Startup Sioux Falls recently announced that a venture capital fund formed by well-known names in the entrepreneurship community has launched with more than $17 million available to regional technology startups.
Homegrown Capital was formed by MarketBeat founder and CEO Matt Paulson and Tim Weelborg, former executive director of the Enterprise Institute, who joined forces after they said they recognized a growing need for follow-on funding in South Dakota and surrounding states.
Within months, they had raised $17.2 million to launch Homegrown’s initial fund from individual and institutional investors, including 50 South Capital, the Dakota State University Foundation and several local banks.
“The DSU Foundation is proud to invest in this initiative,” Jon Schemmel, president and CEO of the DSU Foundation, said in a statement. “We believe our investment into the Homegrown Capital Fund aligns with the vision for Dakota State University and that it will increase opportunities for DSU graduates to have more career opportunities in the world of cyber and technology in the state of South Dakota and surrounding areas.”
Startups can apply for up to $1.5 million in funding.
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