Venture capital firms in Minnesota focus on funding early-stage startups, particularly in sectors like technology, healthcare, and renewable energy. This industry plays a vital role in nurturing innovation and entrepreneurship, establishing a foundation for economic growth in the region. With strategic investments, these firms not only provide capital but also mentorship and resources to nascent companies. The trend is increasingly toward supporting sustainable and technology-driven businesses as investors recognize the potential for substantial returns in these emerging sectors. Interesting developments include an uptick in funds targeting social impact, reflecting both market demand and investor priorities.

This listing features 21 prominent venture capital firms operating in Minnesota. They vary in size, with many maintaining small teams while focusing on specific investment stages from seed funding to growth equity. Established between 1993 and 2021, these firms are primarily headquartered in Minneapolis, with a few in other local cities. Each specializes in different sectors, including technology advancements and healthcare innovations, providing tailored support to emerging companies in their growth trajectories.

Continue reading to discover the top venture capital firms in Minnesota.

Top 21 Venture Capital Firms Companies in Minnesota

1. Great North Labs

• Website: greatnorthlabs.com
• Ownership type: Private
• Headquarters: St. Cloud, Minnesota, United States (USA)
• Founded year: 2017
• Headcount: 1-10
• LinkedIn: great-north-labs

Great North Labs, based in St. Cloud, Minnesota, is a private venture capital firm founded in 2017. The firm specializes in investing in early-stage technology startups, focusing on those that leverage innovative technologies to tackle significant challenges. Great North Labs aims to support companies that demonstrate strong product-market fit, typically investing at the Seed to Series A stages. Their portfolio includes a range of tech startups, such as Coldcart, which recently secured $6.5 million in seed funding, and OneCarNow!, a fintech company that raised $86 million to enhance financial services for gig workers. The firm prides itself on its operational expertise, drawing from the experience of its team to provide not just capital, but also strategic guidance to help startups navigate competitive markets.

2. Matchstick Ventures

• Website: matchstick.vc
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2015
• Headcount: 1-10
• LinkedIn: matchstick-ventures

Matchstick Ventures is a venture capital firm based in Minneapolis, Minnesota, founded in 2015. The firm specializes in investing in early-stage technology startups, providing not just capital but also mentorship and networking opportunities to help entrepreneurs navigate the complexities of business growth. With a team that has firsthand experience as founders, Matchstick Ventures understands the challenges faced by startups. They have invested in over 100 companies, demonstrating their active role in the industry. Their approach is characterized by a commitment to building strong relationships with the founders they support, ensuring that they are not just investors but partners in the entrepreneurial journey. Matchstick Ventures is also dedicated to fostering inclusivity within the startup ecosystem, making it a notable firm in the venture capital landscape.

3. Traction Capital

• Website: tractioncapital.com
• Ownership type: Private
• Headquarters: Wayzata, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2011
• Headcount: 1-10
• LinkedIn: traction-capital

Traction Capital, based in Wayzata, Minnesota, is a venture capital and private equity firm established in 2011. The firm specializes in providing financial capital and strategic support to early-stage and middle-market growth startups across various industries, including technology and manufacturing. With a team composed of experienced business owners and entrepreneurs, Traction Capital is dedicated to fostering the growth of Minnesota's vibrant startup ecosystem. They offer not only funding but also access to a wide network of industry experts and resources, which enhances the potential for success among their portfolio companies. Their investment strategy includes a focus on companies with annual revenues ranging from $250K to $5M, and they actively engage in initiatives like the EO Accelerator program to support local entrepreneurs. Traction Capital has made several investments in startups, demonstrating their commitment to nurturing the next generation of businesses in the region.

4. Groove Capital

• Website: groovecap.com
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2020
• Headcount: 1-10
• LinkedIn: groove-capital

Groove Capital, founded in 2020 and based in Minneapolis, Minnesota, is a venture capital firm dedicated to early-stage investments in startups. The firm primarily targets companies within Minnesota, aiming to provide them with the necessary funding and support to overcome the challenges of growth and market entry. Groove Capital operates as a bridge between investors and promising startups, fostering innovation and economic development in the region. They invest across various industries, including technology and healthcare, and emphasize the importance of community engagement. Groove Capital also hosts events like Angel Fest, which connects early-stage investors and entrepreneurs, further solidifying their role in the startup ecosystem. Their investment strategy focuses on high-potential teams with clear plans for scaling their businesses, making them a vital resource for local entrepreneurs.

