Dakota Venture Group out of Grand Forks North Dakota has eyes for Minnesota entrepeneurs and an express desire to court them with cash.
The groups Harvest Fund I (technically a second fund) has just closed on a raise with $1.4m in student managed assets. Yes, this fund is run exclusively by a group of college students who do all of the fundraising, investing, etc. under auspice from the University of North Dakota’s Center for Innovation and School of Entrepreneurship.
Their first “Innovation” fund of approximately $400k was previously invested, with three exits already on the books, while a portion of their new Harvest Fund is already at work. The financial backing this time around is 90%+ individual angel investors from North Dakota and beyond, former Chairman and UND alum Greg Syrup explains.
He notes that they have about $1m in dry powder and are actively looking for more chances to expand their Minnesota tech portfolio.