Connecting to angel investors and venture capitalists is surprisingly easy in Fargo Moorhead. Compared to many big cities, regional capital sources are remarkably accessible in Greater Fargo Moorhead, thanks to the community’s small-town feel and the connectedness of its citizens. In addition, angels that invest local companies benefit from income tax credits in both Minnesota and North Dakota, helping to mitigate the risk that is inherent in investing in start-ups.

Seed Capital – Local & State

The primary angel investment fund in the Fargo Moorhead area over the past decade is the FM Angel Investment Fund. It looks for equity investment opportunities in early- to mid-stage private companies located in North Dakota or Minnesota, that operate in the manufacturing, software or related technology sectors and that have high growth potential. The Fargo Moorhead fund also syndicates deals with the angel funds in Grand Forks and Wahpeton, N.D.  This fund is currently fully funded.

With the FM Angel Investment Fund not currently looking for deals, the 701 Angel Fund was established in 2015 to attract capital and startup investments.  701 invests in determined entrepreneurs and high growth opportunities.  The fund works in unison with other investors in the region in order to maximize the exit potential of our portfolio of start-up investments.  701 is certified as a North Dakota Angel Fund by the ND Tax Department and also as a Certified Angel Fund for the Minnesota Angel Tax Credit.

The Dakota Venture Group (DVG) is a University of North Dakota student run venture capital investment fund, founded in 2006.  DVG manages multiple funds and utilizes a vast network of industry expertise in its due diligence research and investment decision making.

Venture Capital – Local, State & Region

Arthur Ventures Growth Fund is an early stage venture capital firm that invests in business-to-business (B2B) software companies. Arthur Ventures focuses specifically on companies providing software-as-a-service (SaaS) and cloud-enabled tools and services.

Linn Grove Ventures invests in early- and mid-stage life science companies with outstanding technology. It is active in providing strategic financing and business leadership to help innovative companies move beyond the business incubator and accelerator phases to the next level of growth.

The Bank of North Dakota New Venture Capital Fund provides funding for early-stage companies which can show clear proof of completed product development and market acceptance as evidenced by growing sales. The Bank of North Dakota (BND) invests in a variety of technologies and types of businesses, including N.D. Department of Commerce strategic target industries of value-added agriculture, technology, advanced manufacturing, energy and tourism. BND also invests in growth and later-stage manufacturing and service businesses with profitable growth potential.

Milestone Growth Fund invests in minority-owned businesses in early and expansion stages with proven track records.


Thomas, McNerney & Partners invests in pharmaceutical, medical device, biotechnology and diagnostic service firms.