5. Bread and Butter Ventures

• Website: breadandbutterventures.com
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2017
• Headcount: 1-10
• LinkedIn: bread-and-butter-ventures

Bread and Butter Ventures is a venture capital firm based in Minneapolis, Minnesota, founded in 2017. The firm specializes in seed stage investments, targeting companies in sectors such as Ag/Food Tech, Health Tech, and Enterprise SaaS. They are dedicated to supporting entrepreneurs by providing not only capital but also resources and networking opportunities to help businesses grow on a global scale. The firm emphasizes its commitment to the Minnesota startup ecosystem, leveraging the state's strong corporate connections and industry expertise. Their team includes experienced professionals with backgrounds in technology, early-stage investing, and startup growth, which enhances their ability to guide portfolio companies effectively. Bread and Butter Ventures is also involved in community initiatives, such as Silicon North Stars, which aims to inspire young individuals from underserved communities to pursue careers in technology. This commitment to community and innovation underscores their role in shaping the future of the economy.

6. Arthur Ventures

• Website: arthurventures.com
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2013
• Headcount: 1-10
• LinkedIn: arthur-ventures

Arthur Ventures, based in Minneapolis, Minnesota, is a venture capital firm established in 2013. The firm specializes in early growth capital investments, primarily targeting B2B software companies throughout North America. Arthur Ventures not only provides financial backing but also offers strategic support to help its portfolio companies enhance their operations and product offerings. The firm has a notable track record of investing in technology-focused businesses, with recent investments including SlicedHealth, Nucleus Security, and CertifID. In April 2023, Arthur Ventures raised $470 million to continue its investment strategy, which reflects its commitment to supporting capital-efficient growth in the technology sector. With a dedicated team of partners and a focus on fostering innovation, Arthur Ventures plays a significant role in the venture capital industry.

7. Hill Capital Corporation

• Website: hillcapitalcorp.com
• Ownership type: Private
• Headquarters: Mendota Heights, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2014
• Headcount: 1-10
• LinkedIn: hill-capital

Hill Capital Corporation, founded in 2014 and based in Mendota Heights, Minnesota, is an investment firm dedicated to empowering entrepreneurs and growth-oriented businesses. The firm invests up to $1 million in various sectors, with a particular focus on technology and small to medium-sized enterprises. Hill Capital distinguishes itself by not only providing capital but also offering mentorship, networking opportunities, and financial planning to help businesses navigate their growth journey. Their approach includes an Equity Based Note™ structure, allowing business owners to maintain autonomy while benefiting from the firm's resources. Hill Capital actively engages with the entrepreneurial community through events and initiatives, fostering connections that can lead to business success. They have built a network of experienced professionals who support their portfolio companies, enhancing their value proposition in the investment landscape.

8. Atland Ventures

• Website: atlandventures.com
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2018
• Headcount: 11-50
• LinkedIn: atlandventures

Atland Ventures is a venture capital firm based in Minneapolis, Minnesota, founded in 2018. It is managed by students from the University of Minnesota, aiming to support early-stage startups that leverage disruptive technologies. The firm focuses on companies that address the needs of Generation Z, providing funding, investment analysis, and networking opportunities to help these businesses grow. Atland Ventures operates with a mission to foster entrepreneurial development within the Minnesota community while offering students hands-on experience in venture capital. Their portfolio includes a variety of startups, showcasing their commitment to innovation and the entrepreneurial spirit. The firm has successfully raised over $1,000,000 for its first fund, which highlights its ability to attract investment and support emerging companies in the region.

9. Demos

• Website: demosfunds.io
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Latest funding: August 2023
• Founded year: 2021
• Headcount: 1-10
• LinkedIn: demosfunds

Demos Strategic Investing Partners is an investment firm based in Minneapolis, Minnesota, specializing in early-stage investments and strategic partnerships with startups. Founded in 2021, Demos focuses on sectors such as food and agriculture, healthcare, and carbon transformation. They aim to provide both capital and creative services to help entrepreneurs accelerate their growth. Their approach combines investment with strategic guidance, positioning them as a valuable partner for innovative companies. Demos has been recognized as a Top Investor by the World Economic Forum, highlighting their commitment to investing in people and planet-focused entrepreneurs. Their model emphasizes collaboration with founders and aims to create impactful ecosystems in the industries they target.

