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Thirteen Minority-Owned Businesses Raised Up by Angel Tax Credits in 2015

12/22/2015 10:14:43 AM

Thirteen minority-owned business were among 115 certified businesses that received investments In the 2015 Minnesota Angel Tax Credit Program.

The Minnesota Angel Tax Credit Program has fully distributed all $16 million in tax credits that were available to angel fund investors this year.

Investors of these 13 businesses (about 11 percent of those certified and garnering investment activity) have received a total of $1,798,257 in tax credits -- ranging from $10,000 to $325,731. The businesses and tax credits issued are:

75F, Mankato

75F raised $680,000 from the Angel Tax Credit Program in 2015. Winner of the 2014 Minnesota Cup Award, the business uses wireless monitoring, computer controlled damper, and proprietary software to reduce heating and cooling costs in small commercial buildings. Investors or investment groups received $138,750 in Angel Tax credits.

BookBottles LLC, Minneapolis

BookBottles, founded in 2011, is an event management technology system that helps customers run events and collect money. Some BookBottles features include ticketing for events, managing reservations and guest lists, point of sale, cashier system and analytics. Investors or investment groups received $12,500 in Angel Tax credits.

ByME, Inc., Blaine

ByME is a free mobile app that helps students put local coupons and deals they want - dining, social, entertainment, recreational - in their pocket and it's all "by me." ByME users pick offers to save their spot and redeem when the offer is valid. Investors or investment groups received $62,500 in Angel Tax credits.

Might Enterprises, Inc., Bloomington

Might Enterprises offers a consumer-directed service for verifying personal and professional credentials, improving the quality and safety of personal and professional interaction. Investors or investment groups received $10,000 in Angel Tax credits.

MyMeds, Inc., Minneapolis

Awarded Health Tech Startup of the Year in 2014, MyMeds is a secure cloud-based web and mobile application that helps users manage their medications. Investors or investment groups received $325,000 in Angel Tax credits.

Neurotronic, Inc., Long Lake

Neurotronic specializes in the medical device industry. Investors or investment groups received $250,000 in Angel Tax credits.

Nirva Medical, LLC, Vadnais Heights

Nirva Medical, LLC is a medical device startup focusing on organ-specific therapy-delivery technology for various clinical applications, primarily heart attack. Incorporated in 2010, Nirva Medical and is located in Vadnais Heights. The company was in the Bioscience Division top three for the 2010 Minnesota Cup Award. Investors or investment groups received $62,500 in Angel Tax credits.

Playtabase, LLC, Minneapolis

Known as Reemo, which offers hands-free remote control for the home. The system is designed with accessibility, safety and ease of use for independent living. Investors or investment groups received $15,938 in Angel Tax credits.

Securonet, LLC, Minneapolis

Located in Minneapolis, Securonet enables members to map the surveillance cameras in their target areas, share live or recorded video and data, and collaborate to aid in investigations and deter crime. Securonet raised nearly $500,000 using the Angel Tax Credit Program. Investors or investment groups received $118,613 in Angel Tax credits.

Solutions Technologies, Inc., Mankato

The Blue Earth County startup specializes in the food and drink industry. Investors or investment groups received $25,000 in Angel Tax credits.

StemoniX, Eden Prairie

The Eden Prairie startup developed a quick, low-cost process to grow and differentiate stem cells allowing for human testing before clinical trials occur. Investors or investment groups received $138,750 in Angel Tax credits. Investors or investment groups received $201,725 in Angel Tax credits.

Urotronic, Inc., Long Lake

Urotronic innovates medical device technologies for a better world. Investors or investment groups received $250,000 in Angel Tax credits.

Vios Medical, Inc., St. Paul

Vios Medical, a women-owned business in St. Paul, is developing a system for monitoring a patient's vital signs using wireless technology. Vios Medical raised over $1.5 million using the Angel Tax Credit Program this year, while investors or groups received $325,731 in Angel Tax credits.

DEED has begun accepting certification applications for another $15 million in credits that will be available in 2016. Of the $15 million in new credits, $7.5 million is reserved for investments in minority-owned and managed businesses, women-owned and managed businesses, and businesses located in Greater Minnesota.

Here's how it works: Qualified investors receive a state tax credit of 25 percent for investing in qualified businesses. As every $1 in tax credits awarded to private investors generates $4 in investments for startup businesses, this translates into $60 million in investment in Minnesota startups.

Since being launched in 2010, the program has attracted over $300 million for hundreds of high-tech startups in Minnesota.

For more details about the program, go to mn.gov/deed/angelcredit.

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