Although North Dakota may not be on a dream list for many entrepreneurs, the state still shows potential for startup growth. In 2023, many new businesses have started their journey and they are facing exceptional growth. 

But the question pops up, with all the startups, are there any angel investors willing to support the startup scene in North Dakota? 

Yes! There are many angel investors and venture capital firms that provide funding to North Dakota-based startups. To help you out with the selection process, we have prepared the list of the top 7 angel investors in North Dakota according to their active involvement. 

Top 7 Angel Investors in North Dakota

Here is a list of some of the top-ranking and most active angel investors, venture capital, and private equity firms in North Dakota. 

John Mann

LinkedIn: John Mann | LinkedIn

Investor Type: Individual Investor

Investment Interests: AgTech

Investment Stage: Early and Seed

John Mann is an angel investor and Venture Capital Analyst at Plug and Play Tech Center. He has a preference for investing in the AgTech sector, particularly at the Pre-seed, Seed, and Series A stages. Before becoming an investor, Mann has a great history of working with famous VCs. He spent eight years at Citi as the Global Co-Head of Beta Electronic and Algorithmic Trading. Prior to that, he spent eight years at Goldman Sachs and later joined Millennium.

When funding startups, John Mann prioritizes companies that offer unique ideas and are capable of solving real-time problems. Such startups should be led by individuals who have 4-5 years of experience in the relevant industry.

The investment range of John Mann ranges from $30,000 to $500,000. However, most of his portfolio companies secured a funding of around $150,000. Among these companies, some names are:

ForMotiv: ForMotiv is a developer of a predictive behavioral analytics platform. The company’s platform is based on AI technology that collects behavioral data points to analyze behavioral signals and optimize and create dynamic online experiences.

Oraan: Oraan is a fintech startup. The company has built a platform that invites everyone to save, grow, and learn about their money with ease and confidence. 

T-Lab: T-Lab is an AI-driven international Chinese language learning platform. It offers a live course that covers the four key teaching areas of Phonetics, Word Recognition, Contextual Understanding, and Humanities.

Jeremy Neuharth

LinkedIn: Jeremy Neuharth | LinkedIn

Investor Type: Individual Investor

Investment Interests: Fintech

Investment Stage: Early

Jeremy Neuharth is an angel investor in Fargo, North Dakota. He has a preference for investing in the FinTech and Financial Services sector at the early stage. Funding startups for around 3 years, Neuharth often focuses on businesses that are determined to succeed and are led by experienced entrepreneurs.

Unlike many other investors, Jeremy Neuharth doesn't publicize his portfolio companies and usually invests through fundraisers, accelerators, or investor meetings. Startups can pitch to him through his LinkedIn where he usually looks for startups that are attracting a lot of attention.

The investment range of Jeremy Neuharth ranges from $25,000 to $200,000. If a startup has passed the tests, Jeremy Neuharth often provides them with the investment within a week or so.

Dan Hodgson

LinkedIn: Dan Hodgson | LinkedIn

Investor Type: Individual Investor

Investment Interests: Healthcare

Investment Stage: Early

Dan Hodgson is also a famous name in the angel investment community of North Dakota. He has extensive experience in merger and acquisition (M&A), business valuation, and strategic advisory, completing over $1 billion in small to medium-sized business sales during his 15 years in M&A.

Previously in his career, he founded Linn Grove Angel Ventures and has funded many startups. He participates in a lot of pitching programs, startup incubators, workshops, and startup accelerators to select a startup that is facing strong growth.

Once he has funded a startup, Hodgson also provides it with much-needed guidance throughout the different stages. The investment range of Dan Hodgson ranges from $50,000 to $250,000. One of his investments includes:

Fixes 4 Kids: Fixes 4 Kids was a medical device company focused on developing and manufacturing innovative solutions for the pediatric orthopedics market. The company’s devices helped in resetting, pinning, and immobilizing fractures in children, enabling pediatric orthopedic doctors to treat fractures in a simplified manner

Legendary Ventures

Website: Legendary Ventures | Legal

Investor Type: Venture Capital Firm

Investment Interests: Tech

Investment Stage: Early and Seed

Founded in 2019 by Jamie Driver, Jayson Kim, and Kent Anderson, Legendary Ventures is also a notable name in the VC community of North Dakota. The venture capital firm has invested in around 20 startups within the first 4 years of their inception.

