The managing partners of Minneapolis venture fund and Great North Labs, renamed as Great North Ventures, are applying for a new model to their business which is designed for piecing together quality, high-growth tech support across the state. If everything goes as per their plans, the new model will fetch more significant funds. Great North Ventures is also launching a venture studio that will collaborate with local entrepreneurs to support their business ideas.
Great North Ventures is currently raising money for a second fund. As per the recent regulatory filing with the US Securities and Exchange Commission, the company has secured $13.8 million from private investors so far. Through the studio, Great North Ventures aims to launch one to two companies per year, supplying them with hundreds of dollars in pre-seed capital and follow-on capital.
Growing the quality companies and startups in Minnesota will help in attracting investors. In addition to funding, the studio is planning to be paired with other local professionals to form larger leadership teams and will have access to Great North Venture's national network. One can expedite the product-to-market process—the company, which in stealth mode, is expected to start its studio later this year.