14 investors backing Minneapolis startups in 2026

Minneapolis and St. Paul raised $1.4B across 160+ deals in 2025. Most capital went to healthcare IT, fintech, and B2B software. The ecosystem is Midwest practical - investors want revenue and unit economics before Series A. You won't find blitzscaling or growth-at-all-costs mentality here.

Quick list

Why Minneapolis for fundraising

Minneapolis closed 160+ deals in 2025 with $1.4B in total funding. Average seed round is $2.1M, lower than coastal cities but reasonable for the Midwest. Most active investors focus on healthcare IT, fintech, B2B software, and medical devices. The ecosystem values capital efficiency over growth metrics.

Healthcare dominates with 40% of deals due to United Health Group, Medtronic, and Mayo Clinic influence. Medical device and healthcare IT companies get funded easily if you have clinical validation. Fintech gets 20% of deals because of US Bank and Wells Fargo presence. B2B software gets 30% with focus on vertical SaaS and enterprise tools.

Twin Cities offers 55% lower burn rates than SF or NYC. Your $2M seed round lasts 24+ months instead of 12. But late-stage capital is scarce. You'll likely raise Series B from Chicago or coastal investors. Minneapolis VCs are risk-averse compared to SF and prefer profitable businesses over pure growth plays.

Picking the right Minneapolis investor

Local presence means being in Minneapolis or St. Paul, though the suburbs like Eden Prairie and Bloomington work too. The Twin Cities feel like one market. Remote founders struggle unless they're willing to relocate. The ecosystem values face-to-face relationships and expects you to be present for 3-4 in-person meetings before term sheets.

Portfolio companies should include Minnesota exits or current Twin Cities startups. Check if they've backed companies that survived Minnesota winters and built sustainable businesses. Minneapolis investors understand enterprise sales cycles, B2B unit economics, and healthcare regulations. Look for funds that helped portfolio companies land United Health or Target as customers.

Check sizes in Minneapolis range from $500K at pre-seed to $8M at Series A. Seed rounds average $2.1M. Series B hits $10-12M with participation from Chicago investors. Healthcare rounds run 15% larger than software at each stage. Minneapolis investors write smaller checks than coastal VCs but expect you to stretch capital further.

Local network provides access to United Health Group, Medtronic, Target, Best Buy, and major banks. Investors can intro you to Fortune 500 buyers and healthcare executives. These relationships matter for enterprise sales and pilot programs. Twin Cities VCs also connect you to Beta.MN, MN Cup, and Lunar Startups for ecosystem resources.

Communication with Minneapolis investors is straightforward and no-nonsense. Upload your deck to Ellty and send trackable links after initial conversations. You'll see which investors actually review your financials versus which pass based on sector fit. Twin Cities VCs take 5-7 days to review decks. If they haven't opened it in 10 days, they're not interested.

Follow-on capacity is limited in Minneapolis. Most seed funds can't lead Series B rounds above $10M. Ask upfront about their reserves and Chicago co-investment relationships. Many Twin Cities VCs partner with Chicago, Cleveland, or coastal investors for later rounds. For healthcare Series C, you'll need specialized life sciences funds from Boston or SF.

How to find and approach Minneapolis investors

Research local deals through Minneapolis/St. Paul Business Journal and Beta.MN's funding reports. Most Twin Cities deals don't get TechCrunch coverage. Check MN Cup winners from past years - those companies are raising follow-on rounds. Talk to founders at CoCo coworking spaces or WeWork to learn which investors actually respond versus which waste your time.

Leverage local ecosystem programs like Beta.MN accelerator, MN Cup competition, and Lunar Startups for diverse founders. Medical Alley hosts healthcare-focused events connecting to investors. These programs have direct pipelines to Twin Cities VCs. Great North Labs runs a pre-seed program that's the fastest path to Minneapolis seed investors.

Build relationships first through Minnesota Nice networking. Twin Cities investors prefer warm intros over cold emails. Attend Beta.MN events or Techstars Startup Week Minneapolis. Getting introduced by another founder or corporate executive carries weight. The ecosystem is small enough that reputation matters significantly. One bad interaction tanks your fundraising. GDPR isn’t just legal jargon; it’s a practical framework for handling documents responsibly.

