We announced our $41 Million Fund II back on May 23, 2022.
On the two-year anniversary of our Fund II announcement, here’s a progress update-
- We’ve invested $12,000,000 into 19 startups.
- Thematically, we are still focused on our three primary investment themes. Those are digital transformation through AI, solving labor problems and community driven applications.
- We continue to use a network driven approach to backing founders based in markets underserved by the broader venture capital market.
- Where are these underserved markets?
- We’ve historically been very active in the Midwest, especially in Minnesota where we are headquartered.
- We recently made our first two investments in LATAM with OneCarNow and Mangxo. We are finding the LATAM is a bit of a capital dessert like the Midwest, and we are especially excited by the fintech startups we are seeing in the region.
- Where are these underserved markets?
Team Update
- All three General Partners (Pradip Madan, Ryan Weber and I) are still actively searching for new investments.
- We have added two new Associates who are coming up on their one year of full-time contributions, Joseph Daher and Grant Gibson.
Future Outlook
- We have 60% of Fund II’s committed capital still to deploy, so that’s approximately $24.6M.
- We are planning to invest in another 7-10 new companies.
- We are spending a lot of time in B2B SAAS and fintech.
- From a stage standpoint, we are looking for startups which have launched their product and showing early signs of product-market fit.
- We have no minimum revenue threshold for us to write a first check (we are mostly evaluating a startup based on qualitative factors of an opportunity at the seed stage), however, most of the startups we invest in have anywhere from tens of thousands to hundreds of thousands of dollars in annual revenue run rate at the time we first invest with growth rates in the 25% to 50+% month over month range.
- Typically, our initial checks are $250k to $1M into Seed stage rounds with potential to follow on in subsequent rounds.
- We are comfortable leading rounds, but being the lead investor is not a requirement.
I’d like to personally thank each of our Fund II investors. It’s through their capital commitments which we are able to continue on our journey backing ambitious founders!
Stay up to date with Great North Ventures here! With execution as our North Star we fund, build and scale innovative tech companies.
Quick Ask
Deal Flow – We are actively investing out of our $41 million second fund and welcome any opportunities that you think fits our investment thesis
What’s New
- Great North Ventures has added two new Associates, Joseph Daher and Grant Gibson
- We hosted several portfolio companies at Target Field to watch the Minnesota Twins
![](https://greatnorthventures.com/wp-content/uploads/2023/06/twins_team_photo-1024x576.jpg)
Left to Right: Ryan Weber, Rob Weber, Joseph Daher, Grant Gibson
Fund and Portfolio News
![flywheel-logo](https://greatnorthventures.com/wp-content/uploads/2021/05/flywheel-logo.png)
Revolutionizing Medical AI Development: Flywheel Announces $54 Million in Series D Funding led by Novalis LifeSciences & NVentures (NVIDIA’s venture capital arm) – June 2023
Read More
![branch-logo](https://greatnorthventures.com/wp-content/uploads/2021/05/branch-logo.png)
Branch Powers the Uber Pro Debit Card and Brings Instant Disbursements and Rewards to Gig Workers – October 2022
Read More
![teamgenius-logo](https://greatnorthventures.com/wp-content/uploads/2021/05/teamgenius-logo.png)
Acquired by Human Powered Health – January 2023
Read More
GNV In The Community
- May31 : Hosted Twins Game | Minneapolis, MN
- June14 : Pitch Breakfast | Charlotte, NC
- June 20-21 : Gener8tor Onramp Workforce/Education Conference | St. Paul MN
- June 21-22 : Gener8tor Onramp Insurance Conference | St. Paul MN
Content on Execution
- Catch Ryan and Rob’s interview with Twin Cities Business
- CEO of WithMe, Jonathan Treble, Talks Revolutionizing Multifamily Amenities, Rebranding and Recruiting Rockstars
I am thrilled to announce the addition of our newest Associate, Grant Gibson, who brings a unique blend of business acumen and legal expertise to our Great North Ventures fund. Holding a law degree from St. Thomas School of Law, Grant passed the bar this past fall, solidifying his legal prowess. Prior to joining Great North Ventures, Grant gained invaluable experience as in-house counsel at a cybersecurity startup.
