Capital fund reaches milestone

Published 6:37 pm Tuesday, September 26, 2017

The Southern Minnesota Initiative Foundation (SMIF) is the latest group to invest in the Southeast Minnesota Capital Fund, raising commitments to the fund to $1 million. 

The fund, created by Rochester Area Economic Development, Inc., and spearheaded by Journey to Growth, is funded by a group of angel investors who will help support the growing number of startup companies in the medical and technology fields who have the potential to deliver significant returns.

While not geographically limited, the primary investment focus of the fund will be the southeast Minnesota region.

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“It is an honor to announce that SMIF has joined the investors in the Southeast Minnesota Capital Fund,” said Xavier Frigola of RAEDI.

By investing in the Southeast Minnesota Capital Fund, SMIF will now be able to expand their impact on the region and the fund will have access to SMIF’s expertise and opportunity pipeline.

“SMIF has long seen the need for additional equity dollars to help new businesses start and grow here in our region and that is why we created our own equity fund a couple years ago., said SMIP President Tim Penny. “We are pleased to now contribute to the Southeast Minnesota Capital Fund and look forward to future opportunities to partner on equity investments.”