Top 7 VC Firms and Investors in North Dakota

North Dakota's most active venture capital firms and startup investorsinclude Arthur Ventures, the Dakota Venture Group, the North Dakota GrowthFund, Homegrown Capital, Wonder Fund North Dakota, the 701 Fund, andLongWater Opportunities. Most back early-stage technology, software, agtech,and energy companies with a North Dakota connection.

In 2020, the tech sector contributed over $3 billion to North Dakota's GDP, about 6% of the state's total GDP of $52.02billion.

And if you are wondering whether only big software companies drive thatgrowth: nope. Much of it comes from the angel investors and venture capital firms that fund startups like yours. If your startup needs funding to grow, here are the top VC firms and investors in North Dakota that could invest in your business.

Top 7 VC Firms and Investors in North Dakota

Arthur Ventures

• Website: arthurventures.com

• Focused Sectors: B2B software, SaaS, cloud, andfintech.

• Funding Stages: Early-stage and early growth.

• Notable Investments: Pluralsight, Avalara,DataCamp, Recast Software, ThreatLocker.

• Total Investments: 50+ companies.

Arthur Ventures is the best-known venture capital firm headquartered inNorth Dakota. Founded in 2008 by James Burgum, the firm is based in Fargo,with an additional office in Minneapolis, and leads investments in B2B software companies outside Silicon Valley.

The firm typically writes initial checks of $500,000 to $3 million and haspartnered with more than 50 companies across the United States and Canada.Its portfolio includes Pluralsight, Avalara, DataCamp, Recast Software, andThreatLocker.

Dakota Venture Group

• Website: dakotaventuregroup.com

• Focused Sectors: Early-stage Technology,Healthcare, and Agriculture.

• Funding Stages: Seed and Early Stages.

• Notable Investments: Pure Blue Tech, CorvidaMedical, StemoniX, Youbetme, Buzz360.

• Total Investments: 24 companies across two funds.

Dakota Venture Group (DVG) was established in 2006 through a $300,000 giftfrom the Dakota Foundation. It is the first student-run venture capital fundin the United States, based in Grand Forks, North Dakota, and is an entityof the University of North Dakota's Center for Innovation Foundation.

DVG focuses on seed and early-stage deals, primarily targeting high-growth companies in the Midwest, with apreference for ventures in North Dakota, South Dakota, and Minnesota. Itruns two funds, the non-profit Innovation Fund and the for-profit HarvestFund, and manages investments in about 24 companies across them.

The group takes a triple-bottom-line approach: generating returns,supporting economic growth in the Midwest, and giving UND students hands-onexperience in venture capital.

North Dakota Growth Fund

• Website: ndgrowthfund.com

• Focused Sectors: Agriculture, Energy,Manufacturing, Technology, and Life Sciences.

• Funding Stages: Early-stage VC, growth equity, andprivate equity.

• Notable Investments: Recipient funds includeLongWater, Homegrown Capital, and M25.

• Total Investments: About $149M invested into 22 NDcompanies.

The North Dakota Growth Fund (NDGF) is a Legacy Fund program created in 2021by the State Investment Board of North Dakota and managed by 50 SouthCapital Advisors, part of Northern Trust Asset Management. It was launchedwith a $100 million commitment, which the State Investment Board increasedto $250 million in 2025.

As of its 2024 year-end update, NDGF had made five fund commitments and fourdirect co-investments totaling $89 million. Through those funds andco-investments, roughly $149 million has been invested into 22 North Dakotacompanies. NDGF backs businesses across agriculture technology, energy, manufacturing, technology, and life sciences.

Homegrown Capital

• Website: homegrown.capital

• Focused Sectors: B2B Software, AgTech, andFinTech.

• Funding Stages: Seed to Series A.

• Notable Investments: Bushel, Grain Weevil,Soiltech Wireless, ProsperStack.

• Total Investments: Early-stage portfolio (debutfund $17.2M).

Founded in 2021, Homegrown Capital is an early-stage venture firm servingfounders in the Northern Plains. It has an office in Fargo and an innovationcampus in Casselton, North Dakota, alongside locations in Brookings andSioux Falls, South Dakota. General partners Tim Weelborg and Matt Paulsonlead the fund.

Homegrown invests from seed to Series A in scalable companies, with a focuson B2B software, agriculture technology, and financial technology. Its debutfund closed at $17.2 million, and its portfolio includes Bushel, GrainWeevil, Soiltech Wireless, and ProsperStack.

