Great North Labs announced its first fund closing with $23.7 million in committed capital.
The early-stage venture fund is focused on cultivating the next generation of tech startups across the upper Midwest part of the United States. It’s based in St. Cloud and Minneapolis, Minn., with a partner based in Silicon Valley, California. GNL is one of the largest new seed funds ever launched in the Midwest states.
“We are very appreciative and humbled by the tremendous support shown for our debut fund by our limited partners,” says Great North Labs Managing Partner Rob Weber, in a statement. “Our investors’ support shows not only their conviction for us as fund managers, but also their conviction to backing the next generation of startup founders across our region.”
Adds Managing Partner Ryan Weber, “Exponential technologies are causing accelerating changes, and the implementation of these technologies is greatly enabled by the domain expertise living inside our strong industries throughout the Upper Midwest, creating fertile ground for high growth, technology-driven entrepreneurship.”
GNL invests in consumer or enterprise startups that have potential to reach $1 billion in value, show early signs of product-market fit, possess defensible attributes, and leverage new technology. Startups must be based in, or significantly tied to, the Upper Midwest. GNL has also committed 10% of the fund ($2.37 million) to investments in pre-seed startups with founders from under-represented groups, or startups located in under-served markets, such as St. Cloud, MN; Sioux Falls, SD; and Fargo, ND.
Brothers Ryan and Rob Weber and Pradip Madan are the managing partners of the new fund. The Webers have worked together since bootstrapping their first company in college and have a successful track record as founders, operators and early stage investors. Pradip Madan is a Silicon Valley tech executive with a long history of success at both Fortune 100 companies and startups, and has been part of several seminal moments of tech and venture history.
Click here to see GNL’s current and past investment portfolio.