Investors financing North Dakota startups and businesses in 2026

North Dakota's raised roughly $120M across 30+ deals in 2025. Most capital went to energy tech, agriculture tech, and B2B software. The ecosystem is extremely small and dominated by angels and family offices. You won't find traditional VC firms here. Raising in North Dakota means knowing the right people in Fargo or having connections to the state's oil and ag industries.

Quick list

Why North Dakota for fundraising

North Dakota has maybe 3-4 active funds and 15-20 angels writing checks. Average seed round is $300K-$800K, significantly lower than Minneapolis or Denver. Deal volume stayed flat in 2025 compared to 2024. Most North Dakota investors focus on agriculture tech, energy tech, or software companies that solve problems for farmers and oil companies.

You'll raise faster if your product relates to agriculture, energy, or serves industries where North Dakota has expertise. Bushel, Pedigree Technologies, and SitePro built solid companies here. But venture capital barely exists locally - you'll need Minneapolis, Chicago, or Omaha investors for anything above $2M.

North Dakota's advantages are incredibly low burn rates and direct access to farmers and energy companies for customer development. Disadvantages are minimal capital, tiny talent pool, and harsh weather that makes recruiting harder. Most North Dakota investors prefer proven revenue over speculation.

Picking the right North Dakota investor

Local presence: You need to be physically in North Dakota. Investors here only back companies they can drive to. Fargo has 80% of the state's startup activity. Bismarck and Grand Forks have some. Williston has oil money but almost no tech investors.

Portfolio companies: Check if they've invested in North Dakota before. Many "North Dakota investors" are actually Minneapolis funds that did one deal here. Look for groups that consistently back in-state companies and understand operating in a state with 760,000 people.

Check sizes: Expect $25K-$100K from individual angels, $200K-$800K from angel groups or small funds. Anything above $1M requires out-of-state investors. North Dakota angels rarely syndicate large rounds - they write smaller checks than coastal angels.

Local network: North Dakota investors can connect you to Bobcat (Doosan), Microsoft's Fargo office, or major farming operations if relevant. For energy tech, they know engineers at Marathon, Hess, and Continental Resources. These connections matter more than capital in many cases.

Communication: Upload your deck to Ellty and send trackable links to each North Dakota investor. You'll know who actually reviewed your materials versus who's ignoring your emails. North Dakota investors often take months to decide - tracking prevents you from annoying them with premature follow-ups.

Follow-on capacity: Zero North Dakota investors have Series A capital. Great North Ventures might participate in later rounds but won't lead above $3M. Plan to raise growth capital in Minneapolis, Chicago, or Omaha from your first pitch deck. Turn passive viewers into leads by enabling lead capture right in your documents.

How to find and approach North Dakota investors

Research local deals: Check Emerging Prairie's deal announcements and the Fargo Forum's business section. Prairie Business Magazine covers most North Dakota investments. Look at who funded Bushel, Pedigree Technologies, and Alerus Financial early - those angels are still active and accessible.

Leverage local ecosystem: Join Emerging Prairie's 1 Million Cups Fargo every Wednesday. North Dakota Development Fund hosts quarterly networking events. The Greater Fargo Moorhead Economic Development Corporation runs an annual innovation conference that brings together the state's active investors.

Build relationships first: North Dakota investors only fund people they know personally. You can't cold email your way to a check here. Attend Emerging Prairie events for 2-3 months before pitching. Most deals happen through intros from other North Dakota founders or North Dakota State University connections.

Share your pitch deck: After initial meetings, send Ellty trackable links. North Dakota investors take 2-4 months to commit but usually review decks within two weeks. You'll see if they're actually interested or just being midwestern-polite by taking meetings.

Attend local events: 1 Million Cups Fargo is required networking - investors attend weekly. Emerging Prairie's annual 1 Million Cups event in spring brings together active angels. Prairie Den (North Dakota's version of Shark Tank) attracts investors even if you're not pitching. Skip Grand Forks events unless you're a UND spinout.

