SCSU Grad’s Technology Company Collects $30M



By Mitch LeClair, St. Cloud Times

“Good things may come to those who wait, but they also arrive in the pockets of ambitious entrepreneurs who start in St. Cloud.  In Mynul Khan‘s case, success recently took the form of $30 million going to his Minneapolis-based company Field Nation.

A local entrepreneur, Rob Weber of NativeX, said it might be the largest funding round for a Minnesota technology company since JAMF Software attracted the same amount of money in late 2013.”

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  • Jeff Pesek

    Both of Code42’s rounds ($42.5mA) & ($85mB) are larger, as a matter of record. Next to JAMF’s $30m, FieldNation would be tied for third. LeadPages ($27mB) & Novu ($20mB?) come to mind to round out the top five as of late. Then there’s a grouping in the $10m-$19m mark.

    old news…yes. But a great (big) local success story worth revisiting – minus the random speculation.

    • Casey Allen

      Love to see a Candor Interview with Mynul, specifically including:

      1. How did he resist the temptation to raise $ along the way (inbound interest was likely strong and getting stronger once he hit 20 headcount / $5m ARR)
      2. What changed his mind to take money?
      3. Is recruiting talent with stock options tougher when you have no recent outside valuation to point to?

      Also congrats on Rob and Ryan, who once again show that investors can achieve 50x returns investing in early stage if they are willing to come in early enough.