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Entrepreneur News Roundup: July 15, 2021

Business Funding Reaches a New All-Time High

In our last post, we discussed the increase in new business registrations. But we all know how difficult it is to start a new business without proper funding. Fortunately, as the economy improves, entrepreneurs have never had it easier to raise money.

According to Biz2Credit’s Small Business Lending Index, business loan approval rates are up across all lending categories.

  • Big banks: 13.6% in June, up from 13.5% in May
  • Small banks: 18.9%, up from 18.7%
  • Credit unions: 20.5%, up from 20.4%
  • Institutional lenders: 23.8%, up from 23.6%
  • Alternative lenders: 24.5%, up from 24.3%

Even more exciting, the PitchBook-NVCA 2021Q2 Venture Monitor predicts that this year will be the biggest ever for venture capital. I always look at early-stage investing, specifically angel and seed rounds, as a barometer for future investment and entrepreneurship. Over $7 billion has been invested so far in 2021, as evidenced by the chart below:

Source: PitchBook-NVCA Venture Monitor

Startups to Watch

Repair Pricer

Due to the current housing shortage in the United States, home buyers are increasingly forced to make quick decisions about repairs and credits. Repair Pricer can now provide home buyers and realtors with quick and accurate pricing estimates for home repairs based on a home inspection report. The company has analyzed over 300,000 inspection reports in the last three years to provide accurate, location-based repair pricing in just 24 hours. Repair Pricer recently raised seed round funding from Wasatch Venture Partners to improve A.I. capabilities and scale the platform. The amount of the funding was not disclosed.

Acelab

Acelab is a digital marketplace that allows architects to quickly specify building materials during the design process. The platform provides a comprehensive library of products with pricing, lead times, and spec sheets. In addition, the firm compiles third-party testing reports into a “green rating” to assist architects in making quick decisions. Acelab also enables manufacturers to manage their own product databases, allowing them to keep their product lines current and reach a wider audience. Acelab recently announced $3.5 million in equity funding from Draper Associates and several angel investors.

Pomp & Whimsy

Launched in 2017, Pomp & Whimsy Gin Liqueur is a liquor brand targeted at the fast-growing female spirits market segment. The liqueur scored a 94 from Wine Enthusiast Magazine and a 95 from Tasting Panel Magazine. The company plans to introduce Pomp & Whimsy gin next year, and recently announced $2.6 million in seed funding led by El Dorado Capital with participation from Golden Seeds, Oxford Angel Fund, and Next Act Fund.

Photo courtesy of Pomp & Whimsy

Next Gen Foods

Next Gen Foods recently announced a $20 million extension to its seed round, bringing the total raised to $30 million. This represents the largest seed round ever for a plant-based food company. Next Gen Foods developed its chicken alternative, TiNDLE, to replicate the taste, texture, cooking, and aroma of chicken. The product was first released in Asia, but it is now preparing to launch in the United States. Before approaching retail distribution channels, the company plans to market itself to restaurants in major cities in order to get TiNDLE featured in recipes. The seed extension included GGV Capital, Bit x Bites, Tamasek (which led the initial seed funding), and several angel investors.

Based in Portland, Oregon, Masterplans is a veteran-owned company that helps entrepreneurs develop fundable business plans and pitch decks. See how we can help you.

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