About Capital Midwest Fund
Capital Midwest Fund is a venture capital firm founded in 2006. It is primarily based out of Mequon, United States. As of Jul 2025, Capital Midwest Fund is an active investor, having invested in 50 companies, with 1 new investment in the last 12 months. It primarily invests in Series A round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Life Sciences. Most recently it participated in the $***** Series B round of ServiceUp Overall, Capital Midwest Fund portfolio has seen 2 IPOs and 8 acquisitions including key companies like Sierra Oncology, Seastar Medical and Intellihot. A lot of funds co-invest with Capital Midwest Fund, with names like Silicon Pastures sharing a substantial percentage of its portfolio. Capital Midwest Fund has team of 7 people including 3 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Series B & 3 more
Portfolio IPOs
Portfolio Acquisitions
Deals in last 12 months
Capital Midwest Fund's List of Top Investments
Capital Midwest Fund has a portfolio of 50 companies. Their most notable investments are in Health Scholars and SkySpecs.Their portfolio spans across United States, Canada and Japan. They have invested in Enterprise Applications, High Tech, Life Sciences and 22 other sectors, across stages such as Series A, Series B and 3 more. Here is the list of top investments by Capital Midwest Fund:
1. ServiceUp
Provider of car engine repairing and maintenance and replacement services. Users can book services by providing location, user details, vehicle details, and more.
Key facts about ServiceUp
- Founded Year: 2020
- Location: Los Gatos (United States)
- Stage: Series B
- Total Funding till date: $70M
- Employee Count: 83 as on Aug 31, 2026
- Investors: PeakSpan Capital, Tiger Global Management and 6 Others
- Latest Funding Round: Series B, Jul 09, 2025, $*****
Developer of targeted therapies to treat cancer. The lead candidate of the company is Momelotinib which is a JAK1, JAK2 & ACVR1 inhibitor for the treatment of myelofibrosis. Other candidates inlcude SRA515 for heme malignancies and solid tumors.
Key facts about Sierra Oncology
- Founded Year: 2003
- Location: Vancouver (Canada)
- Stage: Acquired
- Total Funding till date: $75M
- Employee Count: 8 as on Aug 31, 2026
- Investors: Adams Street Partners, Foresite Capital and 18 Others
- Latest Funding Round: Series D, May 01, 2014, $*****
- Highlight: Acquired
3. Lumanu
Influencer discovery and marketing platform. It analyzes the relevant content for a brand and recommends influencers and content trends that help a brand manage organic reach. The platform also tracks influencer authority, social reach, and content engagement to identify influencers based on content requirements. It offers features such as influencer discovery, content recommendation, influencer activity tracking, keyword research, and more.
Key facts about Lumanu
- Founded Year: 2016
- Location: Milwaukee (United States)
- Stage: Series A
- Total Funding till date: $17M
- Employee Count: 25 as on Aug 31, 2026
- Investors: Northwestern Mutual, Howells-Barby Ventures and 16 Others
- Latest Funding Round: Series A, Jul 28, 2021, $*****
- Highlight: Editors' Pick
4. AdAdapted
Mobile advertising platform connecting CPG brands with shoppers before they buy. It specializes in digital advertising solutions for Consumer Packaged Goods, connecting brands with high-intent shoppers through pre-shop planning apps and retail media integrations. The platform offers a suite of shoppable ad formats designed to drive awareness and sales, leveraging patented technology to place products into digital carts and lists. It provides solutions for brands, agencies, and retailers, focusing on increasing awareness, influencing purchase intent, and driving sales. The company's technology powers offsite retail media digital advertising with high cart conversion rates. It offers add-to-list and add-to-cart functionality, shoppable video ads, and targeting capabilities to reach shoppers online and in-store. The platform provides data and insights into shopper behavior, including basket analysis and custom data sets. It supports third-party tracking tags and works with various CPG categories. The company offers a managed service, handling ad creation, campaign management, and reporting.
Key facts about AdAdapted
- Founded Year: 2012
- Location: Ann Arbor (United States)
- Stage: Series A
- Total Funding till date: $5.1M
- Employee Count: 99 as on Aug 31, 2026
- Investors: Tappan Hill Ventures, ID Ventures and 12 Others
- Latest Funding Round: Series A, May 14, 2020, $*****
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Manufacturer of extracorporeal medical devices treating patients with acute inflammation. The technology targets highly activated immune cells to mitigate hyperinflammatory responses in critically ill individuals. This therapy integrates with existing renal replacement systems to neutralize toxic neutrophils and monocytes, supporting physiological repair and organ recovery. The devices are designed to address severe conditions in both pediatric and adult populations requiring specialized clinical intervention.
