Pete Birkeland Leaving RAIN Source Capital for Cahill Adams

Pete Birkeland Cahill AdamsA familiar face to many local tech entrepreneurs, Pete Birkeland has built a reputation as the “go to” for those applying to and working with the RAIN Source Capital angel network.

Well it’s time to update the rolodex, because he will soon be representing a different source of funding.

Birkeland confirmed that today will be his  last as RAIN Fund Program Manager with the St.Paul-based group and his new position as ‘CFO-in-residence’ with Golden Valley’s boutique IT/SaaS investment firm Cahill Adams will commence early April.

“It’s a similar move in that I’m going to continue working with startups and will likely be spending even more time in the entrepreneurial pool,” he said about the decision.

“Peter is a great fit for our firm and portfolio companies.  As a ‘CFO-in-residence’, Peter will use his unique abilities to help growing companies prepare for growth and collaborate with our investment partners,” added Jeff Fritz, Managing Principal at Cahill Adams.

Birkeland joined RAIN Source five years ago (initially as CFO), where he was responsible for conducting due diligence and managing the financial reporting/accounting functions for RAIN Source.  The latter half of his time was spent as RAIN Fund Program Manager, which included multi-state expansion initiatives.

“When you have great people doing great things in the market, that is recognizable to others and his departure is a testament Pete’s value, experience and results over the years,” said RAIN Source marketing manager Tonia Weber.  “We’re personally saddened not to be able to work with him day to day — but professionally, we’re happy to know that his efforts will continue within Minnesota’s entrepreneurial community.”

Prior to his time with RAIN Source, Birkeland was the CFO for tech transfer firm Minnesota Research Fund, where he provided financial functions as well as serving as CFO of selected portfolio companies.  He has also held previous engagements with Accenture and Arthur Anderson.

RAIN Source Capital declined to comment on any aspects of their operations at this time.


  • Justin Kaufenberg

    Congrats Pete, sounds like a great move. He's a guy whose brain I'd love to pick some day on his experience with RAIN. My experience with RAIN and with the Angelsoft system they were using to evaluate companies was not a positive one and it'd be great to hear for the inside what could be done differently either by the companies or by RAIN.

  • Scott Boedigheimer

    Congratulations Jeff and Pete!

  • Scott Boedigheimer

    Congratulations Jeff and Pete. I am glad there are people out there like Jeff and Pete building companies in Minnesota.