--- title: "20 Venture Capital Firms in Minnesota (Nov 2026): Top 10 Ranked" last_updated: "2026-11-05" rows: "20" free_rows: "10" source: "SEC filings" canonical: "https://theinvestordatabase.com/lists/venture-capital-firms-in-minnesota/" --- # 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. - 20 firms - 8 with a fund filing or dated deal in the last 12 months - $41M median fund size on file (SEC Form D, 17 firms) - 81 named decision-makers on file ## First 10 of 20 venture capital firms in Minnesota | Investor | Type | HQ | Stages (our research) | Focus (our research) | Latest fund or deal | Fund size | Checked | Profile | |---|---|---|---|---|---|---|---|---| | Squared Circle Square Two | VC firm | Plymouth, MN | Pre-seed, Seed | Cybersecurity | New fund, Oct 2026 | $100M (SEC Form D, 2026) | 2026-11-04 | https://theinvestordatabase.com/investors/squared-circle-square-two/ | | Great North Capital | VC firm | Maple Grove, MN | Seed | AI, Fintech, Future of Work, SaaS | New fund, Jul 2026 | $41M (SEC Form D, 2021) | 2026-11-04 | https://theinvestordatabase.com/investors/great-north-capital/ | | Arthur Ventures | VC firm | Minneapolis, MN | Growth | B2B, SaaS | New deal, Feb 2026 | $395M (SEC Form D, 2025) | 2026-11-05 | https://theinvestordatabase.com/investors/arthur-ventures/ | | Headwater Ventures | VC firm | Minneapolis, MN | Pre-seed, Seed | Healthtech, AI, Insurtech, Biotech | New fund, Jun 2026 | $11M (SEC Form D, 2025) | 2026-11-04 | https://theinvestordatabase.com/investors/headwater-ventures/ | | Bread & Butter Ventures | VC firm | Minneapolis, MN | Seed | Healthtech, AI, Food and Beverage, B2B | New deal, Dec 2025 | $60M (SEC Form D, 2023) | 2026-11-05 | https://theinvestordatabase.com/investors/bread-butter-ventures/ | | Traction Capital | VC firm | Minneapolis, MN | Growth | | New fund, Apr 2026 | $60M (SEC Form D, 2026) | 2026-11-04 | https://theinvestordatabase.com/investors/traction-capital/ | | Vensana Capital | VC firm | Minneapolis, MN | Growth | Healthtech, Biotech, Medtech | New fund, Apr 2025 | $425M (SEC Form D, 2024) | 2026-11-05 | https://theinvestordatabase.com/investors/vensana-capital/ | | Parceiro Ventures | VC firm | Minneapolis, MN | Seed | B2B, Fintech, Agritech, Cybersecurity | New fund, Feb 2025 | $40M (SEC Form D, 2025) | 2026-11-05 | https://theinvestordatabase.com/investors/parceiro-ventures/ | | Rally Ventures | VC firm | Minneapolis, MN | Seed | AI, B2B, Fintech, Cybersecurity | New fund, Mar 2023 | $275M (SEC Form D, 2023) | 2026-11-05 | https://theinvestordatabase.com/investors/rally-ventures/ | | Imperative Ventures | VC firm | Stillwater, MN | | Climate Tech, Industrial Tech, Energy, Deep Tech | New fund, Apr 2023 | $200M (SEC Form D, 2023) | 2026-11-05 | https://theinvestordatabase.com/investors/imperative-ventures/ | You are seeing 10 of 20. The full list adds 10 more firms and 81 named decision-makers. Get all 20 firms and 81 named contacts, $49, one-time: https://theinvestordatabase.com/buy/list/venture-capital-firms-in-minnesota This page: https://theinvestordatabase.com/lists/venture-capital-firms-in-minnesota/ ## 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. ## 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: 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. - 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. ## 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.