Midwest healthcare startups rake in $996 million in 2012, up 23 percent from year before

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Midwest healthcare startups cumulatively pulled in $996 million last year, a 23 percent increase from the amount of money that venture capitalists invested in 2011.

That’s according to the Midwest Healthcare Venture Investment Report from BioEnterprise, a biomedical accelerator based in Cleveland.

Ohio startups led the way by attracting $292 million, while Minnesota came in second place with $165 million followed by Illinois, which brought in $146 million.


“Investment activity in Midwest healthcare deals continues its upward trend, outperforming previous years’ activity for three years in a row. As with the rest of the country, Midwest healthcare investing fell dramatically in 2009 after strong years in 2007 and 2008, but it appears investors are again optimistic about Midwest deals. 2013 should be an interesting year to watch,” said Aram Nerpouni, interim president of BioEnterprise, in a news release.

Last year, the biotech sector saw the most influx in venture dollars with $487 million invested, followed by medical devices at $309 million and healthcare IT and service sector at $177 million.

Midwest Healthcare Venture Investment (By State)

2012 2011

$ Millions # of Cos. $ Millions
Illinois 146.2 10 44.2
Indiana 64.7 11 14.1
Iowa - - -
Kansas - - 18.5
Kentucky 33.8 4 11.5
Michigan 107.1 16 30.8
Minnesota 164.7 17 223.3
Missouri 57.2 6 168.7
Ohio 291.7 70 177.8
Western Pennsylvania 81.5 37 67
Wisconsin 48.8 11 53.8
Total 995.7 182 809.7



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Arundhati Parmar

By Arundhati Parmar

Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.
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