Investment Criteria

We seek to invest in businesses with the following characteristics:


  • Information, Data, Media and Publishing
  • Software as a Service (SaaS)
  • Data Analytics
  • Legal/Tax & Accounting/Healthcare/Medical Device


  • $500,000 to $5 million

EBITDA (Cash Flow)

  • Positive cash flow desirable but not expected

Investment Size

  • $100,000 to $750,000

Form of Investment

  • Equity – common and/or convertible preferred stock
  • Mezzanine – subordinated debt with warrants and participating preferred stock


  • National, with a preference and focus on Minnesota companies

Other Criteria

  • We do NOT INVEST in retail businesses, consumer products businesses, service businesses or franchise businesses

Exit/Liquidity Potential

  • 3-5 years