Share your pitch deck after establishing initial rapport. Upload to Ellty and create unique links for each Minneapolis investor. They typically review materials within a week if interested. If they don't open your deck, they've passed but are too Minnesota Nice to say it directly. Focus on unit economics and path to profitability in your opening slides - growth without economics doesn't impress here.

Attend local events like MN Cup finals in September and Beta.MN's annual conference. Medical Alley Week in September connects healthcare founders to investors. Minnebar brings together 1,000+ tech community members annually. These events matter for relationship building. Skip generic networking events. Sector-specific gatherings produce better investor connections.

Connect with portfolio founders by requesting 2-3 introductions to companies the investor backed. Twin Cities founders are direct and collaborative - they'll tell you which VCs add value. Most Minneapolis investors are hands-on with quarterly board meetings and operational support. Portfolio founders reveal which investors actually help with enterprise sales versus which just monitor from afar. Even if you control access, screenshots can still steal your data, so add a layer that stops them too.

Organize due diligence materials with Midwest practicality. Minneapolis investors want to see customer contracts, revenue projections, and unit economics immediately. Set up an Ellty data room with your financial model, cap table, and enterprise reference customers. Twin Cities VCs expect organized documentation and won't wait for you to scramble materials together.

Understand local pace - Minneapolis deals close in 60-90 days for seed rounds. That's faster than coastal cities but deliberate compared to Austin. Healthcare deals take 90-120 days due to clinical validation requirements. Expect 3-4 meetings before term sheets. If you're on meeting five without progress, they're passing. Twin Cities investors are direct but polite about rejection.

Minneapolis-specific considerations

Minneapolis investors strongly prefer B2B over consumer. Healthcare IT, fintech, and enterprise software get funded easily with revenue traction. Consumer startups need extraordinary metrics to raise here. The ecosystem is skeptical of consumer businesses after seeing multiple failures in the 2010s.

Winter matters more than people admit. You'll spend November through March indoors building product and talking to customers. Investors expect you to embrace this and use winter for focus. If you complain about weather, you won't fit the culture. Twin Cities founders accept winter as feature, not bug.

Competition for seed capital is moderate. You're competing with 15-20 other startups per quarter for Minneapolis VC attention. Healthcare deals face most competition because there's more capital available. B2B software competition is reasonable. Consumer startups face less competition but also have fewer interested investors.

Minnesota offers R&D tax credits and DEED (Department of Employment and Economic Development) grants that reduce dilution. Minneapolis investors expect you to pursue these programs. Not leveraging state resources signals you don't understand the Twin Cities ecosystem. Most successful Minnesota startups stack multiple non-dilutive capital sources.

Corporate connections matter significantly. United Health Group, Medtronic, Target, Best Buy, and major banks provide pilot opportunities and strategic partnerships. Minneapolis investors expect you to leverage these corporate relationships. Saying "we're not ready for enterprise sales" in Minneapolis is like saying you're not ready to fundraise.

14 top investors in Minneapolis

1. Flybridge Capital Partners

Boston-based fund with strong Minneapolis activity backing healthcare and B2B software companies.

• Recent Deals: Zipnosis (Minneapolis) before Bright Health acquisition, multiple Twin Cities healthcare IT investments 2025
• LinkedIn: Jeff Bussgang
• Sector Focus: Healthcare IT, digital health, B2B SaaS, fintech
• Stage Focus: Seed, Series A, Series B
• Office Location: Boston with Minneapolis portfolio focus
• Website: flybridge.com

2. Split Rock Partners

Silicon Valley firm with Eden Prairie office that backed Minnesota medical device and healthcare companies.

• Recent Deals: CardioMEMS (Minnesota) before $375M Abbott acquisition, multiple Twin Cities medical device investments
• LinkedIn: Joe Cunningham
• Sector Focus: Medical devices, healthcare IT, life sciences, diagnostics
• Stage Focus: Series A, Series B, Series C
• Office Location: 7900 Xerxes Avenue South, Eden Prairie, MN 55344
• Website: splitrock.com

3. Groove Capital

Minneapolis early-stage fund backing B2B software and consumer technology with strong local network.

• Recent Deals: SportsEngine (Minneapolis) before NBC Sports acquisition, multiple Twin Cities B2B SaaS seeds in 2025
• LinkedIn: Nate Obermeyer
• Sector Focus: B2B SaaS, consumer technology, vertical software, marketplaces
• Stage Focus: Pre-seed, Seed, Series A
• Office Location: Minneapolis, MN
• Website: groove.capital

4. Arthur Ventures

Minneapolis B2B software fund investing exclusively in vertical SaaS and enterprise software companies.

