Top 10 VC Funds in Minnesota

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Minnesota is a state with a vibrant and diverse entrepreneurial ecosystem, attracting both local and national venture capital firms to invest in its promising startups. Whether you are looking for funding, mentorship, or networking opportunities, Minnesota has it all. We have listed the state's top 10 VC funds based on various metrics. Here's the list:

1. Matchstick Ventures


Matchstick Ventures, based in the Twin Cities, passionately invests in tech startups led by exceptional entrepreneurs with innovative ideas and significant market potential. As a dedicated catalyst, Matchstick wholeheartedly supports its founders and the broader startup community. Focused on startups with a solid product and customer base, Matchstick Ventures is committed to propelling creative individuals who are determined to achieve success.


Founding Year: 2013

Investment Range: $500K - $5M

Stage: Seed, Early Stage

Sector: Technology, Media, Consumer

Investment Geography: North America (primarily US)

Notable Investments: Onward, Kahilla, Haekka, CURU, Getro, Milk Moovement

Submit Pitch/ Contact: Link

2. Arthur Ventures


Arthur Ventures is an early-growth capital firm. It spearheads investments in B2B software companies beyond Silicon Valley. Established in 2013, they've collaborated with over 50 companies across the U.S. and Canada. Currently overseeing $1.1 billion, they are actively investing from their fifth fund, which amounts to $300 million.


Founding Year: 2008

Investment Range: $250K - $3M

Stage: Early, Late, Seed

Sector: B2B Software

Investment Geography: North America

Notable Investments: Ionic, Leadpages, and Zipnosis

Submit Pitch/ Contact: Link

3. InHealth Ventures


InHealth Ventures (IHV) is a venture capital fund specializing in early-stage investments in healthcare and life sciences technology. They support visionary founders dedicated to transforming healthcare. Leveraging its extensive experience and global network, IHV accelerates startups from Seed to Series A and beyond. The company's goal is to positively impact healthcare by reducing costs, enhancing patient access and outcomes, and improving the working conditions for both clinical and non-clinical staff.


Founding Year: 2016

Investment Range: $500K - $3M

Stage: Pre seed, Series A

Sector: Healthcare, Life Sciences

Investment Geography: North America, Europe, Asia

Notable Investments: Visana Health, Laudio, Axuall, Healios, Neurofenix, CION Cancer Clinics, Suki

Submit Pitch/ Contact: Link

4. Stone Arch Capital, LLC


Stone Arch Capital is a Minneapolis-based equity firm. It invests in real estate, technology, and retail sectors. With a vast 100-year experience, they specialize in transforming businesses. Their investment range spans $25 million to $125 million. Noteworthy clients encompass Toysmith, Greenlite, Mitchell’s Oil Field Service, Inc., Norwesco, Inc., showcasing their diverse portfolio.


Founding Year: 2003

Investment Range: $10M - $25M

Stage: Growth

Sector: Business Products, Business Services, Consumer Products, Consumer Services, Financial Services, Healthcare, Energy, Materials, Resources, Information Technology, Manufacturing 

Investment Geography: Midwest

Notable Investments: Lambent, Toysmith, Helix, ICS

Submit Pitch/ Contact: Link 

5. Deepwater Asset Management


Deepwater, a visionary investment firm with over two decades of expertise, excels at combining art and science in its mission to profit from global trends. Specializing in equity investment funds across public and private markets, Deepwater strategically invests in high-quality growth businesses. The firm's focus on transformative technologies and innovative ventures reflects its commitment to unlocking substantial value for investment partners.


Founding Year: 2017

Investment Range: Undisclosed 

Stage: Seed, Later

Sector: Artificial Intelligence, Machine Learning, Augmented Reality, Virtual Reality, Robotics Sectors

Investment Geography: Minnesota

Notable Investments: Redwood Materials, Inner Cosmos, Hydra Host, Rain (Information Technology), Racket (Application Software)

Submit Pitch/ Contact: Link

6. Brightstone Venture Capital


Brightstone Venture Capital, headquartered in Minneapolis, is an early-stage venture capital firm focused on fostering growth since 1985. Managing numerous venture partnerships, they've invested in 100+ successful companies like Wasabi Tech, FLYR Labs, and VRChat. Specializing in technology and life sciences, Brightstone has a notable track record with companies such as Definity Health, HomeSpotter, and FlipGrid, contributing to the success of diverse ventures across the nation.


