financing from Gamecity Hamburg on June 25, 2020.
$90,000
STAGE: Seed/Angel
INVESTOR: Gamecity Hamburg

Pend Oreille Insurance

Healthcare
March 3, 2020
County: Bonner
City: Ponderay
Region: Northern
CEO: Stefanie Nostadahl
Pend Orville Insurance was acquired by Alliant Insurance Services via its financial sponsors Apollo Investment, Auburn Hill Capital, Stone Point Capital and Public Sector Pension Investment Board through an LBO on March 3, 2020 for an undisclosed sum.
UNDISCLOSED
INVESTOR: Alliant Insurance Services, Apollo Investment, Auburn Hill Capital, Stone Point Capital

Propellor Industries

Financial Services
August 20, 2020
County: Blaine
City: Ketchum
Region: South Central
Headcount: 120
CEO: Chris Fenster
Propellor Industries received an undisclosed amount of development capital from Newlight Partners on August 20, 2020. The funds will be used to accelerate organic growth, expand its technology platform, and to support acquisitions that further its goals.
UNDISCLOSED
INVESTOR: Newlight Partners

Proud Source Water

Consumer/Retail
February 13, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 10
CEO: Kevin Krosch
Proud Source Water raised $6 million of Series A funding in a deal led by AccelFoods on February 13, 2020.
$6,000,000
STAGE: Series B
INVESTOR: AccelFoods

Pyramid Analytics

Technology/Software
March 26, 2020
County: Ada
City: Boise
Region: Southwestern
Headcount: 120
CEO: Omri Kohl
Pyramid Analystics raised $25 million of Series C venture funding in a deal led by Jerusalem Venture Partners on March 26, 2020.
$25,000,000
STAGE: Series B
INVESTOR: AF Ventures, Jerusalem Venture Partners, Maor Investments, Viola Growth