10. Vensana Capital

• Website: vensanacap.com
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2018
• Headcount: 11-50
• LinkedIn: vensana-capital

Vensana Capital is a venture capital and growth equity investment firm based in Minneapolis, Minnesota, founded in 2018. The firm specializes in the healthcare sector, particularly in medical technology, and is dedicated to partnering with entrepreneurs who are committed to transforming healthcare through innovative solutions. Vensana actively invests in development and commercial stage companies across various areas, including medical devices, diagnostics, digital health, and tech-enabled services. With $550 million in capital under management, Vensana is currently deploying its second fund, which has a typical investment range of $10-40 million. The firm has a notable history of supporting companies that have achieved significant milestones, such as FDA approvals and successful market launches, showcasing its commitment to fostering innovation in the healthcare industry.

11. Gopher Angels

• Website: gopherangels.com
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2012
• Headcount: 1-10
• LinkedIn: gopher-angels

Gopher Angels is an angel investment network based in Minneapolis, Minnesota, founded in 2012. The firm focuses on providing capital and expertise to early-stage startups across a variety of industries, including healthcare, technology, and more. With a network of around 80 accredited investors, Gopher Angels facilitates connections between entrepreneurs and potential investors, streamlining the funding process. They emphasize the importance of passionate and skilled leadership in the companies they support, investing primarily in Seed and Series A rounds. Gopher Angels has funded 65 companies to date, contributing approximately $20 million in invested capital. Their approach combines financial support with educational resources, helping startups navigate the complexities of growth and development. By fostering a collaborative environment, Gopher Angels plays a vital role in the Midwest startup ecosystem, driving innovation and economic growth in the region.

12. Deepwater Asset Management

• Website: deepwatermgmt.com
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2017
• Headcount: 11-50
• LinkedIn: loup-funds

Deepwater Asset Management, founded in 2017 and based in Minneapolis, Minnesota, is an investment management firm that specializes in managing equity investment funds across both public and private markets. The firm focuses on high-quality growth businesses and transformative technologies, catering primarily to high-net-worth individuals and institutional investors. Deepwater's approach combines rigorous research with a keen understanding of market trends, allowing them to identify and invest in innovative companies. Their venture capital segment is particularly noteworthy, as it provides investment access to early and growth-stage companies, reflecting their commitment to fostering innovation. The firm also engages in thought leadership, producing insights and research on emerging technologies, which further solidifies their role in the investment community.

13. Opw

• Website: opw.io
• Ownership type: Private
• Headquarters: Wyoming, Minnesota, United States (USA)
• Founded year: 2017
• Headcount: 11-50
• LinkedIn: opwio

Opw Ventures, founded in 2017 and based in Wyoming, Minnesota, is a private venture capital firm dedicated to supporting entrepreneurs and funding startups, particularly in the blockchain sector. With a team of 22 employees, Opw Ventures aims to provide essential services such as early-stage boosting, marketing support, and capital raising to help innovative projects thrive. The firm believes in the potential of decentralized finance to create positive impacts on the global market. Their mission is to assist in the development of the next generation of companies by seeking out promising startups and providing them with the necessary resources to succeed. Opw Ventures is actively involved in the technology and blockchain industries, working to foster sustainable projects that can drive economic growth and technological advancement.

14. TinySeed

• Website: tinyseed.com
• Ownership type: Venture Capital
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Latest funding: Pre-seed, $120,000, May 2019
• Founded year: 2018
• Headcount: 1-10
• LinkedIn: tinyseed

TinySeed is a venture capital firm based in Minneapolis, Minnesota, founded in 2018. It operates as a SaaS accelerator, dedicated to supporting independent SaaS founders through a year-long remote program. This program offers mentorship, funding, and community networking, allowing founders to grow their businesses without the intense pressure of traditional venture capital. TinySeed has backed over 80 companies worldwide, focusing on capital-efficient startups that prioritize sustainable growth. Their approach is designed to help founders reach significant revenue milestones without the need to pursue an IPO or relinquish control of their companies. TinySeed's commitment to fostering a supportive community for bootstrapped founders sets it apart in the venture capital landscape.

