SIOUX FALLS, S.D. (AP) - A North Dakota tech company is using a $1.35 million angel investment fund in Sioux Falls to launch a new app for the agriculture industry.
Myriad Mobile of Fargo announced this month that it has raised $1.5 million to launch an app that streamlines contracts between farmers and grain elevators, the Argus Leader (https://argusne.ws/2rPsC4i ) reported.
“We liked that it was a more local-type industry and a different approach than a lot of people take in the farm-tech industry,” said Matthew Paulson, chairman of Falls Angel Fund. “People that try to bring software to the ag space, a lot of them are from places that don’t have strong agriculture industry, so they don’t have the experience to talk to or work with farmers and build stuff to solve their problems.”
Myriad CEO Jake Joraanstad said the company met the Falls Angel Fund team through the Innovation Expo in Sioux Falls and pitched them early in the hunt for investment.
“We pitched to them really early on, even before we knew how much money we were going to raise,” he said. “So that was really valuable, working with them. We got to meet some of the investors in that angel fund. So we’re happy with their participation.”
The Falls Angel Fund is managed through the South Dakota Enterprise Institute. An angel investment fund helps finance local business start-ups that show potential for growth.
Joraanstad said that Myriad is preparing for a product launch and possible partner announcement later this month.
“A lot of people want to celebrate the money raised, but that’s day zero,” he said. “It’s go-time at that point. You’ve got to take it to the next level now.”
___
Information from: Argus Leader, https://www.argusleader.com
Please read our comment policy before commenting.