20 venture capital firms in Minnesota, including 17 in Minneapolis-Saint Paul
We list 20 venture capital firms in Minnesota as of November 2026: each has an SEC filing on file, and the list was last checked on 5 Nov 2026. The cities with the most head offices on this list are Minneapolis (14), Plymouth (1) and Maple Grove (1). 17 of the 20 are in Minneapolis-Saint Paul, so this page is also our list of venture capital firms in Minneapolis-Saint Paul.
Top 10 venture capital firms in Minnesota, ranked by recent fund activity
Among firms with a published profile and a dated fund or deal in the last 24 months. The rule: Activity score out of 100: recency of the latest fund filing or dated deal (50: full marks within 3 months, then stepping down at 6, 12 and 24 months), size of the fund on file on a log scale (35) and completeness of the public record (15). It is a measure of activity and fit, not of quality or returns. The same rule orders the whole list; it is repeated in the method box.
Squared Circle Square Two
Type: VC firm · HQ: Plymouth, MN · Stages: Pre-seed, Seed · Focus: Cybersecurity · Latest activity: New fund, Oct 2026 · Fund size on file: $100M (SEC Form D, 2026)
Latest fund filing dated Oct 2026; $100M fund on file (SEC Form D, 2026); backs pre-seed, seed; 1 named decision-maker on file.
Great North Capital
Type: VC firm · HQ: Maple Grove, MN · Stages: Seed · Focus: AI, Fintech, Future of Work, SaaS · Latest activity: New fund, Jul 2026 · Fund size on file: $41M (SEC Form D, 2021)
Latest fund filing dated Jul 2026; $41M fund on file (SEC Form D, 2021); backs seed; 6 named decision-makers on file.
Arthur Ventures
Type: VC firm · HQ: Minneapolis, MN · Stages: Growth · Focus: B2B, SaaS · Latest activity: New deal, Feb 2026 · Fund size on file: $395M (SEC Form D, 2025)
Dated new deal in Feb 2026; $395M fund on file (SEC Form D, 2025); backs growth-stage; 8 named decision-makers on file.
Headwater Ventures
Type: VC firm · HQ: Minneapolis, MN · Stages: Pre-seed, Seed · Focus: Healthtech, AI, Insurtech, Biotech · Latest activity: New fund, Jun 2026 · Fund size on file: $11M (SEC Form D, 2025)
Latest fund filing dated Jun 2026; $11M fund on file (SEC Form D, 2025); backs pre-seed, seed; 1 named decision-maker on file.
Bread & Butter Ventures
Type: VC firm · HQ: Minneapolis, MN · Stages: Seed · Focus: Healthtech, AI, Food and Beverage, B2B · Latest activity: New deal, Dec 2025 · Fund size on file: $60M (SEC Form D, 2023)
Dated new deal in Dec 2025; $60M fund on file (SEC Form D, 2023); backs seed; 2 named decision-makers on file.
Traction Capital
Type: VC firm · HQ: Minneapolis, MN · Stages: Growth · Latest activity: New fund, Apr 2026 · Fund size on file: $60M (SEC Form D, 2026)
Latest fund filing dated Apr 2026; $60M fund on file (SEC Form D, 2026); backs growth-stage; 8 named decision-makers on file.
Vensana Capital
Type: VC firm · HQ: Minneapolis, MN · Stages: Growth · Focus: Healthtech, Biotech, Medtech · Latest activity: New fund, Apr 2025 · Fund size on file: $425M (SEC Form D, 2024)
Latest fund filing dated Apr 2025; $425M fund on file (SEC Form D, 2024); backs growth-stage; 8 named decision-makers on file.
Parceiro Ventures
Type: VC firm · HQ: Minneapolis, MN · Stages: Seed · Focus: B2B, Fintech, Agritech, Cybersecurity · Latest activity: New fund, Feb 2025 · Fund size on file: $40M (SEC Form D, 2025)
Latest fund filing dated Feb 2025; $40M fund on file (SEC Form D, 2025); backs seed; 7 named decision-makers on file.