15. Northstar Capital

• Website: northstarcapital.com
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 1993
• Headcount: 11-50
• LinkedIn: northstar-capital

Northstar Capital, founded in 1993 and based in Minneapolis, Minnesota, is an investment management firm that specializes in junior capital investments and equity co-investments for lower middle market companies. With a dedicated team of professionals who have been together for decades, Northstar Capital has built a reputation for integrity and commitment. The firm has raised nearly $2 billion in capital and has completed over 155 platform investments across various industries, including healthcare, consumer goods, and business services. Their investment strategy focuses on providing tailored financing solutions to financial sponsors, business owners, and management teams, ensuring that they remain actively involved throughout the investment process. Northstar Capital's emphasis on long-term relationships and their understanding of the lower middle market positions them as a significant player in the investment community.

16. North Sky Capital

• Website: northskycapital.com
• Ownership type: Private
• Headquarters: Wayzata, Minnesota, United States (USA)
• Employee distribution: United States (USA) 89%, Netherlands 11%
• Founded year: 2000
• Headcount: 11-50
• LinkedIn: north-sky-capital

North Sky Capital, founded in 2000 and based in Wayzata, Minnesota, is an investment firm that specializes in impact investing. The firm aims to create positive social and environmental impacts while achieving strong financial returns. North Sky Capital focuses on investing in private equity funds and sustainable infrastructure projects, catering to institutional investors and foundations that wish to align their investments with their values. Over the years, they have raised more than $1.8 billion in investor commitments and have played a pioneering role in the impact investment sector. Notably, they launched the first impact fund of funds in North America in 2005 and the first impact secondaries fund in 2013. Their investment strategies include Impact Secondaries and Sustainable Infrastructure, targeting sectors such as cleantech, sustainable food, and clean power. North Sky Capital is also recognized for its commitment to responsible investing, being a signatory to the Principles for Responsible Investment and a member of various organizations that promote sustainable and impact investing.

17. Yukon Partners

• Website: yukonpartners.com
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2008
• Headcount: 11-50
• LinkedIn: yukon-partners

Yukon Partners is a private investment firm based in Minneapolis, Minnesota, founded in 2008. The firm specializes in providing private debt, equity, and structured capital products to middle market businesses. With a team of experienced professionals, Yukon Partners focuses on transactions that are typically controlled by private equity sponsors. Their investment strategy includes buyouts, recapitalizations, acquisitions, and refinancings, utilizing instruments such as subordinated debt, preferred equity, and minority common stock. The firm aims to deliver tailored financial solutions that support business growth and operational success. Their portfolio reflects a commitment to various industries, indicating a broad understanding of market dynamics and investment opportunities.

18. Treehouse Management, LLC

• Website: thmngt.com
• Ownership type: Family Owned
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2015
• Headcount: 11-50
• LinkedIn: thmngt

Treehouse Management, LLC, founded in 2015 and based in Minneapolis, Minnesota, is an investment management firm that concentrates on renewable energy solutions. The company is dedicated to making strategic, market-rate investments in decentralized renewable energy projects. They manage a portfolio that includes Treehouse Investments, LLC, which targets market-rate returns from businesses led by teams focused on climate-resilient infrastructure. Additionally, they operate Treehouse Development Finance, LLC, which provides funding to developers for early-stage renewable energy projects. Their mission emphasizes collaboration and community engagement, aiming to inspire change in investment practices while addressing the pressing challenges of climate change. With a team of skilled professionals, Treehouse Management is committed to promoting environmental, social, and governance (ESG) investment opportunities.

19. Rice Park Capital Management

• Website: riceparkcapital.com
• Ownership type: Private
• Headquarters: Plymouth, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Latest funding: $300.0M, January 2022
• Founded year: 2018
• Headcount: 11-50
• LinkedIn: rice-park-capital

Rice Park Capital Management, founded in 2018 and based in Plymouth, Minnesota, is a private investment firm that specializes in real estate and finance. The firm manages alternative investment funds and offers tailored solutions in mortgage servicing rights, strategic equity investing, and real estate credit strategies. With a team that has invested over $10 billion in mortgage and structured finance, Rice Park Capital has a strong foothold in the real estate technology sector. They have invested in or acquired more than 30 businesses, focusing on innovative solutions within the mortgage and real estate industries. As of January 2022, the firm reported a significant funding amount of $300 million, indicating active engagement in capital markets. Their approach is characterized by relationship-oriented strategies, aiming to navigate complex market opportunities effectively.

