Saint Paul-based The Syndicate Fund (TSF) has closed on a second fund to invest in emerging tech startups.
Their inaugural $1.5m TSF fund 1 launched May 2017 and tapped-out at the end of 2018 after some 22 different investments, prompting GP Brett Brohl to pursue a second, larger fund under the Syndicate brand name.
Brohl, a former entrepreneur and stand-alone angel investor, says he set out to raise $5m for fund 2 and has since oversubscribed at $5.75m with an additional close pending. The thesis remains the same — with a focus on pre/seed stage investments around the areas of foodtech, retail, marketing and advertising.
Two investments have already been placed from fund 2, including HeavyConnect, a food safety app for farmers out of Salinas, California. While fund 1 has not yet experienced any exits, Brohl is quick to note that all of their investments so far are still alive and well.
In addition to his lead role at The Syndicate Fund, Brohl is also Managing Director of the Techstars Farm to Fork Accelerator in partnership with Cargill & Ecolab which is currently accepting applications for a second class this summer in St. Paul.