Connect with portfolio founders: Talk to founders at Bushel, Pedigree Technologies, and Intelligent InSites. The North Dakota founder community is tiny - maybe 50 serious startups total. Founders share intel about which angels actually write checks versus who just gives advice.

Organize due diligence: Set up an Ellty data room before meetings. North Dakota investors expect conservative financial projections and proof of revenue or signed LOIs. They're skeptical of pure software plays without clear North Dakota customers or advantages. Compare features, limits, and value on our pricing page to find your fit.

Understand local pace: North Dakota investors move extremely slowly. Four to six months from first meeting to funding is normal. They'll want to see customer traction and revenue growth between meetings. Don't expect quick decisions - this isn't San Francisco.

North Dakota-specific considerations

North Dakota investors hate burn rates above $100K/month. They want to see capital efficiency and paths to profitability within 18 months. Consumer apps never get funded here. B2B software for agriculture or energy works. Most investors expect you to stay in North Dakota permanently - relocating to Minneapolis or Denver after funding will burn bridges. Tax advantages exist through the North Dakota Development Fund programs but they're small compared to federal QSBS benefits.

Raising in winter is brutal - investors are dealing with -20°F weather and don't want extra meetings. Spring and fall work better. The state's small population means limited customer base for consumer products.

10 top investors in North Dakota

1. Great North Ventures

Fargo-based fund that backs North Dakota and upper Midwest startups.

• Recent Deals: Bushel $50M Series C (2025, Fargo), Pedigree Technologies $8M Series A (2024, Fargo)
• LinkedIn: Erik Pedersen LinkedIn
• Sector Focus: Agriculture tech, software, fintech, health tech
• Stage Focus: Seed, Series A, Series B
• Office Location: Fargo
• Website: greatnorthventures.com

2. Emerging Prairie

Fargo entrepreneurship hub that connects startups to their angel network.

• Recent Deals: Connected North Dakota startups to $3M+ in angel capital (2025), facilitated 8 deals
• LinkedIn: Emerging Prairie LinkedIn
• Sector Focus: All sectors with North Dakota presence
• Stage Focus: Pre-seed, Seed
• Office Location: Fargo
• Website: emergingprairie.com

3. North Dakota Development Fund

State-backed fund investing in North Dakota businesses with growth potential.

• Recent Deals: Five North Dakota energy and ag companies totaling $2M (2025)
• LinkedIn: ND Development Fund LinkedIn
• Sector Focus: Energy tech, agriculture, manufacturing, technology
• Stage Focus: Seed, Growth
• Office Location: Statewide offices (Bismarck headquarters)
• Website: nddf.com

4. Red River Angel Fund

Fargo angel group focused on North Dakota and Minnesota border region.

• Recent Deals: Led $800K seed for Fargo fintech startup (2025), participated in three other rounds
• LinkedIn: Red River Angels LinkedIn
• Sector Focus: Software, fintech, agriculture tech, B2B services
• Stage Focus: Pre-seed, Seed
• Office Location: Fargo
• Website: redriverangels.com

5. Kilbourne Group

Fargo family office investing in North Dakota software and technology companies.

• Recent Deals: Three Fargo software companies totaling $1.8M (2025)
• LinkedIn: Kilbourne Group LinkedIn
• Sector Focus: B2B software, agriculture tech, fintech, business services
• Stage Focus: Seed, Early growth
• Office Location: Fargo
• Website: kilbournegroup.com

6. Bank of North Dakota Venture Capital

State-owned bank with venture capital arm supporting North Dakota businesses.

• Recent Deals: Four North Dakota companies with growth capital totaling $3.5M (2025)
• LinkedIn: Bank of North Dakota LinkedIn
• Sector Focus: Agriculture, energy, manufacturing, technology
• Stage Focus: Growth, Revenue-stage
• Office Location: Bismarck
• Website: bnd.nd.gov

7. Northern Plains Angels

Fargo angel group investing $50K-$200K in regional startups.

