Come Up Capital’s $50m Midwest Tech VC Fund Disintegrates


comeupcapital$50m Minneapolis based tech venture capital firm Come Up Capital has closed its fund, for now, according to former partner Dave Mao.
Introduced one year ago this month by Mao and Jie (Cindy) Shao, Come Up Capital’s recent development is the result of a difference between partners, Mao says.

“Ultimately, it was down to a business decision for Cindy. She had limited time to spend on her numerous investment activities and decided that her time was better spent on other parts of her portfolio.”

In the first year, they had invested in three companies totaling $300k in investment, including local startups Foodsby and Ilos Videos.

“While she was happy with the dealflow and the variety of deals she was seeing from Minnesota and the Midwest, she felt uncomfortable investing larger amounts without meeting the teams in person, which was impossible for her schedule and negatively impacted our ability to move at the required speed.”

“Cindy decided to retreat from the US market and this investment strategy rather than risk capital without her usual level of diligence…and I was quite shocked by the suddenness of the decision,” he admits.

“This is, by no means, a condemnation of my former partner. Though regrettable, our breakup is amicable, and we will remain friends going forward.”

Post split, Come Up Capital is now effectively an investment management company without a fund to invest from. Mao says the plan is to build on the momentum from last year and possibly raise a new small fund on his own to continue investing in and supporting great companies across the Midwest.

“Come Up Capital will return again, but it will be a while before we can write our next check.”