Venture Capital Firms in Minnesota

American Family Ventures is the corporate venture capital arm of American Family Insurance, established in 2010 to invest in the future of the insurance industry. The firm operates across the full investment spectrum from incubation through growth stage, focusing on innovations that transform insurance product lines, adjacent vertical markets, and enabling technologies. With over $700 million in assets under management and limited partners representing $70 billion in premium, AFV has evolved from a single-LP model into a multi-limited partner institutional firm that brings both carrier expertise and venture capital perspective to its portfolio companies.Founded in 2010 as an internal innovation arm of American Family Insurance, AFV emerged from the recognition that insurance was undergoing profound transformation. The firm was designed to capitalize on this moment by positioning itself as a venture partner of choice, uniquely bridging the gap between established insurance carriers and innovative startups. Over its 16-year history, the firm has developed deep expertise combining 50+ years of venture capital experience with 120+ years of insurance industry knowledge across its team, allowing it to review over 1,500 companies annually and identify the most promising opportunities.AFV's portfolio encompasses more than 100 active investments spanning core insurance innovations, adjacent vertical markets, and enabling technologies. Notable portfolio companies include Clearcover, a digital-first auto insurance company; Elysian, which transforms claims processing with computer vision and AI; Wyze, a smart home IoT company; Venteur, which helps employers offer personalized health benefits; LeaseLock, providing lease insurance; and Turtlemint, a mobile platform for insurance agents. The firm has also achieved successful exits, including the acquisition of Networked Insights by American Family Insurance in 2017, Life360's IPO on the Australian Stock Exchange in 2019, and Neat Capital's acquisition by Lower.com in 2024.The firm maintains offices in Boston, Madison, Minneapolis, New York, and Philadelphia, with a team led by Head of American Family Ventures Eyal Karsh and supported by experienced investment professionals including managing directors, principals, and portfolio managers. AFV's investment approach typically involves first checks ranging from $250,000 to $10 million, with the firm providing not only capital but also strategic guidance, industry connections, and operational expertise drawn from its parent company's extensive insurance background. The firm's advisory network and platform services further support portfolio companies in navigating the complex insurance landscape and scaling their operations.

Matchstick Ventures is an early-stage technology investment firm that focuses on supporting ambitious and diverse entrepreneurs in rapidly growing, yet underserved startup ecosystems, particularly those located "between the coasts" of the United States. The firm's mission is to act as a catalyst for its founders, partners, and startup communities by providing capital, camaraderie, connections, and community. They emphasize a "founder-first" approach, believing they work for the entrepreneurs they back, offering hands-on support and building trustworthy relationships. Matchstick Ventures typically invests between $500,000 and $1.5 million in pre-seed and seed-stage startups, with a willingness to invest from the idea stage through scaling.The firm was founded in 2015 by Ryan Broshar and Natty Zola, both of whom are serial entrepreneurs with experience in founding and scaling companies, as well as leading Techstars accelerator programs. Ryan Broshar, based in Minneapolis, has a background as a 3x founder and former Managing Director for Techstars in the Twin Cities. Natty Zola, based in Boulder, also started as a founder before running the Techstars Boulder program as Managing Director. Their combined experience as founders and accelerator leaders underpins Matchstick Ventures' deep understanding of early-stage challenges and its commitment to providing comprehensive support beyond just capital.Matchstick Ventures boasts a diverse portfolio of over 100 companies, reflecting its broad investment focus across various technology sectors. Notable investments include companies like Automate.Clinic (AI healthcare), Paperstack (fintech working capital), Locate.ai (AI real estate brokerage), Juno (guest travel and expense), Cast Finance (AI accounting), Pageport (AI-native CRM), and Reema Health (social-care navigation services). The firm's portfolio also spans areas such as enterprise & B2B software, e-commerce solutions, marketplaces, cybersecurity, and climate technology. Matchstick Ventures actively seeks out innovative solutions that address unique challenges in their target markets.The team at Matchstick Ventures extends beyond its founding partners to include Nicole Glaros, a Venture Partner known for her foundational role at Techstars, and Shannon Shroyer, Head of Network, who brings a unique background to venture capital. The firm leverages a robust network of over 400 entrepreneurs, operators, and corporate partners, as well as a community of fellow founders and subject matter experts, to provide mentorship, connections, and resources to its portfolio companies. This collaborative ecosystem is designed to help startups navigate their journey, access follow-on funding, and achieve significant growth.