• Recent Deals: Participated in five North Dakota seed rounds totaling $600K (2025)
• LinkedIn: Northern Plains Angels LinkedIn
• Sector Focus: Software, agriculture tech, healthcare, business services
• Stage Focus: Pre-seed, Seed
• Office Location: Fargo
• Website: northernplainsangels.com

8. North Dakota Center for Technology and Business

Grand Forks incubator connecting UND spinouts and startups to capital.

• Recent Deals: Facilitated $1.5M across 4 deals through investor network (2025)
• LinkedIn: NDCTB LinkedIn
• Sector Focus: University spinouts, software, drones, agriculture tech
• Stage Focus: Pre-seed, Seed
• Office Location: Grand Forks
• Website: ndctb.org

9. Innovate ND

University of North Dakota program supporting student and alumni entrepreneurs.

• Recent Deals: Connected UND founders to $500K+ in angel capital (2025)
• LinkedIn: Innovate ND LinkedIn
• Sector Focus: University spinouts, drones, software, aviation tech
• Stage Focus: Pre-seed, Seed
• Office Location: Grand Forks
• Website: innovate.und.edu

10. Individual Energy Angels (Williston-Bismarck)

Network of oil industry executives investing in North Dakota energy tech companies.

• Recent Deals: Collective investments in 4 energy tech startups totaling $900K (2025)
• LinkedIn: Contact through North Dakota Petroleum Council events
• Sector Focus: Energy tech, oilfield services, industrial software, logistics
• Stage Focus: Seed, Early growth
• Office Location: Williston and Bismarck area
• Website: Network through North Dakota Petroleum Council and energy industry events

Start tracking your North Dakota investor outreach

These 10 investors closed North Dakota deals in 2025-2026. Before you start reaching out to North Dakota funds and angels, set up proper tracking. The investor pool here is tiny - maybe 30 people total write startup checks. One bad interaction spreads fast.

Upload your deck to Ellty and create a unique link for each North Dakota investor. You'll see exactly which slides they view and how long they spend on your financials. North Dakota investors typically focus heavily on revenue projections and customer validation rather than total addressable market slides.

When North Dakota investors ask for financial details or customer contracts, share an Ellty data room instead of forwarding email attachments. Your P&L, customer LOIs, and incorporation documents in one place with view analytics. North Dakota investors expect organized documentation.

Common questions

Do I need to be based in North Dakota to raise from North Dakota investors?

Yes. North Dakota investors only back companies physically operating in-state with founders who plan to stay. Remote teams won't get funded by local angels.

How does North Dakota compare to Minneapolis or Omaha for fundraising?

North Dakota has 20x less capital and much smaller check sizes. Minneapolis seed rounds average $2M, North Dakota averages $400K. Use North Dakota for friends and family or small angel rounds if you're local, then raise Series A in Minneapolis or Chicago.

What's the average seed round size in North Dakota?

$300K-$800K for purely North Dakota rounds. Anything above $1M requires Minneapolis or Omaha investors. Individual angels typically write $25K-$75K checks.

Should I raise locally or go straight to Minneapolis/Chicago?

Raise locally only if you have strong North Dakota connections and your business serves agriculture or energy markets. Go to Minneapolis if you need $1M+ or you're building general software without North Dakota-specific advantages.

Do North Dakota investors expect in-person meetings?

Always. Plan to drive to Fargo for multiple meetings. Bismarck and Grand Forks if relevant. Zoom pitches almost never convert here. North Dakota runs on relationships and face-to-face interactions.

What industries get funded most in North Dakota?

Agriculture tech dominates (Bushel, Pedigree Technologies). Energy tech gets some funding in western North Dakota. B2B software works if it serves farmers or agriculture businesses. Consumer apps and marketplaces almost never get funded.

How long does fundraising take in North Dakota?

Four to six months from first meetings to closed rounds. North Dakota investors move very slowly and want to see multiple months of progress. They'll check references thoroughly and talk to your customers before committing.