Last week, Fargo North Dakota firm Arthur Ventures announced the closing of their second fund. Silicon Prairie news reports that the firm founded in 2008 began with a $20 million dollar fund which went “primarily to North Dakota and Minnesota”.
“With the second fund, we are making a concerted effort to add Omaha, KC, Des Moines and their surrounding regions as focus areas for investments,” said Patrick Meenan, a director with Arthur Ventures. In addition to supporting Omaha, KC and Des Moines, the company launched a satellite office in Minneapolis where about 40% of their deal flow is sourced.
The firm is looking to invest in fund startup with between $1m and $3m per round.“Our goal is to discover the best enterprise software applications and software in healthcare, agriculture, and the energy space,” Arthur Ventuers Managing Partner James Burgum told tech.mn
“We believe in the power of entrepreneurship and innovation to transform existing markets and to create new markets,” the firm’s co-founder and chairman Doug Burgum said in a release. “Software is the greatest invention yet that extends human capabilities, and we are grateful to help build enduring companies whose solutions can have such a positive impact on the human condition.”
Some of the companies already in the Arthur Ventures portfolio include: Altravax, Intelligent InSites, LiquidCool Solutions, Loyalty Builders, Preventice and Workface, according to SPN.