Venture capital in Iowa
4 venture firms are based in Iowa, from SEC filings and the fund index. Below them are Iowa’s other sources of capital, the LPs based here that report holding venture funds, and its SEC-registered family offices.
On this page: 4 venture firms 13 other sources of capital 5 LPs 2 family offices.
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Venture firms based in Iowa
4 advisers that report a venture fund on Form ADV, largest estimated venture assets first, from the Venture Adviser Directory. Each one’s page has its funds and, where an LP reports holding them, its LPs.
| # | Adviser | Location | Venture funds | Private fund assets | Registered |
|---|---|---|---|---|---|
| 1 | Next Level Ventures, LLC | Des Moines | 5 | $692M | 2019 |
| 2 | Manchesterstory Fund Management, LP | West Des Moines | 7 | $387M | 2023 |
| 3 | Midwest Growth Advisors, LLC Emerging | West Des Moines | 1 | $42M | 2014 |
| 4 | Isa Ventures Fund Management, LLC Emerging | Cedar Rapids | 3 | $26M | 2020 |
Other sources of capital in Iowa
4 community development lenders, 3 SBA lenders, 2 corporate pension plans, 2 SBICs, 1 angel group, and 1 placement agent. From public registers and what each organization publishes; see Capital Sources for every state.
| Source | Location | On the record |
|---|---|---|
| Plains Angels | IA | Angel investor group that invests in entrepreneurs seeking growth and innovation across the Upper Midwest. |
| Ausdal Financial Partners, Inc. | Davenport | 1 venture fund since 2021 |
| Non-Contributory Retirement Program for Certain Employees of Wellmark, Inc. | Des Moines | In partnerships and joint ventures: $74M |
| Transamerica Pension Plan | Cedar Rapids | In partnerships and joint ventures: $221M |
| AAVIN Capital III, LP | Cedar Rapids | Private Equity · Buyout |
| Midwest Growth Partners IV, LP | West Des Moines | Private Equity · Multiple |
| Habitat for Humanity of Iowa, Inc. | Altoona | Community development loan fund in Altoona, IA, certified by the US Treasury’s CDFI Fund. |
| Iowa Center Loan Fund | Des Moines | Community development loan fund in Des Moines, IA, certified by the US Treasury’s CDFI Fund. |
| Iowa Community Capital | Boone | Community development loan fund in Boone, IA, certified by the US Treasury’s CDFI Fund. |
| Neighborhood Finance Corporation | Des Moines | Community development loan fund in Des Moines, IA, certified by the US Treasury’s CDFI Fund. |
| Cedar Rapids Bank and Trust Company | Cedar Rapids | 7(a) loans approved, fiscal year 2026: $8.2M |
| City State Bank | Norwalk | 7(a) loans approved, fiscal year 2026: $5.1M |
| Northwest Bank | Spencer | 7(a) loans approved, fiscal year 2026: $13M |
LPs based in Iowa
Foundations, pension plans, and other LPs here that report the venture funds they hold, by the number they hold. Local LPs often back local managers.
| # | LP | Location | Venture funds | In venture funds | Total assets |
|---|---|---|---|---|---|
| 1 | Hubbell-Waterman FNDN | Davenport | 2 | $1.3M | $45M |
| 2 | The Gallagher Family Foundation | Waterloo | 1 | — | $18M |
| 3 | R J Mcelroy Trust | Waterloo | 0 | $4.1M | $53M |
| 4 | Iowa West Foundation | Council Bluffs | 0 | $603K | $496M |
| 5 | Athene Annuity and Life Company | West Des Moines | 0 | — | $341B |
Family offices in Iowa
Family offices registered with the SEC as investment advisers, from the Family Office Index. Most family offices are exempt from registering and aren’t on this list.
| Family office | City | Regulatory assets |
|---|---|---|
| Legacy Bridge Private Family Offices | West Des Moines | $426M |
| Lane Family Wealth Management | North Liberty | $143M |
About the data
An adviser’s state is where its Form ADV says its main office is. A fund-index firm is placed by the headquarters city the index lists, or by its Form ADV when the city doesn’t tell. Capital sources, LPs, and family offices are placed by the address their own register gives. Angel investors who list themselves are at hottub.vc/investors. Organizations only: no individuals are listed here, and a listing is a public record, not a recommendation. See the methodology.