AccelerateIT

AccelerateIT

AccelerateIT launched in 2012 when Eric Engelmann, a serial technology entrepreneur who previously founded and sold Geonetric, created a venture platform purpose-built for the Midwest. The firm emerged from Engelmann's observation that promising software companies in Iowa, Nebraska, and surrounding states consistently struggled to attract early-stage capital from coastal funds. Based in Cedar Rapids, AccelerateIT operates as one of the region's few dedicated early-stage technology investors, deploying across Iowa, Nebraska, Kansas, Missouri, and Minnesota. The firm makes Seed and Series A investments, typically writing initial checks between $250,000 and $1 million, with reserves for follow-on rounds through Series B. Sectors include enterprise SaaS, agricultural technology, insurance software, and industrial automation. Known portfolio companies include Dwolla, the Des Moines-based payments platform that raised over $50 million from investors including Union Square Ventures; CropZilla, an agtech software company serving farm operations; and BirdDogHR, an Iowa-based talent management system acquired by ArcLight Capital-backed entities. AccelerateIT frequently syndicates with regional partners like Dundee Venture Capital and Nebraska Angels, forming a network that provides local companies access to national investor syndicates without requiring coastal relocation. The firm maintains a lean structure typical of emerging venture managers, with Engelmann serving as General Partner and primary decision-maker alongside a small investment team. AccelerateIT does not disclose total assets under management publicly. The firm has participated in over 60 deals since inception. In 2023, the firm led or co-led multiple regional Seed rounds, consistent with its historical deal cadence of roughly 8–12 new investments annually. Engelmann also operates the Iowa Startup Accelerator, a program that provides pre-seed companies with mentorship and initial capital, creating a feeder ecosystem for AccelerateIT's later-stage Seed activity. AccelerateIT's structural distinction lies in its geographic concentration mandate. Unlike generalist seed funds that opportunistically invest in coastal hubs, the firm maintains a hard commitment to Midwestern-headquartered companies. This creates a sourcing advantage — Engelmann and his team physically attend regional demo days, university spinout pitches, and manufacturing-adjacent tech gatherings that out-of-region investors rarely reach. The ecosystem extends through the Iowa Startup Accelerator, which identifies companies at the idea stage, effectively building AccelerateIT's pipeline 12–18 months before a formal funding round.