Minnesota investor Matchstick Ventures announced today that they have raised a second fund of $30 million. The tech-focused fund supports early-stage software companies in growing and underserved startup ecosystems including those sprinkled across Minnesota and the North region, Colorado and the Rockies, and companies across the Techstars ecosystem.
Matchstick was born as Confluence Capital by Ryan Brochar, who co-founded BETA and Twin Cities Startup Week. It was started in 2013 as early stage deal-flow channel where $25 – $75k investments were made into seed stage tech startups and entrepreneurs. Broschar rebranded to Matchstick Ventures, expanded the scope of funding, and began making more direct deals with entrepreneurs from fund 1 ($5m) in 2015. Nathanial “Natty” Zola joined Broshar as a general partner by way of Techstars that same year.
With Fund II Matchstick will continue to invest throughout the seed phase, but with first investments around $500,000 and selective follow ups of $1-2 million.
Matchstick is well connected with Boulder-based VC Foundry Group as well as co-investors like Upfront Ventures, Bessemer, and Thrive Capital.
Brochar and Zola pride themselves in building deep relationships with the founders of the companies they invest in. These relationships are built on trust, support, feedback, and caring for the wellbeing of those involved.
To date Matchstick has made ten investments from this new fund and plans to do a total of 30 some of which will be announced in the coming weeks. Learn more about Fund II on their new website.