North Dakota is making strides in technology, with a growing number of successful startups shaping the state’s future. We've taken a deep dive into North Dakota’s startup scene to spotlight the top investors and VC firms supporting this growth. Based on recent data and metrics, we’ve compiled a list of the top 10 VC funds driving innovation and opportunity across the state.
Here's a table that summarizes the overall VC data for a quick overview:
| VC Firm | Ticket Size | Stages | Founding Year |
|---|---|---|---|
| Dakota Venture Group | $50K - $250K | Early-stage | 2006 |
| North Dakota Growth Fund | $100K - $5M+ | Early to growth stage | 1991 |
| Gener8tor North Dakota | $100K - $750K | Seed and early-stage | 2012 |
| Wonder Fund North Dakota (O'Leary Ventures) | Up to $20M | Seed to Series A | 2020 |
| Great North Ventures | Seed to Series A | Early-stage | 2017 |
| Lewis & Clark Agrifood Fund | $5M - $20M | Seed to growth stage | 2016 |
| Longwater Opportunities | $5 million to $15 million | Growth-stage | 2009 |
| Homegrown Capital | $500K–$1.5M | Early-stage (Seed to Series A) | 2021 |
| Black Kanyon | $1M–$5M | Growth-stage | 2020 |
| Susa Ventures | $1M - $3M | Seed-stage | 2013 |
1. Dakota Venture Group
Dakota Venture Group (DVG) is a student-run venture capital fund founded in 2006 in Grand Forks, North Dakota. It offers great opportunities for University of North Dakota students to engage early in venture capital and angel investing. By fostering the entrepreneurial spirit in North Dakota.
- Website : dakotaventuregroup.com
- Founding Year : 2006
- Investment Range : $50K - $250K
- Stage : Early-stage
- Sector : Industry-agnostic (focuses on high-growth ventures in the Midwest)
- Geography : Midwest, with a focus on North Dakota
- Notable Investments : Emerging Midwest startups, particularly student-led ventures
- Submit Pitch/ Contact: link
2. North Dakota Growth Fund
The North Dakota Growth Fund (NDGF) is a $100 million venture capital fund dedicated to supporting North Dakota’s entrepreneurial ecosystem. The fund focuses on making targeted investments in local businesses through venture capital, private credit, private equity, and infrastructure opportunities. Managed by 50 South Capital, NDGF always tries to innovate while delivering competitive returns. With a strong focus on transparency and governance, the fund mainly helps grow North Dakota’s private markets and foster a vibrant entrepreneurial community.
- Website : ndgrowthfund.com
- Founding Year : Managed by 50 South Capital
- Investment Range : $100K - $5M+
- Stage : Early to growth stage
- Sector : Agriculture, energy, technology, healthcare, and industrial sectors
- Geography : North Dakota and surrounding regions
- Notable Investments : Various high-growth companies across key sectors in the state
- Submit Pitch/ Contact: link
3. Gener8tor
Gener8tor North Dakota invests in five high-growth startups per cohort, without focusing on any specific business model or industry. Each startup receives $100K in funding and joins a 12-week accelerator program. The program provides hands-on mentorship and resources to help entrepreneurs from all sectors grow their businesses.
- Website : gener8tor.com
- Founding Year : 2012 (program launched in North Dakota in recent years)
- Investment Range : $100K - $750K
- Stage : Seed and early-stage
- Sector : Industry-agnostic
- Geography : North Dakota, with programs in Fargo and Grand Forks
- Notable Investments : Startups accelerated through gBETA Fargo and Grand Forks
- Submit Pitch/ Contact: link
4. Wonder Fund North Dakota (O'Leary Ventures)
North Dakota has partnered with O’Leary Ventures to discover top entrepreneurial talent and foster small business growth. Kevin O’Leary is passionate about startups and is constantly looking for great companies that have the potential to make it big with the right expertise and resources. With a pro-business environment and a diverse economy, the state provides opportunities for entrepreneurs to collaborate with Kevin O’Leary's vision of transforming North Dakota into a powerhouse for small businesses.
- Website : olearyventures.com
- Founding Year : 2020
- Investment Range : Up to $20M
- Stage : Seed to Series A
- Sector : Diverse sectors supporting North Dakota’s economy
- Geography : North Dakota, with potential investments in companies that can relocate to or significantly impact the state
- Notable Investments : LandTrust, other early-stage companies scaling in North Dakota
- Submit Pitch/Contact : Link
5. Great North Ventures
Great North Ventures invests in tech companies using innovative technologies to solve some real challenges. Their focus areas include mainly AI-driven digital transformation, solutions for labor shortages and community-focused applications. They primarily target early-stage startups with perfect solutions. You can stay updated with their insights through their blog. They add value, source unique deals, and invest intelligently to maximize investment results.
