Utah Business is proud to present the 2023 year in review. This recap features notable news, M&A activity and closed funding rounds within Utah’s business community in December 2023.

News

Swig signs 420 franchise units across seven new markets during 2023, and opens its 60th corporate store. The company’s growth strategy balances franchised units with corporate-owned stores.

Utah Innovation Fund—the new fund established by the State of Utah with $15 million in taxpayer-free dollars—officially launches. The fund makes its first investment in Eden Technologies, a St. George-based water desalination startup.

The Salt Lake City Council approves Affordable Housing Incentives (AHI) zoning changes to encourage affordable housing construction across the city. The AHI zoning amendments offer developers incentives like increased density, zoning modifications, additional height in specific districts, reduced parking requirements, diverse housing types and streamlined planning processes.

UTOPIA Fiber completes a $6.7 million fiber-to-the-home build in Santa Clara, Utah, providing ultra-high-speed broadband to all city addresses. This project marks UTOPIA Fiber’s fifth city in 2023 and 19th overall.

The Ryan Seacrest Foundation opens a new broadcast studio at Intermountain Primary Children’s Hospital. This state-of-the-art facility, part of the foundation’s mission to aid children’s healing, allows young patients to engage in media during their hospital stay, enhancing their well-being and creative expression.

The Utah Inland Port Authority announces two new project areas in Tooele County: the Tooele Valley and Twenty Wells Project Areas. 

The Utah Impact Partnership (UIP) achieves a $15 million fundraising goal for homeless services and renews its commitment to raise another $15 million, with $1 million already secured. This initiative underscores UIP’s dedication to tackling homelessness and housing instability in Utah.

Farmstead Bakery acquires 5,000-square-foot warehouse in Leeds, Utah. The facility is capable of supplying 4-5 Farmstead locations and will employ 25-30 individuals.

Waterford.org receives a $13.9M Education Innovation and Research grant from the United States Department of Education to expand early education success in rural southern states.

Japan Communications Inc. partners with the State of Utah to implement statewide CBRS (local 4/5G) for educational and telehealth networks.

Funding

Recipient	Funding Amount	Led By
3Helix	$200K	Utah Innovation Fund
Crew	$2.5M	Kickstart Fund
Eden Technologies	$250K	Utah Innovation Fund
Farmstead Manufacturing	$1.75M	Advantage Capital
Inherent Biosciences	$250K	Utah Innovation Fund
Masset	$700K	Startup Ignition Ventures
Mindsmith	$550K	Grix Venture Capital
Paleblue Earth	$850K	Wefunder
Palette	$150K	Startup Ignition Ventures
Record	$500K	Startup Ignition Ventures

M&A Activity

Acquisitions of Utah companies

• ToolWatch acquires busybusy
• TrendyMinds acquires Faktory 
• Alturas Capital Partners acquires Sandy Commerce Park
• Sonic Healthcare acquires Pathology Watch
• Salesforce acquires Spiff
• Heckens & Wood Capital, LLC acquires FortifyIT, LLC
• BlueSky Restoration Contractors, LLC merges with Liberty Restoration
• Heckens & Wood Capital acquires FortifyIT

Acquisitions by Utah companies

• Bridgesource acquires First Source Fuels
• Crumbl Cookies acquires Crust Club