TECHdotMN: News about Minnesota Startups

Workface, Hardcore Computer and Preventice will be representing Minnesota across the border when Arthur Ventures (AV) hosts its inaugural ‘Cultivate’ partner conference in downtown Fargo.

Inspired by and modeled after the longstanding Sun Valley Conference, the objective is to provide Arthur’s six technology portfolio companies with the unique opportunity to “network, share and learn in an intimate and trustworthy environment,” according to partner Tadd Tobkin.

“We are a family and our investments are more than portfolio companies — these are mutual partnerships that we must foster growth in and prepare,” he says. “Cultivating is core to North Dakota’s agricultural roots and our values.”

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Workface, the Minnesota startup that created BusinessCard2, announced it has raised more than $900,000 in new financing. Participating investors in the latest round include Arthur Ventures and Omphalos Ventures. Since its incorporation in 2007, Workface has raised over $2.5 million.

Workface helps companies market, sell, and support their products and services online by enabling them to promote their employees’ expertise and help their staff engage with prospects online and in real time.

According to Lief Larson, CEO of Workface, more than 75,000 professionals and over 2,500 different companies are now using Workface technology to enable their sales and customer service staffs to engage with prospects.  ”Our ‘profile’ technology helps companies shorten sales cycles, connect with prospects at the moment of interest, and increase the level of engagement and intimacy with customers,” said Lief. “This new round of capital will help us grow revenue from existing customers, add new customers and focus on several key platform enhancements.”

This financing builds on the momentum of the company’s platform debut at DEMO in Palm Springs earlier this year.

It was reported mid-January that North Dakota venture capital firm Arthur Ventures had “backed Boost,” although no specific terms we’re cited at the time.

We now know that $1.5m in equity financing was received on Feb 2 by the Rochester maker of health-related mobile applications, which got its start in 2007. Fr0m the original report:

“Apps include ActiveRx, which acts as an “electronic pillbox” that reminds users when to take medications, and Vree, an app that helps people suffering from type-2 diabetes better manage the disease.”

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By Katharine Grayson, Minneapolis-St.Paul Business Journal

“Boost Inc., a Rochester-based startup that makes health-related mobile applications, has landed an [undisclosed] investment from North Dakota venture-capital firm Arthur Ventures.”

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Arthur Ventures Growth Fund is a “pre series A” fund organized in Fargo, North Dakota. The Fund Managers are  pursuing investments in Minnesota and can prove it. They raised an 11 million dollar fund about two years ago and have since made 4 investments with an estimated 5 million remaining “to put to work.”  Arthur Ventures makes early stage investments in startup companies from a variety of sectors but are known for their software pursuits with respect to their strengths and experiences.  Arthur Ventures is ramping up fundraising efforts for a second fund, aimed between 20-30 million.

Arthur Ventures is the offspring of North Dakota’s biggest software success story – Great Plains Software – which was sold to Microsoft in early 2000 for 1.1 billion. Great story and quality conversation with guests Zach Robins, James Burgum & Tadd Tobkin!