Coastal VC Greycroft Partners is scouting startups in Minnesota

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Greycroft-logoNY + LA venture capital firm Greycroft Partners is curious about the Twin Cities tech scene after backing their first Minnesota startup earlier this year.

On the heels of that deal, Managing Director Alan Patricof and Senior Associate Jason Yeh are visiting Minneapolis next month for existing business while exploring new possibilities.

“As we’ve gotten into our relationship with thisCLICKS, we’ve grown more and more interested in finding other hidden gems in Minnesota.” Yeh says.

Formed in 2006, Greycroft is in the midst of a 3rd fund ($175m) and counts over 100 companies in the portfolio. Their appetite, Yeh explains, is vertically agnostic but “about entrepreneurs building great businesses on digital platforms.”  He mentions ad tech, e-commerce, and video/media/content with a particular fondness.  They are generally series A ($1m – $3m as part of a larger round), and will lead or follow.

Patricof and Yeh are carving out some time on June 11th to meet with local tech entrepreneurs; those interested can email jason@greycroft.com a one page summary with the subject line Minnesota Tech Startup [Name].

“A little bit of personal / professional background will help,” he says when asked what they want to see initially.  “We over-index on backing the entrepreneurs vs. the idea,” he added.  “Of course, a clear summary of the idea and business model goes a long way.”

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