Dundee Venture Capital just wrapped up a third fund to the tune of $31m for investing into tech startups across the Midwest.
Based in Omaha, Nebraska with an office in Minneapolis, Dundee has accumulated over $50m in combined venture assets between a $2.6m fund I which launched in 2010 and $18.2m fund II that followed in 2012.
This has led to the backing of 40+ technology companies to date, primarily SaaS, e-commerce and consumer network businesses — typically deploying $50k -$750k. So far, just one of those has been Minnesotan, RealVision, though they led in Target/Techstars alumni AddStructure (Chicago), both in 2017.
Repeat entrepreneur John Jenkins who “built 3 & sold 3” has joined the firm in Omaha, bringing the partner count to 5, including Greg Beaufait (left) who relocated to Minneapolis last fall.
“In the last 18 months there’s been an incredible acceleration in the number of venture funds with a Minnesota presence raising and closing funds, as well as increased activity from “outsiders” – e.g. Techstars, Greycroft, Origin, Accel,” Beaufait says.
“Capital is an important piece of a thriving startup ecosystem, and the Twin Cities continue to elevate in that regard. ”