• Recent Deals: Calabrio (Minneapolis) growth rounds in call center software, multiple Twin Cities B2B investments 2025
• LinkedIn: Patrick Meenan
• Sector Focus: Vertical SaaS, B2B software, enterprise applications, workflow automation
• Stage Focus: Series A, Series B
• Office Location: Minneapolis, MN
• Website: arthurventures.com

5. Augeo

Minneapolis-based company that operates as both startup and investor in consumer engagement and loyalty.

• Recent Deals: Multiple rounds raised from local investors 2015-2020, now strategic investor in loyalty tech ecosystem
• LinkedIn: David Kristal
• Sector Focus: Loyalty platforms, consumer engagement, rewards technology, employee benefits
• Stage Focus: Growth stage
• Office Location: Minneapolis, MN
• Website: augeomarketing.com

6. Great North Labs

Minneapolis pre-seed and seed fund backing earliest-stage Twin Cities founders across multiple sectors.

• Recent Deals: 40+ Twin Cities startups funded since 2016, healthcare and B2B software focus, typical $100K-$500K checks
• LinkedIn: Ryan Weber
• Sector Focus: Healthcare IT, B2B SaaS, fintech, consumer technology
• Stage Focus: Pre-seed, Seed
• Office Location: Minneapolis, MN
• Website: greatnorthlabs.com

7. Matchstick Ventures

Minneapolis seed fund that's backed 100+ Midwest startups with strong portfolio of Minnesota companies.

• Recent Deals: Multiple Twin Cities seeds in 2025, portfolio includes healthcare, fintech, and B2B software across Midwest
• LinkedIn: Ryan Broshar
• Sector Focus: B2B SaaS, healthcare IT, fintech, consumer technology, marketplaces
• Stage Focus: Pre-seed, Seed
• Office Location: Minneapolis, MN
• Website: matchstickventures.com

8. Minnesota Growth Fund

State-backed fund investing in Minnesota technology companies to drive economic development.

• Recent Deals: 20+ Minnesota technology investments in 2025 across healthcare, software, and manufacturing tech
• LinkedIn: Minnesota Growth Fund Team
• Sector Focus: All sectors for Minnesota-based companies, focus on job creation
• Stage Focus: Seed, Series A
• Office Location: Minneapolis, MN
• Website: minnesotafund.com

9. Rally Ventures

Minneapolis B2B software investor focusing on enterprise SaaS and vertical software companies.

• Recent Deals: Multiple Twin Cities enterprise software investments 2025, focus on capital-efficient B2B companies
• LinkedIn: Charles Beeler
• Sector Focus: Enterprise SaaS, vertical software, B2B marketplaces, workflow automation
• Stage Focus: Series A, Series B
• Office Location: Minneapolis, MN
• Website: rally.vc

10. Bain Capital Ventures

Boston and SF fund with significant Minneapolis healthcare activity including Bright Health investment.

• Recent Deals: Bright Health (Minneapolis) pre-IPO rounds, multiple Twin Cities healthcare and software investments
• LinkedIn: Enrique Salem
• Sector Focus: Healthcare, enterprise software, fintech, consumer technology
• Stage Focus: Series A, Series B, Series C, Growth
• Office Location: Boston and San Francisco with Minneapolis activity
• Website: baincapitalventures.com

11. Bluestem Capital

Minneapolis growth equity fund investing in Midwest B2B software and business services companies.

• Recent Deals: Multiple Twin Cities B2B software growth investments 2025, focus on profitable companies with $5M+ revenue
• LinkedIn: Steve Papermaster
• Sector Focus: B2B software, business services, healthcare IT, vertical SaaS
• Stage Focus: Series B, Growth
• Office Location: Minneapolis, MN
• Website: bluestemcapital.com

12. Tech Dump

Minneapolis social enterprise with investment arm backing Twin Cities technology startups.

• Recent Deals: 15+ Twin Cities startups backed through community investment program, focus on social impact
• LinkedIn: Tech Dump Team
• Sector Focus: All sectors with preference for social impact companies
• Stage Focus: Pre-seed, Seed
• Office Location: 860 Vandalia Street, St. Paul, MN 55114
• Website: techdump.org

13. Winnebago Seed Fund

Minneapolis pre-seed fund providing earliest capital to Minnesota founders with $50K-$250K checks.

