Matchstick Ventures Seeks $25 Million For Fund II

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Minneapolis investor Matchstick Ventures is raising a second tech-focused fund targeting $25 million.

Matchstick originally evolved from Confluence Capital, an early stage deal-flow channel carved by Ryan Broshar in 2013.

After about a dozen investments came through Confluence, Broshar rebranded as Matchstick in 2015, expanded its scope of funding/team, and began striking more direct deals with entrepreneurs from fund 1 ($5m).

Since that time, Matchstick has proceeded to make dozens of new investments, escalated by the Techstars + Target Retail Accelerator where Broshar is also a managing director. Nathanial “Natty” Zola joined Matchstick as a general partner in July, coming by way of Techstars and Matchstick is also well connected with Boulder-based VC Foundry Group since recruiting Seth Levine as an advisor.

The new SEC disclosure indicates that at time of filing, ~$12m of the $25m fund II target has been accounted for.  In short order,  multiple exits from fund 1 have already been realized; Blueprint Registry was acquired by David’s Bridal earlier this yearAddStructure bought by BazaarVoice , and most recently Nexosis bought by DataRobot.  All three of those companies came to Matchstick via the Techstars + Target Accelerator.  Other more recent local wins for the fund 1 include MyAlerts and Docalytics.

Some publicly known Limited Partners ‘LPs’ in Matchstick Fund 1 are: Rob Weber, Ryan Weber, Scott Burns, Mike Bollinger, Daren Cotter, and David Wiegratz.  Here’s a snapshot of the overall Matchstick Ventures portfolio as it’s known: 40 overall investments, 17 made in Minnesota & 23 outside Minnesota; 7 exits realized (3 local and 4 out of state).

Active Minnesota investments (14):

Apruve

Structural

Local Crate

Learn to Live

Upsie

Inspectorio

Kidizen

Kipsu

Branch Messenger

Kidblog

Ilos (renamed to VidGrid)

Homespotter

At-Scene (renamed to iCrimeFighter)

Elevate Research


Minnesota Exits (3):

Docalytics (sold 3/2016)

BoomBoomPrints (sold 2/2016)

TrackIF (renamed to MyAlerts) (sold 6/18)


Active outside Minnesota investments (19):

• RivalIQ (Seattle), a digital marketing analytics tool with a competitive perspective for small to mid-sized organizations and marketing agencies;

• Notion (Denver), a multi-function sensor engineered for complete home intelligence;

• Charlie (Chicago), an automatic meeting-preparation tool that delivers a one-pager on the people you meet with, an hour before any meeting

• Upside (St. Louis) (sold), which provides an automated managed investment account platform that is white-labeled for registered investment advisors.

•Localize (San Francisco), has built an intuitive localization platform for expanding internationally more quickly and easily than ever before.”

•AVVAY (Nashville), helps content creators find and book locations for their projects and events.

•ScaleFactor (Austin), the smart finance and accounting platform that enables businesses to operate in real-time.

•Ordermark (Los Angeles), built to simplify restaurant operations and grow profits.

SpotCrowd (Belgium),

ShopTurn (New York),

StoryXpress (India),

Savitude (San Francisco),

Kokko (San Franciscso),

Bybe (Columbus),

Air Tailor (New York),

Sprucebot (Denver),

ItsByYou

AdHawk (New York),

Kapta (Boulder),


Outside Minnesota exits (4):

Addstructure (Chicago) (sold to Bazaarvoice 2/18)

Blueprint Registry (Philadelphia) (sold to David’s Bridal 8/18)

Nexosis (Columbus) (Sold to DataRobot 7/18)

Ambassador (Detroit) bought by West (10/18)


 

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