Michigan-based venture capital firm, Grand Ventures, has announced the launch of its second fund, totaling $50 million. The fund will focus on making seed stage investments in startups operating in the fintech, DevOps, and supply chain sectors. Managed by General Partners Tim Streit, Camila Noordeloos, and Nathan Owen, this new fund brings Grand Ventures’ total assets under management to $80 million.
Key Takeaway
Grand Ventures has unveiled its $50 million Fund II, aimed at leading seed stage investments in fintech, DevOps, and supply chain startups. Managed by three General Partners, the fund supports entrepreneurs in emerging industries outside of Silicon Valley.
Focusing on Emerging Industries
Grand Ventures is committed to playing a significant role in shaping the landscape of emerging industries, particularly throughout the Midwest, central Canada, and beyond. The firm believes in supporting entrepreneurs during their early stages and aims to provide the necessary resources and capital to help them succeed.
Investing in Founders with Technical Aptitude
Tim Streit, one of the General Partners at Grand Ventures, emphasizes the importance of a good founder fit for their investment strategy. Streit, who hails from Michigan, believes that his Midwest roots help him identify founders who work best with Grand Ventures. He prefers working with scrappy founders who possess multidisciplinary skill sets and can get their hands dirty. Ideal founding teams for him consist of two individuals, with one having domain expertise and the other possessing technical aptitude.
Streit expresses his interest in embedded finance, stating that it presents a compelling intersection of vertical SaaS (Software-as-a-Service) and embedded payments. He believes that there is a wealth of talented founders across the country, developing vertical SaaS solutions and integrating fintech into their operations. Streit cites examples of successful investments made by Grand Ventures in Astronomer, InvestNext, Tealbook, and Chain.io, showcasing the potential for building great tech companies outside of traditional tech hubs.
Investments Already Made
Grand Ventures has already deployed a portion of the capital from Fund II. The firm recently made investments in Payments, Payload CMS, and Terminal 49, further solidifying its commitment to supporting innovative startups in the fintech and tech sectors.
With its new fund, Grand Ventures is well-positioned to continue nurturing early-stage companies and driving innovation in emerging industries, further cementing its role as a leading venture capital firm in the Midwest and beyond.