Founding Year: 1985

Investment Range: $250K - $10M

Stage: Early, Growth

Sector: AI/Machine Learning, Enterprise Security, Blockchain, Cloud Infrastructure, Marketplaces, Life Sciences, Regenerative Medicine, Stem Cell, Next Gen Diagnostics, Genomics/Gene Editing

Investment Geography: Brightstone Venture Capital is based in Minneapolis, Minnesota, and invests primarily in the United States

Notable Investments: Wasabi Tech, FLYR Labs, Definity Health, HomeSpotter

Submit Pitch/ Contact: Link

7. Oxbow Industries, LLC


Oxbow Industries, based in Minneapolis/St. Paul, Minnesota, is a diverse holding company that collaborates with existing management teams to acquire and develop businesses. With a focus on providing liquidity for owners, capital for corporate growth, and equity opportunities for key management, Oxbow is committed to long-term investments, aiming to build value gradually rather than overnight.


Founding Year: 2004

Investment Range: $20M - $250M

Stage: Private

Sector: Focuses on investing across outsourcing, building products, healthcare, direct mail, publishing, printing, software, and consumer products sectors

Investment Geography: United States

Notable Investments: Skywater, Cnex LABS, MN Fence Supply, APP

Submit Pitch/ Contact: Link

8. New Impact Fund


The New Impact Fund is more than a think tank; it's a do tank. Dedicated to bridging the gap for BIPOC entrepreneurs in the Twin Cities, the fund, fueled by High-Net-Worth Individuals, provides evergreen loans. Their goal is clear: eliminate the local racial wealth gap. The vision extends globally, aiming for a world where BIPOC and all entrepreneurs have equal opportunities. Former Cohort Member Susan Shank urges local change through investment in BIPOC entrepreneurs, making a tangible impact on business growth and autonomy.


Founding Year: 2014

Investment Range: Undisclosed

Stage: Undisclosed 

Sector: Invests in Black, Indigenous, Latino, Asian, and immigrant-owned small businesses located in underinvested and underestimated Twin Cities neighborhoods

Investment Geography: Twin Cities neighborhoods of Minneapolis

Notable Investments: Next Level Logistics, Taylor’d Skin, Esthetics Bar, and Lip Esteem

Submit Pitch/ Contact: Link

9. Bread and Butter Ventures


Bread and Butter Ventures is a Minnesota-based early-stage venture capital firm. It operates globally, utilizing its strategic location to tap into robust corporate networks, commercial prospects, and industry knowledge. Specializing in seed stage investments, the firm not only leads funding rounds but also collaborates with influential co-investors to enhance overall value for the startups it supports.


Founding Year: 2017

Investment Range: $1.3M - $20M

Stage: Seed

Sector: Ag/Food Tech, Health Tech, and Enterprise SaaS

Investment Geography: Global

Notable Investments:  Milk Moovement, Orbiit56, Science On Call

Submit Pitch/ Contact:

10. Dundee Venture Capital


Mark started Dundee as a humble online hammock shop in 1998. He soon grew it into a successful outdoor furniture e-commerce startup, based in Omaha. With the support of Sequoia & Insight, he sold Dundee to Walmart and made a fortune. But Mark was not done yet. He saw the untapped potential of hidden gems in the tech world, especially in Commerce, FinTech, and Supply Chain. So he launched the Dundee Fund in 2012, a $40M fund that invests $1M in early-stage startups from overlooked markets. Since then, Dundee has backed over 100 founders in 25 cities, showing that underdogs can win big in tech.


Founding Year: 2010

Investment Range: $500K - $1M

Stage: Pre Seed, Seed

Sector: Fintech, E-commerce, E-commerce Infrastructure, Supply Chain, Logistics

Investment Geography: North America

Notable Investments: Autobound, Curated For You, Upwardli, Vertical Insure, Flamel AI

Submit Pitch/ Contact: Link

FAQ (Frequently Asked Questions)

Q: What cities have the most VC firms?

A: According to a report by PitchBook-NVCA Venture Monitor, the United States received $341.5 billion in venture capital investment in 2021, which is more than double the amount invested in 2020. The top 10 regions for venture capital investment in the US are San Francisco Bay Area, New York City, Los Angeles, Houston, Chicago, Boston, Scottsdale, Palo Alto, San Diego, and Seattle. These regions are primarily concentrated in technology and other major industries.

Q: Do VC firms pay well?

A: Venture capital usually pays better than corporate development but not as much as private equity and hedge funds. At big VC firms, associates without an MBA can make $150K to $200K, while those with an MBA might rake in $200K to $250K. You might also ask, 'Do startups pay well?' Here's your answer.

Q: What is the average salary of a partner in a VC firm?

A: The average salary for a Venture Partner in the U.S. is $300,279 per year, based on a 2023 survey. Compensation in VC firms includes salary, bonus, and carry (a percentage of investment profits). Salary, the main component, is often paid from management fees, while bonus and carry are not guaranteed but commonly received.

Best of luck with your amazing ventures. 

Please note that this list is filtered by various metrics, and all the data are collected through various third-party websites, mostly the VC website. Since data such as ticket size or industry may change, you are requested to visit the official website given in the blog for the latest and updated information.

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