Great North Ventures looks forward to leveraging Grant’s diverse skill set to further enhance our ability to identify and nurture promising startups. Grant will be responsible for driving deal closures, assisting in deal sourcing, conducting due diligence, and working closely with portfolio companies to support their growth and success. His expertise will play a pivotal role in Great North Ventures’ mission to foster the next generation of transformative businesses.
Please join us in welcoming Grant Gibson to the Great North Ventures team.
![](https://greatnorthventures.com/wp-content/uploads/2024/04/Artboard-1@3x-e1714492694352.png)
April Newsletter
![](https://greatnorthventures.com/wp-content/uploads/2023/06/December-Newsletter-1.png)
June Newsletter
![Learn about HR in startups.](https://greatnorthventures.com/wp-content/uploads/2023/01/startup-hr.jpg)
Demystifying Startup HR
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Head of Finance & Fund Administration- Venture Capital Firm (Remote)
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Demystifying Startup HR
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3 Portfolio Companies Make Inc. 5000 + Quicklly & Instacart Expand
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3 Portfolio Companies Ranked on The Inc. 5000 List
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iraLogix closes $22M + Branch expands with Uber
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iraLogix closes $22M Series C
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Flywheel lands Gates Foundation grant
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Venture Capital Analyst
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Orazio Buzza, Founder and CEO of Fooda – on Episode 13, “Execution is King”
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$40M Fund II Raised!
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Eric Martell, Founder of Pear Commerce: Episode 13, Execution is King
![Great North Ventures Raises $40M Fund II](https://greatnorthventures.com/wp-content/uploads/2022/05/News-Template-replae-Background-Image-2.png)
Great North Ventures Raises $40 Million Fund II
![Investment Thesis: Fund II Strategy](https://greatnorthventures.com/wp-content/uploads/2022/05/Fund-II-Thesis.png)
Investment Thesis: Fund II Strategy
![Investment Thesis: Community-Driven Applications](https://greatnorthventures.com/wp-content/uploads/2022/05/Fund-II-Theses-5.png)
Investment Theme: Community-Driven Applications
![Investment Themes: Digital Transformation Through AI](https://greatnorthventures.com/wp-content/uploads/2022/05/Fund-II-Theses-3.png)
Investment Theme: Digital Transformation Through AI
![Fund II Theses: Solving Labor Problems](https://greatnorthventures.com/wp-content/uploads/2022/05/Fund-II-Theses-4.png)
Investment Theme: Solving Labor Problems
![April Newsletter](https://greatnorthventures.com/wp-content/uploads/2022/05/December-Newsletter-3.png)
Trends in the Gig Economy + Work in the Metaverse
![March Newsletter](https://greatnorthventures.com/wp-content/uploads/2022/04/December-Newsletter-2.png)
Portfolio raises $125M + talking fundraising with Branch CEO
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Omnia Fishing closes $4M round, joins Great North portfolio!
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Atif Siddiqi, Founder/CEO of Branch: Episode 11, Execution is King
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Michael Martocci, CEO and Founder of SwagUp: Episode 10, Execution is King
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Yardstik new to portfolio, closes $8M Series A
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First venture studio startup comes out of stealth!
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Insights for founders from a data guru, + FactoryFix raises a Series A!
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Una Fox: Episode 9, Execution is King
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Start With a Mobile App, Not a Website
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2ndKitchen acquired by SoftBank-backed REEF + advice from an early Googler
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Joe Sriver, 4giving: Episode 8, Execution is King
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2ndKitchen Acquired by REEF
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Venture studio startup jobs + advice for founders from founders
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Best Advice from the Great North Annual Event: Episode 7, Execution is King
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Newsletter: Do you fit our investing themes?
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Jonathan Treble, PrintWithMe: Episode 6, Execution is King
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Anna Mason, Revolution: Episode 5, Execution is King
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Mynul Khan, FieldNation: Episode 4, Execution is King
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Nick Moran, New Stack Ventures: Episode 3, Execution is King
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Molly Pyle, Center on Rural Innovation (CORI): Episode 2, Execution is King
![](https://greatnorthventures.com/wp-content/uploads/2021/10/Kaufenberg-Episode-Cover-Art-1200x675.png)
Justin Kaufenberg, Rally Ventures: Execution is King Episode 1
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Newsletter: “Podcast Launched: Execution is King!”