• Recent Deals: 30+ Minnesota pre-seed investments since 2019, healthcare and software focus
• LinkedIn: Winnebago Fund Team
• Sector Focus: Healthcare IT, B2B SaaS, fintech, all sectors for Minnesota founders
• Stage Focus: Pre-seed
• Office Location: Minneapolis, MN
• Website: winnebagoseedfund.com

14. Briva Capital

Minneapolis family office backing Twin Cities healthcare and software companies with patient capital approach.

• Recent Deals: Multiple Twin Cities healthcare and B2B software investments 2024-2025, focus on capital-efficient growth
• LinkedIn: Briva Capital Team
• Sector Focus: Healthcare, B2B software, medical devices, fintech
• Stage Focus: Seed, Series A
• Office Location: Minneapolis, MN
• Website: brivacapital.com

Start tracking your Minneapolis investor outreach

These 14 investors closed Twin Cities deals in 2025-2026. Before you start reaching out to Minnesota funds, set up proper tracking.

Upload your deck to Ellty and create a unique link for each Minneapolis investor. You'll see exactly which slides they view and how long they spend on your unit economics and customer traction pages. Twin Cities-based founders often find local investors skip market size but focus heavily on revenue metrics, customer acquisition costs, and path to profitability.

When Minneapolis investors ask for more materials during diligence, share an Ellty data room instead of messy email threads. Your customer contracts, financial model with conservative projections, cap table, and enterprise reference letters in one secure place with view analytics.

Common questions

Do I need to be based in Minneapolis to raise from Twin Cities investors?

Yes, with rare exceptions. Minneapolis VCs strongly prefer local founders in Minneapolis or St. Paul. The suburbs like Eden Prairie, Bloomington, or Minnetonka work fine. Remote founders need exceptional traction or warm intros from trusted sources. Plan to relocate if you want meaningful Twin Cities investment. Investors here value face-to-face relationships.

How does Minneapolis compare to Chicago or Denver for fundraising?

Minneapolis has less total capital than Chicago but more focus on healthcare IT and fintech. Chicago has bigger checks and more late-stage investors. Denver has more consumer and outdoor recreation capital. Minneapolis's advantage is Fortune 500 corporate access - United Health, Target, Best Buy, Medtronic are all headquartered here. For B2B software targeting enterprise, all three cities work equally well.

What's the average seed round size in Minneapolis?

$2.1M in 2025. Pre-seed rounds typically hit $500K-$750K. Series A averages $6-7M. Healthcare rounds run 15% higher due to clinical validation costs. Twin Cities rounds are 25-30% smaller than coastal cities but burn rates are 50% lower, so capital lasts longer. Investors here expect you to stretch every dollar.

Should I raise locally or go straight to Chicago or coastal VCs?

Raise your seed round in Minneapolis if you're in healthcare, fintech, or B2B software. Local investors understand these sectors and provide corporate introductions. For consumer products without Minnesota angles, Chicago or coastal cities might move faster. Most Twin Cities companies raise Series B from Chicago investors. Starting local builds credibility for later rounds.

Do Minneapolis investors expect in-person meetings?

Yes. Video calls work for initial screening but Twin Cities VCs want 3-4 face-to-face meetings before term sheets. The ecosystem values personal relationships and Minnesota Nice culture. Flying in quarterly from other cities works poorly. Being present for winter shows commitment. Remote fundraising rarely succeeds here unless you have extraordinary metrics.

What industries get funded most in Minneapolis?

Healthcare IT dominates with 40% of deals due to United Health and Medtronic influence. B2B software gets 30% with focus on vertical SaaS and enterprise tools. Fintech gets 20% because of major banks headquartered here. Medical devices get 5%, everything else splits the remaining 5%. Consumer startups struggle unless they have strong revenue traction or corporate partnerships.

How important are corporate connections in Minneapolis?

Extremely important. United Health Group, Medtronic, Target, Best Buy, US Bank, and Wells Fargo provide pilot opportunities and strategic partnerships. Minneapolis investors expect you to leverage these corporate relationships for enterprise sales. The ecosystem is built around Fortune 500 companies. Ignoring corporate partnerships signals you don't understand the Twin Cities advantage.