Key facts about Seastar Medical
- Annual Revenue: $1M - $10M as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $5.27M
- Employee Count: 30 as on Aug 31, 2026
- Investors: Early Stage Partners, Aphelion Capital and 2 Others
- Latest Funding Round: Post IPO, Jul 10, 2024, $*****
- Highlight: Public
Capital Midwest Fund's Year-on-Year Investment Trends
Capital Midwest Fund has invested in 50 companies over the last 17 years, with an average of 2 new investments annually in the last 10 years. In 2025, it made 1 investment. Its most recent first time investment was in Noise and most recent follow-on round was in FactoryFix.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 1 | 0 | 1 |
2024 | 1 | 0 | 1 |
2023 | 4 | 0 | 4 |
2022 | 0 | 1 | 1 |
2021 | 0 | 0 | 0 |
2020 | 3 | 0 | 3 |
2019 | 3 | 1 | 4 |
2018 | 5 | 0 | 5 |
Capital Midwest Fund's Investments by Stage
Capital Midwest Fund has made 13 investments in Series A stage with an average round size of $4.38M, 6 investments in Series B stage with an average round size of $21.2M, 5 investments in Seed stage with an average round size of $3.54M, 1 investment in Series C stage with an average round size of $12M and 1 investment in Series D stage with an average round size of $59.5M.Stage of entry | No. of Investments |
|---|---|
Series A | 13 |
Series B | 6 |
Seed | 4 |
Series C | 1 |
Series D | 1 |
Note: We have considered here, only first round of investments
Capital Midwest Fund's Investments by Sector
Capital Midwest Fund has a diverse portfolio, with companies operating in the Enterprise Applications, High Tech, Life Sciences, Consumer and Environment Tech. Notably, it has invested in 43 Tech companies, 41 Enterprise (B2B) companies, 24 Software companies and at least 14 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 14 |
High Tech | 5 |
Life Sciences | 5 |
Consumer | 4 |
Environment Tech | 4 |
Others | 27 |
Note: We have considered here, only first round of investments
Capital Midwest Fund's Investments by Geography
Capital Midwest Fund has made most investments in United States (23), followed by Canada where it has made 2 investments.Country | No. of Investments |
|---|---|
United States | 23 |
Canada | 2 |
Note: We have considered here, only first round of investments
Capital Midwest Fund's recent investments
Capital Midwest Fund has not made any investment in 2026 so far.Here are the most recent investments by Capital Midwest Fund:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jul 09, 2025 | United States | Series B | 8069 | [+3] | |
Mar 28, 2024 | United States | Series A | 9788 | ||
Oct 30, 2023 | United States | Series A | 9947 | [+3] | |
Aug 15, 2023 | United States | Series A | 7436 | ||
Feb 14, 2023 | United States | Series A | 3967 | [+6] |
IPOs and Publicly Listed companies in Capital Midwest Fund's Portfolio
2 of Capital Midwest Fund's portfolio companies have become public. Seastar Medical got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Oct 2022 and Gemphire Therapeutics got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ) at marketcap of $84.3M.Here are Capital Midwest Fund's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Oct 31, 2022 | - | - | 5526 | |
Aug 05, 2016 | - | - | 2707 |
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Acquired companies in Capital Midwest Fund's Portfolio
8 companies from Capital Midwest Fund's portfolio have been acquired. The most recent acquisition was Intellihot in Jul 2026 by Zurn Elkay for $*****.Here are Capital Midwest Fund's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 20, 2026 | - | - | 2232 | |
Oct 10, 2024 | Oct 11, 2019 | Seed | 3260 | |
Jan 19, 2023 | Sep 01, 2020 | Series A | 5834 | |
Oct 04, 2022 | - | - | 2433 | |
Sep 01, 2022 | Jan 06, 2020 | Seed | 6656 |
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Team profile of Capital Midwest Fund
Capital Midwest Fund has a team of 7 members including 3 Partners and 1 Venture Partner located in United States. Capital Midwest Fund's team sits on the board of 1 company.Here is a list of all team members in Capital Midwest Fund:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Milwaukee | |||
Partner | Milwaukee | - | ||
Partner | West Newton | - | - | |
Venture Partner | - | - | - |
Co-investors of Capital Midwest Fund
Over the past 17 years, 122 investors have co-invested in Capital Midwest Fund's portfolio companies. This includes funds and angels.
- Invested before Capital Midwest Fund: Gener8tor, Invest Michigan and 30 others have invested in rounds before Capital Midwest Fund. There are 3 companies where Gener8tor has invested before Capital Midwest Fund and 2 companies where Invest Michigan has invested before Capital Midwest Fund.
- Top Co-investors of Capital Midwest Fund: 59 investors entered a company along with Capital Midwest Fund. These include investors like Silicon Pastures (2 companies).
- Invested after Capital Midwest Fund: A total of 31 investors have invested in Capital Midwest Fund's portfolio after their investments. Top Investors include McRock Capital (1 company), Equinor (1 company) and Evergy Ventures (1 company).
Recent News related to Capital Midwest Fund
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Sprocket Security’s $8 Million Series A Funding RoundGlobal Legal Chronicle•Apr 10, 2024•Snell & Wilmer, Blueprint Equity, Sprocket Security, Capital Midwest Fund
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BetterYou Announces $6M Series A Funding Round to Accelerate AI-Based Wellness MissionBusiness Wire•Dec 06, 2023•Betteryou AI, Mairs And Power, Capital Midwest Fund, Great North Ventures and 5 others
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Boulder’s Valid8 secures $8.5M in funding to transform accountingDailycamera•Dec 01, 2023•Valid8 Financial, Silverton Partners, Cerity Partners Ventures, First Trust Portfolios and 4 others
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Frayt Raises $7M in Series A FundingFinSMEs•Apr 11, 2023•Frayt Technologies, Refinery, Capital Midwest Fund, Venture 53 and 1 other
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Elate Raises $4.9M in Series A FundingFinSMEs•Mar 14, 2023•Elate, WestWave Capital, Pritzker Group, HPA and 1 other
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Text messaging startup Textel charts rapid growth , eyes $15M in fresh fundingThe Business Journals•May 23, 2022•Textel, Cultivation Capital, Stout Street Capital, Capital Midwest Fund
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FactoryFix recruiting platform raises $10 million Series A fundingThe FABRICATOR•Jan 22, 2022•FactoryFix, Grotech Ventures, Capital Midwest Fund, Great North Ventures and 3 others
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Textel pockets $4m Series AVCJ•Oct 20, 2020•Textel, Cultivation Capital, Stout Street Capital, Capital Midwest Fund
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Health Scholars Nabs $17M to Expand Clinical Virtual Reality Training PlatformHIT Consultant•Jan 17, 2020•Health Scholars, Arboretum Ventures, Capital Midwest Fund, OSF HealthCare and 1 other