- Website : greatnorthventures.com
- Founding Year : 2017
- Investment Range : Typically Seed to Series A
- Stage : Early-stage
- Sector : Tech startups, AI, community-driven applications
- Geography : Upper Midwest, including North Dakota
- Notable Investments : Digital transformation and tech startups
6. Lewis & Clark Agrifood Fund
Lewis & Clark AgriFood is an agriculture and food technology investment firm based in St. Louis. The firm focuses on supporting innovative companies that aim to improve the future of food and agriculture. By investing in transformative ideas, they help build sustainable, efficient, and profitable solutions within the agri-food sector.
- Website : lewisandclarkagrifood.com
- Founding Year : 2016
- Investment Range : $5 million to $20 million
- Stage : Seed to growth stage
- Sector : Ag-tech, food production, sustainable agriculture
- Geography : North Dakota and the broader Midwest
- Notable Investments : Startups within the agriculture sector
- Submit Pitch/ Contact : Link
7. Longwater Opportunities
LongWater focuses on providing customized investment solutions in private equity, private credit, and capital solutions for the Lower Middle Market. With over 125 years of collective experience, LongWater emphasizes collaboration, transparency, and trust, building strong partnerships. Their industry knowledge and scale allow them to create tailored strategies for investors, sponsors, and borrowers. They support growth and long-term success across industries.
- Website : longwateropportunities.com
- Founding Year : 2009
- Investment Range : $5 million to $15 million
- Stage : Growth-stage
- Sector : Industrial and manufacturing
- Geography : Primarily Midwest, including North Dakota
- Notable Investments : Manufacturing-focused companies
- Submit Pitch/ Contact: link
8. Homegrown Capital
Homegrown Capital LLC is a South Dakota-based venture capital firm that backs early-stage, tech-driven companies in the Northern Plains. Led by experienced partners Tim Weelborg and Matt Paulson, who have facilitated and invested in numerous angel deals, the firm is supported by a team of advisors. These experts help identify promising opportunities and guide their portfolio companies toward growth and success.
- Website : Homegrown Capital
- Founding Year : 2021
- Investment Range : $500K–$1.5M
- Stage : Early-stage (Seed to Series A)
- Sector : Technology-driven businesses, AgTech, FinTech, B2B software
- Geography : Northern Plains, including North Dakota
- Notable Investments : Bushel, ProsperStack, Soiltech Wireless, Grain Weevil, SiteKickHomegrown Capital
- Submit Pitch/ Contact: Link
9. Black Kanyon
Black Kanyon is a holding company focused on business and real estate acquisitions. Specializing in value-add assets, they work to unlock the full potential of each investment. Backed by a creative and inspiring team of top talent, Black Kanyon is dedicated to executing its vision and driving growth across its diverse portfolio of real estate and active companies.
- Website : Black Kanyon
- Founding Year : 2020
- Investment Range : $1M–$5M
- Stage : Growth-stage
- Sector : Financial services, technology
- Geography : North Dakota and Midwest U.S.
- Notable Investments : Financial tech companies
- Submit Pitch/ Contact: Link
10. Susa Ventures
Susa Ventures is an early-stage VC firm investing in businesses with compounding moats like proprietary data, economies of scale, and network effects. Sector agnostic, they focus on Fintech, Healthcare, Logistics, Enterprise Software, and Dev Tools, backing companies that solve major problems with innovative technology.
- Website : Susa Venture
- Founding Year : 2013
- Investment Range : Typically between
- $1 million to $3 millionper investment.
- Stage : Seed-stage
- Sectors : Enterprise software, cloud security, healthcare, SaaS, artificial intelligence, logistics, and more.
- Geography: Primarily invests in startups across the United States, with a focus on tech hubs like Silicon Valley.
- Notable Investments : Robinhood, Flexport, Andela, Thrive Market, Rigetti Computing
FAQ (Frequently Asked Questions)
- Is VC high risk?
Venture capital is a type of investment that can be risky but has the potential for high returns. However, there is no guarantee of success. Investing in startups is always uncertain, and you might lose your money. Even though VC firms try to minimize risks, investing in startups is always uncertain, and you might lose your money. - What is the best country to set up a VC fund?
If you’re looking to set up a VC fund, many people think the United States has the best venture capital (VC) funds worldwide. This is because the US has a big economy, lots of money available, and many successful startups. - What cities have the most VC investments?
The top five cities for venture capital investment are San Francisco, New York City, Boston, San Jose, and Los Angeles. These cities together receive more than two-thirds (67.5%) of all venture capital investments. - What is the minimum amount for a VC fund?
Venture capital funds usually ask for a minimum investment of $250,000 to $500,000, and sometimes even more. Investing a small amount of money can still cost a lot. These funds are usually only open to wealthy people and big organizations that have a lot of money. - How do I choose a VC fund?
To choose a VC fund, check how much experience and success the venture capital firm has had before. Look at the companies they’ve invested in before to see if they match what your business does. This can help you figure out if they’re a good match for you.
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.