Insite Software, provider of business-to-business commerce platforms for manufacturers and distributors, has received an equity investment of $15 million from Volition Capital, a Boston-based growth equity firm that “principally invests in high-potential, founder-owned companies across different technology sectors.”
That’s one of the biggest capital infusions so far this year, following a boffo 2014.
“We welcome Volition Capital to the Insite Software board and their team’s resources and expertise to help take Insite to the next level,” said Insite CEO Tony Abena.
Abena joined Insite from Deloitte, where he was chief operating officer of Deloitte Investments, an internal start-up division focused on information-and-technology companies. Insite Software, based in the North Loop, has nearly doubled employment and expanded its customer roster over the past year. The Volition funds will accelerate growth with strategic investments in Insite products, data-driven applications and services to meet customer needs.
Young Minnesota companies raised $91.6 million in venture capital in fourth quarter 2014, closing out the best year for venture funding in the state since 2008.
Total venture investment in Minnesota last year was $368.4 million, compared with $269.9 million in 2013, according to the MoneyTree Report by PricewaterhouseCoopers (PwC), the National Venture Capital Association and Thomson Reuters.
In 2014, Minnesota’s medical device industry attracted the bulk of new investment, about $245.6 million according to the MoneyTree data.
The two biggest deals in the fourth quarter were a $25 million investment in Minnetonka’s Respicardia and $24 million for Coventus Orthopaedics in Maple Grove.
Medical device investment nationally rose from $2.1 billion in 2013 to $2.7 billion in 2014.
Mirum is the word
The Minneapolis ad agency Digiteria, a division of J. Walter Thompson since 2010, has been renamed Mirum (Latin for “amazing”) and consolidated with 10 other independent JWT agencies. CEO of the new brand is Minneapolis native Dan Khabie. Digiteria has 46 people in its Butler Square offices with a client list that includes Royal Caribbean, American Medical Systems and Renewal by Andersen.
The Minneapolis executive team remains unchanged with senior VPs Joyce Zincke and Jennifer Levenhagen, executive design director Michael Matheny and VP of strategy Tom Flint.