Great North Labs Recruits Silicon Valley Vet Pradip Madan As Third General Partner

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Local seed stage investment fund Great North Labs has added a third general partner to the team named Pradip Madan who will represent the firm from Silicon Valley.

Madan has a lengthy track record success in the business of technology, spanning from his involvement with an IPO in the early 80’s (LSI Logic $153m) to CEO of 10,000+ employee offshoring company, and most recently head of corp dev at $10 billion public company Synnex — where he lead acquisitions with as much as $1 billion in annual revenue.

“As full-time remote partner staying in Silicon Valley, Madan will provide global connections and perspective to regional startups we partner with,” says Great North Labs’ general partner Rob Weber.

He will sit on the investment committee with Rob and Ryan Weber, leading the funds R&D efforts.

“As far as I know, there isn’t a single other seed fund in the Upper Midwest which counts as a partner someone in Silicon Valley,” Weber maintains.

Madan and the Weber’s go back to the angel round at Freeze/W3i/NativeX that was ultimately sold to MobVista for $25m in 2016, an investment “that returned handsomely for angels,” and clearly left an impression on Madan in regards to Great North Labs present pursuits.

“Throughout my association with NativeX, I was struck by the quality of the team. Technical quality, domain knowledge, thoughtfulness, collaboration, and a commitment to succeed, are the key attributes of any winning team, and they were the obvious qualities of the NativeX team. With Great North Labs, I anticipated that these qualities would be reflected repeatedly across our investee teams, and that is exactly how it is turning out,” Madan says of the decision.

Great North Labs is a relatively new fund which has quickly cultivated a network of advisors whom Weber notes are more than just an-hoc inputs, but individuals with a vested financial interest in the outcome at Great North Labs first fund.  Their collective effort is simultaneously in fundraising and investing mode, with intentions of closing on an initial fund of undisclosed amount by the end of this year.  In order of investment made, their current portfolio includes:

Structural (MN), a stealth wearable startup (MN), Dispatch (MN), TeamGenius (MN) and most recently Factoryfix (IL).

“Our average investment has been around $200k however, we will typically invest between $300,000 and $1.5 million in seed and follow on rounds of upper Midwest startups,” says Weber.

“The goal is to become the most active seed fund from the Twin Cities with the next five years and we’re tracking for that already.”

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