Rally Ventures is a venture capital firm that focuses exclusively on early-stage business technology companies, deploying strategic resources and sector expertise to help founders scale and create durable value.The firm targets high-impact B2B sectors including AI/ML, cybersecurity, fintech, and SaaS+. Rally leverages a network of over 100 Rally Tech Partners, who are experienced technologists and executives providing hands-on support to portfolio companies.Since its founding, Rally Ventures has assembled a nationwide portfolio comprising dozens of companies and exits, emphasizing long-term operational partnership from seed through growth phases.

Founded in 2013 by Tak Miyata, Scrum Ventures is an early-stage venture capital firm headquartered in San Francisco and Tokyo, with satellite offices in Minneapolis, New York, Illinois, and Seattle. The firm leverages deep expertise from Silicon Valley and Japanese corporate networks to invest in and accelerate startups across the U.S. and Japan. Scrum Ventures emphasizes a thematic investment approach, targeting emerging trends and transformative technologies. Scrum Ventures partners with major Japanese corporations such as Panasonic, Biprogy, Fujitsu, and DeNA, providing portfolio companies with strategic support and partnership opportunities to expand into the Japanese market and beyond. The firm also operates Scrum Studio, a platform connecting global corporations with startups to foster innovation and collaboration. Scrum Ventures launched its first vertical fund, the $68 million Scrum Sports & Entertainment Fund I, focusing on startups transforming sports, media, and lifestyle sectors. The firm supports its portfolio with capital, strategic advice, and extensive networks to facilitate global growth, emphasizing hands-on involvement in hiring, fundraising, and business operations.

Sixty8 Capital is a seed-stage venture capital firm dedicated to investing in undercapitalized founders and innovators. The firm focuses on entrepreneurs who have historically been overlooked by traditional venture capital, including Black, Brown, women, LGBTQ+, and disabled founders. Sixty8 Capital is industry-agnostic, with a particular interest in tech, tech-enabled, and Direct-To-Consumer (D2C) startups. They aim to generate significant venture returns by shining a light on talent in "flyover states" and the Midwest and South regions of the United States, addressing both geographic and demographic funding disparities.The firm was founded in 2019 by Kelli Jones and Paul Ehlinger, with a mission to level the playing field for diverse founders. Kelli Jones, as Managing Partner, and Paul Ehlinger, as co-founder, established Sixty8 Capital to build upon years of grassroots work, including Jones's previous efforts running Black tech incubators and pitch competitions through the Be Nimble Foundation. This approach integrates workforce development, accelerators, and capital to create a supportive ecosystem for their portfolio companies.Sixty8 Capital manages two funds, with Fund I closing at $20 million in 2021 and Fund II at $40 million in December 2024, bringing their total assets under management to $60 million. The firm typically writes initial checks in the $250,000 to $500,000 range and often leads seed rounds. Their portfolio includes companies such as Nopalera, Afterschool HQ, and Bump, spanning industries like personal products, educational software, and financial software. They are open to follow-on investments for companies demonstrating strong growth potential.The team at Sixty8 Capital, including Managing Partner Kelli Jones and Partner Nassir Criss, brings expertise in identifying and nurturing high-potential startups. They are committed to providing not just capital but also hands-on support, helping founders prepare for subsequent funding rounds, scale their teams, and develop their boards and advisors. The firm's operational presence includes offices in Indianapolis, Indiana, and Los Angeles, California, reinforcing their commitment to supporting diverse entrepreneurial ecosystems across the United States.

Squared Circle Ventures is a cybersecurity-focused investment arm led by an experienced CISO. This division specializes in seed and early-stage cybersecurity investments primarily in the United States and Israel, supporting founders from pre-product stages through early customer acquisition. Across its various arms, Squared Ventures emphasizes early-stage investments, operator-first insights, and thematic investing in disruptive innovation sectors.