Tundra Ventures
Type: VC firm · HQ: Minneapolis, MN · Stages: Pre-seed · Focus: AI, Healthtech, Insurtech, Fintech · Latest activity: New fund, Dec 2024 · Fund size on file: $4M (SEC Form D, 2022)
Latest fund filing dated Dec 2024; $4M fund on file (SEC Form D, 2022); backs pre-seed; 3 named decision-makers on file.
Atland Ventures
Type: VC firm · HQ: Minneapolis, MN · Stages: Seed · Focus: AI, Food and Beverage, Media, Marketing Tech · Latest activity: New fund, Feb 2025 · Fund size on file: $1M (SEC Form D, 2025)
Latest fund filing dated Feb 2025; $1M fund on file (SEC Form D, 2025); backs seed; 8 named decision-makers on file.
First 10 of 20 venture capital firms in Minnesota
| Investor | Type | HQ | Stagesour research | Focusour research | Latest fund or deal | Fund sizeas filed or stated | Checked | Contacts |
|---|---|---|---|---|---|---|---|---|
| Squared Circle Square Two | VC firm | Plymouth, MN | Pre-seed, Seed | Cybersecurity | New fund, Oct 2026 | $100M (SEC Form D, 2026) | 4 Nov 2026 | 1 name · Unlock |
| Great North Capital | VC firm | Maple Grove, MN | Seed | AI, Fintech, Future of Work, SaaS | New fund, Jul 2026 | $41M (SEC Form D, 2021) | 4 Nov 2026 | 6 names · Unlock |
| Arthur Ventures | VC firm | Minneapolis, MN | Growth | B2B, SaaS | New deal, Feb 2026 | $395M (SEC Form D, 2025) | 5 Nov 2026 | 8 names · Unlock |
| Headwater Ventures | VC firm | Minneapolis, MN | Pre-seed, Seed | Healthtech, AI, Insurtech, Biotech | New fund, Jun 2026 | $11M (SEC Form D, 2025) | 4 Nov 2026 | 1 name · Unlock |
| Bread & Butter Ventures | VC firm | Minneapolis, MN | Seed | Healthtech, AI, Food and Beverage, B2B | New deal, Dec 2025 | $60M (SEC Form D, 2023) | 5 Nov 2026 | 2 names, firm email · Unlock |
| Traction Capital | VC firm | Minneapolis, MN | Growth | New fund, Apr 2026 | $60M (SEC Form D, 2026) | 4 Nov 2026 | 8 names, firm email · Unlock | |
| Vensana Capital | VC firm | Minneapolis, MN | Growth | Healthtech, Biotech, Medtech | New fund, Apr 2025 | $425M (SEC Form D, 2024) | 5 Nov 2026 | 8 names · Unlock |
| Parceiro Ventures | VC firm | Minneapolis, MN | Seed | B2B, Fintech, Agritech, Cybersecurity | New fund, Feb 2025 | $40M (SEC Form D, 2025) | 5 Nov 2026 | 7 names · Unlock |
| Rally Ventures | VC firm | Minneapolis, MN | Seed | AI, B2B, Fintech, Cybersecurity | New fund, Mar 2023 | $275M (SEC Form D, 2023) | 5 Nov 2026 | 8 names · Unlock |
| Imperative Ventures | VC firm | Stillwater, MN | Climate Tech, Industrial Tech, Energy, Deep Tech | New fund, Apr 2023 | $200M (SEC Form D, 2023) | 5 Nov 2026 | 8 names, firm email · Unlock |
You are seeing 10 of 20. The full list adds 10 more firms and 81 named decision-makers.
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17 venture capital firms in Minneapolis-Saint Paul
6 of the 17 have a fund filing or a dated deal in the last 12 months; the median fund size on file is $32M (SEC Form D, 14 firms); the most recent fund filings are from Verras Capital (Sep 2026), ACTAI Unicorn (Jul 2026) and Headwater Ventures (Jun 2026); of the 11 with a stage on file, seed (6), growth-stage (3) and pre-seed (3); the count covers the metro area, by city: Minneapolis (14), Eden Prairie (1) and St. Paul (1); the paid file holds 66 named decision-makers for them.
