What to know about the first Groove Capital raise:

  • The investment firm, focusing on pre-seed investments and founded by BETA co-founder Reed Robinson, closed the round at $3.8 million
  • According to a report, the round exceeded expectations by more than $1 million
  • Specific investors weren’t named but reportedly include mentors, entrepreneurs, and higher-ups at large Minnesota companies

Robinson launched Groove Capital in August 2020 with the goal of offering pre-seed funding to early-stage startups in the range of $50,000-$100,000. The firm hasn’t distributed any funds yet.

In Robinson’s guest series, “Mind The Gap,” he broke down the current pre-seed scene in Minnesota and what he thinks can be done to help it thrive. You can read all four parts now:startup funding

 

Shortly after the launch of Groove Capital, Robinson also appeared on The tech.mn Podcast. Listen to his episode to learn more about the firm’s goals.

tech.mn-the-circuit-subscribe