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“Execution is King” – the Great North Ventures Podcast
![June Newsletter](https://greatnorthventures.com/wp-content/uploads/2021/07/Newsletter-Blog-Post-Template.png)
Newsletter: Fund II is open for business!
![Portfolio Spotlight Blog post](https://greatnorthventures.com/wp-content/uploads/2021/06/Blog-Featured-Image-3.png)
Unlocking the Potential of Anonymized Commercial Real Estate (CRE) Data
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Fund II is open for Business!
![Logo_primary](https://greatnorthventures.com/wp-content/uploads/2021/06/Logo_primary.png)
Mike Schulte Promoted to Venture Partner
![April-Newsletter-1](https://greatnorthventures.com/wp-content/uploads/2021/06/April-Newsletter-1.png)
New Name + New Venture Studio
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Great North Launches Startup Studio
![UST on The Wall](https://greatnorthventures.com/wp-content/uploads/2021/02/UST-on-The-Wall.png)
We Don’t Need No [full-time MBA] Education
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How the University of Minnesota is Embracing Startup Culture
![Top Stories of 2020, iraLogix, and LaunchMN Calls for Mentors](https://greatnorthventures.com/wp-content/uploads/2021/01/December-Newsletter.png)
Top Stories of 2020, iraLogix, and LaunchMN Calls for Mentors
![Building Capacity](https://greatnorthventures.com/wp-content/uploads/2020/10/Screen-Shot-2020-10-29-at-12.55.57-PM.png)
Building Capacity for Innovation
![August Newsletter](https://greatnorthventures.com/wp-content/uploads/2020/09/August-Newsletter.png)
Seizing Opportunity in a Recession, Allergy Amulet, and Twin Cities Startup Week
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Recessionary times, a record-setting IPO, and Minnesota’s Resilient Startups
![Compass Resilience](https://greatnorthventures.com/wp-content/uploads/2020/07/Compass-Resilience-1200x617.png)
Minnesota's Resilient Startups
![June Newsletter](https://greatnorthventures.com/wp-content/uploads/2020/07/June-Newsletter.png)
July 4th, Equitable American Dream-ing, and Robots Diagnosing COVID
![May Newsletter](https://greatnorthventures.com/wp-content/uploads/2020/07/May-Newsletter.png)
Jumpstart, the Startup School, and Branch Wins a Webby!
![April 2020 Newsletter](https://greatnorthventures.com/wp-content/uploads/2020/05/April-Newsletter.png)
COVID-19 Trends, the Great North response, and our Founders Survey
![Giving in the Time of Coronavirus](https://greatnorthventures.com/wp-content/uploads/2020/04/Giving-in-the-Time-of-Coronavirus.png)
Giving in the Time of Coronavirus
![capitol building](https://greatnorthventures.com/wp-content/uploads/2020/04/low-angle-photography-of-building-1000738-scaled-1-1200x800.jpg)
COVID-19 Resources for Startups, State-by-State
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COVID-19, the CARES Act, and startups stepping up
![New Business Preservation Act](https://greatnorthventures.com/wp-content/uploads/2020/03/New-Business-Preservation-Act.png)
New Business Preservation Act
![February newsletter](https://greatnorthventures.com/wp-content/uploads/2020/03/February-Newsletter.png)
Digital Future Boardroom, PartySlate, and The Lean Startup School
![Startup Summit 2020](https://greatnorthventures.com/wp-content/uploads/2020/02/Startup-Summit-2020-1200x600.png)
Great North Labs’s Startup Summit 2020
![Startup Summit 2020](https://greatnorthventures.com/wp-content/uploads/2020/02/Startup-Summit-2020-1200x600.png)
Great North Labs's Startup Summit 2020
![Great North Labs January Newsletter](https://greatnorthventures.com/wp-content/uploads/2020/02/January-Newsletter.png)
World Economic Forum, NoiseAware, and the Startup School reboot
![WEF dates](https://greatnorthventures.com/wp-content/uploads/2020/01/Screen-Shot-2020-01-21-at-7.33.48-PM.png)
Great North Labs at the World Economic Forum 2020 in Davos
![Top 5 Stories of 2019](https://greatnorthventures.com/wp-content/uploads/2019/12/December-Newsletter-Featured-Image.png)
Top 5 Stories of 2019
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Taking the Founders Pledge, Inhabitr, and gBETA Pitch Night
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Founders Pledge: Support the Organizations that Support You
![Great North Labs's October Newsletter](https://greatnorthventures.com/wp-content/uploads/2019/11/October-Newsletter-.png)
BETA Showcase, Greater MN, and Launch MN comes to St. Cloud
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7 Places to Spot Us at Startup Week
![September Newsletter](https://greatnorthventures.com/wp-content/uploads/2019/10/September-Newsletter.png)
The Greater MN Meetup, Parallax, and Exponential Medicine
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Greater MN at the big show, Neela Mollgaard heads Launch MN, and Misty’s roadtrip.