Wonder Fund North Dakota (O'Leary Ventures)

• Website: olearyventures.com

• Focused Sectors: Tech-Enabled Startups, ConsumerProducts, and Energy.

• Funding Stages: Early Stages.

• Notable Investments: Thread (Grand Forks).

• Total Investments: About 20 companies once fullyinvested.

Wonder Fund North Dakota is a $45 million program funded through the U.S.Treasury's State Small Business Credit Initiative and directed by O'LearyVentures, the firm founded by investor Kevin O'Leary. It operates as adirect investment program of the North Dakota Development Fund.

The fund backs early-stage companies that are based in North Dakota orcommitted to building there. Its stated criteria target funding rounds under$20 million for companies with fewer than 500 employees. O'Leary Venturesexpects the Wonder Fund to hold a portfolio of about 20 companies once thefull $45 million is deployed. One of its most public investments is Thread,a Grand Forks energy and utilities technology startup that has received $5million from the fund.

701 Fund

• Website: 701fund.com

• Focused Sectors: UAS/autonomous systems,Healthcare, Biotech, and B2B software.

• Funding Stages: Early Stage.

• Notable Investments: Thread, WalkWise.

• Total Investments: About 15 to date (per 701Fund).

The 701 Fund is a Grand Forks based angel and venture fund that invests inearly-stage, high-growth North Dakota and Midwest companies. Founded in2015, it takes its name from what was once North Dakota's sole area code.The fund pools capital from accredited investors and backs sectors includingunmanned aerial systems, healthcare, biotech, B2B software, andcybersecurity.

Its second vehicle, 701 Fund 2, is an early-stage venture fund thatgenerally invests smaller checks. Portfolio companies include Thread andWalkWise. By the fund's own account, it has made around 15 investments todate.

LongWater Opportunities

• Website: longwateropportunities.com

• Focused Sectors: Manufacturing and Industrial(control buyouts).

• Funding Stages: Growth Equity and Buyouts.

• Notable Investments: XCaliber Container, SBSHoldings.

• Total Investments: 18 transactions.

LongWater Opportunities is a lower-middle-market private equity firm with anoffice in Fargo, alongside Dallas and St. Louis. Note that, unlike theventure firms above, LongWater does not fund early-stage startups. It makescontrol-equity buyouts of established, family-owned American manufacturingcompanies, typically those with $10 million to $50 million in revenue.

The firm was co-founded in 2009 by Jordan Bastable and Brooks Burgum. It hascompleted 18 transactions and recently closed its third fund. Its strategycenters on partnering with management teams to build long-term value in eachacquired business.

Wrap-Up: Our 2 Cents!

That is an overview of the leading venture capital firms and investorsactive in the North Dakota startup ecosystem.

Remember that securing funding is not just about preparing a nice pitch deck. When you talk with investors, lead with early traction: customer acquisition, revenuegrowth, and positive user feedback.

Investors back companies that solve real problems and create meaningfulimpact. Show how your solution addresses a pressing challenge and deliversvalue for your target market.

Frequently Asked Questions

Who are the top venture capital firms in North Dakota?

The most active North Dakota venture and startup investors are ArthurVentures, the Dakota Venture Group, the North Dakota Growth Fund,Homegrown Capital, Wonder Fund North Dakota, the 701 Fund, andLongWater Opportunities. Most focus on early-stage software, agtech,and energy companies with a North Dakota connection.

Does Kevin O'Leary invest in North Dakota startups?

Yes. Through Wonder Fund North Dakota, a $45 million state programmanaged by his firm O'Leary Ventures, Kevin O'Leary backs early-stagecompanies based in North Dakota. The program targets funding roundsunder $20 million for companies with fewer than 500 employees.

How much do North Dakota VC firms typically invest?

Check sizes vary by firm and stage. Arthur Ventures typically writesinitial checks of $500,000 to $3 million. Wonder Fund North Dakotainvests up to about $1 million in its smallest, earliest-stagecompanies, with larger amounts for later rounds. Student-run and seedfunds generally invest less.

What sectors do North Dakota investors focus on?

North Dakota investors concentrate on B2B software and SaaS,agriculture technology, fintech, energy, healthcare, and unmannedaerial or autonomous systems. The state's private equity firms alsoback established manufacturing and industrial businesses throughgrowth equity and buyouts.