The availability of venture capital funding is an important element to supporting entrepreneurs and fueling a cycle of innovation. As Principal at Next Level Ventures, Liz Keehner is playing a key role in the growth of funding opportunities in Iowa. She leads the firm’s Midwest investment strategy, which includes the launch of its third Iowa venture fund.
Keehner is an Iowa native who returned to the state after starting her career in the Austin, Texas, area. She grew up in northwest Iowa in Sheldon and attended Sheldon public schools (home to the “Orabs,” one of the most unique school mascots, named by combining the school’s “orange” and “black” colors!). She earned a bachelor’s degree in finance with an emphasis in Investments and a Certificate in Entrepreneurship from the University of Northern Iowa in Cedar Falls, Iowa.
Her first role was with a small investment firm in Austin specializing in equity crowdfunding. As the fifth employee, she had a startup-like experience wearing many different hats and taking on multiple responsibilities. During her time at the firm, they scaled from 15 deals funded on their platform to more than 150. The opportunity to be closer to family drew Keehner and her husband back to the Midwest, and after moving back to Iowa, she held roles at VentureNet Iowa and Ag Ventures Alliance prior to joining Next Level Ventures.
Keehner has also served as Entrepreneur in Residence for multiple sessions of the 2025 Cultivo® Virtual Academy for UK-based scaleups.
1. How does the launch of the Next Level Ventures Fund 3 benefit the state’s startup ecosystem?
Next Level Ventures (NLV) was founded in 2013 and launched Iowa’s first venture fund in 2014. In the last decade, NLV has invested over $65 million into 30 Iowa startups and helped create over 600 high-wage jobs. NLV’s third Iowa venture fund is raising up to $50 million in new capital to invest in Iowa’s most promising startups and founders. The fund will invest in Seed to Series A companies across any industry, but with an emphasis on agtech, biotech, healthtech, and advanced manufacturing. The availability of risk capital for startups has waned in the last couple of years so NLV Fund 3 will bring a new infusion of capital into the startup ecosystem that was lacking before.
There is certainly more venture capital available in the state today than there was 10 years ago, and Iowa Economic Development Authority has done a terrific job of creating programs that support venture capital in Iowa, including the creation of a state-run venture fund. However, there is still work to do to increase availability of capital and speed the cycle of innovation and starting up in the state. I believe increased startup activity will help to create more capital, but it will require many stakeholders – government, universities, investors, corporations/industry, and entrepreneurs – to take an active role in developing and supporting our entrepreneurial ecosystem.
2. What advice do you have for founders as they begin to look for outside funding for their businesses?
Build relationships with investors early and often, even before you need to raise. It’s easier to raise money through warm relationships versus cold reach out. It’s also important to understand the type of business you want to build and what the right funding route is for the kind of business you want to start. Venture capital requires founders to scale fast and sell the company for a large sum of money within 10 years. But every fund and investor in venture is different, so as you meet investors, it’s important to understand what they invest in, how much they invest and what their exit expectations are.
3. What unique resources or opportunities does Iowa offer to entrepreneurs in the agriculture and bioscience sectors?
Iowa is the second largest agricultural exporting state in the U.S. and nearly one in every five Iowans are employed due to agriculture and ag-related industries. The concentration of the ag economy in Iowa offers an advantage when it comes to building relationships and there are many stakeholders that have a vested interest in Iowa’s agricultural economy being successful.
I’m most excited about the network that exists in Iowa. It’s incredibly easy to get “plugged-in” to the startup ecosystem. The introduction you need is almost always one to two connections away from you.
4. What advice do you have for someone considering a move or return to Iowa?
Iowa is more culturally diverse than it gets credit for and there is something for everyone here. There’s also a true sense of community in Iowa, no matter where you live – it took me leaving Iowa to appreciate it!
5. Please share three recommendations of things to do or places to go in Iowa.
Catch a show at the Des Moines Performing Arts Center.
Eat your heart out at the Iowa State Fair.
Visit the Field of Dreams movie site near Dyersville on your way to hike and explore the scenic views over the Mississippi River at Pikes Peak State Park near McGregor.
Published February 2025.