Two new investors are putting up $20m combined of their own money to fund Minnesota startups for no other reason than they see a real opportunity here and now.
“I’m looking at my desk and there are over 100 deals from every letter of the alphabet,” says Mark Marlow, President at Omphalos Venture Partners. “It’s a shame that we have to decline some great entrepreneurs only because we can’t single-handedly fund them all,” adds Omphalos Chairman Sean Casey.
The partners have parlayed winnings from Virtual Radiologic, “a typical startup success story,” Casey says modestly, having founded the venture out of his home in 2001 to provide technology outsourced radiology services. Marlow joined in 2003 as CFO and saw the company through a $70m IPO in 2007; at one point, the VRAD’s market cap peaked around $500m. The firm was eventually sold to Rhode Island-based private equity firm Providence Equity Partners for $294m in May last y