When conducting screening tests, Legendary Ventures focuses on the early and seed-stage startups in the retail sector. They have around 5 investors who invest in startups that are working on unique ideas and have a strong team in the background. 

Aside from their investments, Legendary Ventures provides expert mentorship programs to their portfolio companies and arranges various workshops. The investment range of Legendary Ventures ranges from $100,000 to $500,000. Some of their portfolio companies are:

Littleone: Littleone is a technology-focused company in the parenting industry. The company offers innovative products such as a smart baby bottle that warms milk, tracks feedings, and provides convenient reminders, as well as a diaper sensor and a wearable thermometer for babies.

The Boring Company: The Boring Company (TBC) is an American infrastructure, tunnel construction services, and equipment company founded by Elon Musk.  TBC constructs safe, fast-to-dig, and low-cost transportation, utility, and freight tunnels. 

Novelship: Novelship is a technology-focused company in the fashion industry. The company offers a platform for buying and selling limited-edition sneakers and apparel.

Arthur Ventures

Website: Arthur Ventures

Investor Type: Venture Capital Firm

Investment Interests: Real Estate

Investment Stage: Early and Seed Stage

Arthur Ventures is one of the most active venture capital firms that funds startups in North Dakota. Since their inception, they have funded a total of 80 startups and around 50 organizations.  During the screening tests, the investors check if the founding team and/or management have the experience and capabilities to make the business successful.

Arthur Ventures’ initial investments in early-stage companies range from $250,000 to $3 million. They also periodically invest in later-stage companies, but only in syndication with other investors. However, the firm doesn't conduct a lot of extra startup events as its main focus lies with startup investments.

Zillow: Zillow is an online real estate marketplace that allows users to buy, sell, rent, finance, and remodel properties. It has raised a total of $87M in funding over 5 rounds. 

Trulia: Trulia is an online residential real estate site for home buyers, sellers, renters, and real estate professionals in the United States.

StreetEasy: StreetEasy is a real estate listing platform that provides consumers with sales and rental listings, and detailed information about buildings, neighborhoods, and the real estate market.

North Dakota Growth Fund (NDGF)

Website: North Dakota (ndgrowthfund.com)

Investor Type: Venture Capital Firm

Investment Interests: Tech and Food

Investment Stage: Seed and Late

The North Dakota Growth Fund (NDGF) was announced by the State Investment Board of North Dakota in 2021. The fund is managed by 50 South Capital Advisors, LLC12, a leading alternatives investment firm and a wholly-owned subsidiary of Northern Trust.

With headquarters in North Dakota, the fund aims to invest up to $100 million over a five-year initial investment period. As for the screening tests, the NDGF makes targeted investments in venture capital, private credit (including venture debt), private equity, growth equity, infrastructure, and real assets opportunities.

Although the investment range can range up to $100M, they often make investments around $10M. Some of their portfolio companies are:

Lewis & Clark Agrifood: Lewis & Clark Agrifood is a late-stage, growth equity-focused fund. They work with exceptional entrepreneurs to help scale their businesses with capital and resources.

Homegrown Capital: Homegrown Capital is a South Dakota-based venture capital company that invests in early-stage, technology-driven companies in the Northern Plains. The firm seeks to invest in business-to-business software, agricultural technology, and finance technology sectors in the Northern Plains. 

701 Fund

Website: North Dakota's Best Startup Investors | 701 Fund

Investor Type: Venture Capital Firm

Investment Interests: Tech

Investment Stage: Early and Seed

The 701 Fund was founded in 2015 by Greg Syrup and has funded a total of 24 startups. During the investment process, the Fund focuses on startups that have a decent growth potential and can provide positive results. 

Like most other firms, the 701 fund also conducts several mentorship programs and networking events. The investment range of 701 Fund ranges from $100,000 to $1.5M. Some portfolio companies are:

StemoniX: StemoniX is a biotechnology company that focuses on stem cell technologies to meet the demands of drug discovery and personalized medicine. 

AgriSync: AgriSync is a virtual help desk platform that allows farmers and their service providers to troubleshoot and solve problems in real-time

Wrap Up

In conclusion, remember that angel investors prefer startups that have a strong business idea providing solutions. Before you pitch, it is important to read some pitch deck examples and prepare a strong presentation. 

Frequently Asked Questions