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Talking VC, tech kids, and Forge North’s Horizon
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June: Great North Labs’s first fund raised!
![May Newsletter](https://greatnorthventures.com/wp-content/uploads/2019/05/May.png)
May: Innovation Ecosystems, SingularityU Kickoff, and PrintWithMe
![April Newsletter](https://greatnorthventures.com/wp-content/uploads/2019/05/April.png)
April: Minnebar Recap, ZenLord Pro, and Supporting Entrepreneurs
![Minnebar14](https://greatnorthventures.com/wp-content/uploads/2019/04/Minnebar14-1200x400.png)
MinneBar 14 Recap
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Dispatch and 2ndKitchen claim Tech Madness titles
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Minnesota Innovation Collaborative
![March Newsletter](https://greatnorthventures.com/wp-content/uploads/2019/04/March.jpg)
March: Minnebar, Hockey + Hustlers, and Innovation Workshops
![Great North Labs at CES](https://greatnorthventures.com/wp-content/uploads/2019/01/My-Post.jpg)
Great North Labs at CES
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Dec.-Jan.: Top Posts from 2018, pepr, Glowe, and Misty Robotics
![Top Posts 2018](https://greatnorthventures.com/wp-content/uploads/2019/01/Top-Posts-2018.jpg)
Carried Interest: Top Posts from 2018
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Oct.-Nov.: Singularity University, Exponential Tech, and the State of Innovation
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July: Pitchly, ForwardFest, and Where to Invest in the Midwest
![The Digital Transformation Summit will take place on July 25th in Minneapolis.](https://greatnorthventures.com/wp-content/uploads/2018/07/Digital-Transformation-Summit-2018-e1605573289717-1200x392.png)
Digital Transformation Summit, July 25th in Minneapolis
![June Newsletter](https://greatnorthventures.com/wp-content/uploads/2018/06/June-Newsletter.jpg)
June: Silicon Lakes, FactoryFix, and the Digital Transformation Summit
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Putting the “Silicon” in Silicon Lakes
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Digital Manufacturing and Logistics
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May: Team Genius, IoT, and the Future of Everything
![engineer and various business information. Internet of things industry.](https://greatnorthventures.com/wp-content/uploads/2018/05/iStock-858527370.jpg)
IoT 3.0
![Healthcare innovation image](https://greatnorthventures.com/wp-content/uploads/2018/04/Healthcare-article-picture.png)
Healthcare Innovation
![March Newsletter](https://greatnorthventures.com/wp-content/uploads/2018/04/March-Newsletter.jpg)
March: Exponential Tech, the “Goldilocks Zone”, and Minnebar 13
![February Newsletter](https://greatnorthventures.com/wp-content/uploads/2018/02/February-Newsletter.jpg)
February: Team Expansion, Dispatch, and Startup School Events
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Great North Labs Newsletter – December 2017
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A Letter To My Younger Self
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Great North Labs Newsletter
![Original Great North Labs banner and logo](https://greatnorthventures.com/wp-content/uploads/2017/05/GNL-Banner.png)
Great North Labs Featured on Tech.mn
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Great North Labs Featured in St Cloud Times
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Great North Labs – Featured on BizJournals.com
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