The first 5 in list order: Arthur Ventures, Headwater Ventures, Bread & Butter Ventures, Traction Capital and Vensana Capital. They are ranked with the rest of the list, by the same rule.
How these 20 break down
By city
| City | On this list | Share |
|---|---|---|
| Minneapolis | 14 | 70% |
| Plymouth | 1 | 5% |
| Maple Grove | 1 | 5% |
| Stillwater | 1 | 5% |
| Eden Prairie | 1 | 5% |
| St. Paul | 1 | 5% |
| Wayzata | 1 | 5% |
By stage
| Stage | On this list | Share |
|---|---|---|
| Pre-Seed | 4 | 20% |
| Seed | 8 | 40% |
| Growth | 3 | 15% |
Stage is our research. A firm can back more than one stage.
By sector
| Sector | On this list | Share |
|---|---|---|
| SaaS | 10 | 50% |
| AI | 7 | 35% |
| Healthtech | 6 | 30% |
| B2B | 5 | 25% |
| Fintech | 4 | 20% |
| Medtech | 4 | 20% |
| Cybersecurity | 3 | 15% |
| Insurtech | 2 | 10% |
| Biotech | 2 | 10% |
| Food and Beverage | 2 | 10% |
| Media | 2 | 10% |
| Marketing Tech | 2 | 10% |
Sector is our research. A firm can carry more than one sector.
Method and limits
- Source
- All 20 rows carry an SEC filing (Form D or Form ADV). 14 of the 20 have a website we checked; the other 6 rest on the filing or register entry alone. Filing date and fund size are SEC data where a filing exists. Stage, sector and check size are our research.
- Inclusion rule
- Organizations that back startups. Individuals, buyout funds and firms we found to be inactive are left out. This list holds VC firms, fund managers and corporate venture arms; accelerators and angel networks are in their own lists. Place: head office in Minnesota.
- Order
- Firms with a published profile come first. Activity score out of 100: recency of the latest fund filing or dated deal (50: full marks within 3 months, then stepping down at 6, 12 and 24 months), size of the fund on file on a log scale (35) and completeness of the public record (15). It is a measure of activity and fit, not of quality or returns.
- Last refreshed
- November 2026. Rows on this list were checked between 4 Nov 2026 and 5 Nov 2026.
- Fill rates
- Of 20 rows: stage 13, sector 13, fund size 19, website 14. In the paid file: named decision-makers on 18 rows, firm email on 4, LinkedIn page on 9, check size on 0.
- Corrections
- Email [email protected] or use the update form. We act within 5 working days.
Questions
How many VC firms are in Minnesota?
We list 20 as of November 2026. 8 of the 20 have a fund filing or a dated deal in the last 12 months.
Which cities in Minnesota have the most VC firms?
Minneapolis (14), Plymouth (1) and Maple Grove (1).
Which Minnesota VC funds filed with the SEC in the last 12 months?
6 of the 20 have a fund filing dated in the last 12 months. The most recent on this list are Squared Circle Square Two (Oct 2026), Verras Capital (Sep 2026) and Great North Capital (Jul 2026).
What stages do venture capital firms in Minnesota back?
Of the 13 with a stage on file, seed (8), pre-seed (4) and growth-stage (3). A firm can back more than one stage, and 7 rows have no stage on file yet.
Where does the data on venture capital firms in Minnesota come from and how often is it updated?
All 20 rows have an SEC filing on file (Form D or Form ADV). Filing date and fund size come from the filing. Stage, sector and check size are our research. Rows on this list were last checked on 5 Nov 2026 at the latest. The whole file is re-verified twice a year.
Can I download the list of venture capital firms in Minnesota as a spreadsheet?
Yes. The file holds all 20 rows in Excel and CSV, with 81 named decision-makers and 4 firm emails, for $49 one-time. 10 rows are free on this page.
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