20. Excelsior Energy Capital

• Website: excelsiorcapital.com
• Ownership type: Private
• Headquarters: Excelsior, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2017
• Headcount: 11-50
• LinkedIn: excelsior-energy-capital

Excelsior Energy Capital is an investment firm based in Excelsior, Minnesota, founded in 2017. The firm specializes in making long-term equity investments in renewable energy projects, focusing on wind, solar, and energy storage across North America. With approximately $1.5 billion in assets under management, Excelsior targets the middle market, where they believe there is significant value for institutional investors seeking stable returns. Their portfolio includes a range of utility-scale and distributed generation projects, reflecting their strategy of investing in operating and post-development assets. Excelsior's team boasts extensive experience in the renewable energy sector, which aids in sourcing and managing investments effectively. They are also committed to ESG principles, aiming to contribute to a sustainable energy future while delivering competitive returns to their investors.

21. Glitch

• Website: heyglitch.com
• Ownership type: Private
• Headquarters: Minneapolis, Minnesota, United States (USA)
• Employee distribution: United States (USA) 100%
• Founded year: 2010
• Headcount: 11-50
• LinkedIn: glitchmn

Glitch is a creative funding organization based in Minneapolis, Minnesota, founded in 2010. It operates the Moonrise Fund, which is designed to support game developers and studios by providing financial backing and advisory services. The organization aims to empower creators by allowing them to maintain control over their projects while receiving the necessary resources to bring their unique visions to life. Glitch emphasizes a cooperative approach, focusing on building a more inclusive creative economy within the gaming industry. The Moonrise Fund typically offers investments ranging from $120,000 to $250,000, targeting ambitious creators who are looking to innovate and push the boundaries of play. Glitch also engages with the community through initiatives like the Future of Play Direct, a showcase for new games, further solidifying its role in the gaming ecosystem.

Venture Capital Firms Insights: Key Companies in Minnesota

Company	Headquarter	Size	Founded	Ownership
Great North Labs	St. Cloud, Minnesota, United States (USA)	1-10	2017	Private
Matchstick Ventures	Minneapolis, Minnesota, United States (USA)	1-10	2015	Private
Traction Capital	Wayzata, Minnesota, United States (USA)	1-10	2011	Private
Groove Capital	Minneapolis, Minnesota, United States (USA)	1-10	2020	Private
Bread and Butter Ventures	Minneapolis, Minnesota, United States (USA)	1-10	2017	Private
Arthur Ventures	Minneapolis, Minnesota, United States (USA)	1-10	2013	Private
Hill Capital Corporation	Mendota Heights, Minnesota, United States (USA)	1-10	2014	Private
Atland Ventures	Minneapolis, Minnesota, United States (USA)	11-50	2018	Private
Demos	Minneapolis, Minnesota, United States (USA)	1-10	2021	Private
Vensana Capital	Minneapolis, Minnesota, United States (USA)	11-50	2018	Private
Gopher Angels	Minneapolis, Minnesota, United States (USA)	1-10	2012	Private
Deepwater Asset Management	Minneapolis, Minnesota, United States (USA)	11-50	2017	Private
Opw	Wyoming, Minnesota, United States (USA)	11-50	2017	Private
TinySeed	Minneapolis, Minnesota, United States (USA)	1-10	2018	Venture Capital
Northstar Capital	Minneapolis, Minnesota, United States (USA)	11-50	1993	Private
North Sky Capital	Wayzata, Minnesota, United States (USA)	11-50	2000	Private
Yukon Partners	Minneapolis, Minnesota, United States (USA)	11-50	2008	Private
Treehouse Management, LLC	Minneapolis, Minnesota, United States (USA)	11-50	2015	Family Owned
Rice Park Capital Management	Plymouth, Minnesota, United States (USA)	11-50	2018	Private
Excelsior Energy Capital	Excelsior, Minnesota, United States (USA)	11-50	2017	Private
Glitch	Minneapolis, Minnesota, United States (USA)	11-50	2010	Private

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