Fundraising FoxSoutheast Minnesota Capital Fund
Venture capitalRochester · Pre-Seed–Series A · 4 people tracked
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Investment thesis
SMCF invests early-stage equity capital in Minnesota companies, preferring those based in Southeast Minnesota or connected to Mayo Clinic. It concentrates mostly on medical technology and life science ventures but will consider promising opportunities in other sectors. The fund focuses on seed and early-stage rounds where equity capital is scarcest and potential gains highest, prioritizing innovative technologies and, above all, visionary founders and strong teams. A distinctive feature is its member-driven process: fund members, many of them current or former Mayo Clinic physicians, scientists and business leaders, help evaluate opportunities and may make personal side investments alongside the fund. SMCF targets a 2.5x return over an 8-10 year fund life.
Source: firm website, verified Oct 2, 2026.
Team · 4 people
from the firm's websiteWhat they invest in
from 17 of 19 portfolio companiesHealthtech ×15Medical Devices ×12Digital Health ×6Biotech ×5Hardware ×3AI & Machine Learning ×2E-commerce ×2FemTech ×2
HQs:United States×17
Who they back
founder profiles across 14 portfolio companiesFounding team size:solo founder×62 founders×33 founders×24+ founders×3
Where their founders studiedfrom 11 founders with education data
University of Minnesota ×4University of Wisconsin-Madison ×3
What their founders studiedfrom 12 founders with field-of-study data
Computer Science ×3Life Sciences ×3Business & Management ×2
Where their founders worked beforefrom 11 founders with career history
EatStreet ×2Marblehead Medical ×2Piraeus Medical, Inc. ×2
Investments · 19 tracked
founders shown can be your intro pathBy year:2024 · 12023 · 12019 · 13 dated
HealthtechSt. Paul, US
Angeline Conley(Executive Officer, Director)Aaron Fletcher(Director)inDonald Santel(Director)Steve Seme(Executive Officer)
Co-investorsDEFTA PartnersIrishAngels
Ambient Clinical develops Sepsis DART, a clinical monitoring platform that integrates with Epic, Cerner, and Meditech to identify sepsis patients and track SEP-1 bundle compliance in real time across care transitions.
HealthtechMedical DevicesSaaSRochester, US
Allen J. Berning(Executive Officer, Director, Promoter)Tim Kuebelbeck(Executive Officer)
BoardGreg Lea(Director)Brian Pickering(Director)
Co-investorsDakota Venture GroupMairs & Power VCWaterline Ventures
Devices for active orthopedic compression
SubioMed develops Suspension Biomechanics, a patented technology platform that manages ground reaction forces to control motion during gait, aiming to reduce pain, improve function, and prevent lower-extremity injuries and pathologies.
HealthtechMedical DevicesWellness & Fitness
Endogenex is a clinical-stage medical device company developing the pulsENDO system, which applies non-thermal pulsed electric field to reset the body's metabolic signaling and improve function in people with type 2 diabetes.
Digital HealthHealthtechMedical DevicesMinneapolis, US
Stacey Pugh(Leadership (CEO))inChris Sorli, MD, PhD(Chief Medical Officer)inKrissy Wright(Chief Financial Officer)inLian Cunningham, MD, PhD(VP Clinical Affairs)inMelanie Hess(Regulatory Affairs Leadership)inMatt Cambronne(Technical/Engineering Leadership)in
Co-investorsArboretum VenturesHatteras Venture PartnersIntuitive VenturesLongitude CapitalLumira Ventures
Geneticure offers a patented genetic test that uses a cheek-swab DNA sample, analyzing 17 genotypes across 11 genes to recommend personalized hypertension (blood pressure) treatment plans.
BiotechDigital HealthHealthtechMedical DevicesEden Prairie, US
Scott Snyder(Chief Executive Officer)inEric Snyder(Chief Operating Officer)inRyan Sprissler(Chief Scientific Officer)inTom Olson(Chief Clinical Officer)
Co-investorsWireframe Ventures
LEAH Labs engineers gene-edited CAR-T cell therapies to treat cancer in pet dogs, with the goal of generating translational insights for human cancer therapy.
AI & Machine LearningBiotechHealthtechMedical DevicesMinneapolis, US
Wesley Wierson(Founder)inStephen C. Ekker(Scientific Founder & Board Director)Saad S. Kenderian(Scientific Founder)Jonathan P. Mochel(Scientific Founder)Saad S. Kenderian, MB/ChB(Scientific Founder)Jonathan P. Mochel, PhD/DECVPT(Scientific Founder)
Co-investorsGROOVE CAPITALY CombinatorAg Startup Engine SeedWefunder
Marani develops maternity care technology to improve access to prenatal and obstetric care for expectant mothers and providers.
Digital HealthFemTechHealthtechMedical Devices
Co-investorsAdvection Growth CapitalTFX CapitalWellstarGolden Seeds
Melodi Health is a medical device company focused on breast reconstruction and breast procedures, developing implantable combination devices with expertise in infection control and plastic reconstructive surgery.
FemTechHardwareHealthtechMedical DevicesMinneapolis, US
Sarah Worrell(Co-founder & Chief Executive Officer)inMichele Hilmer(Chief Strategy Officer)Hunter Moyer, MD(Chief Medical Officer)Kaitlyn Roth(VP Operations)inMatthew Hemsley(Director)Arikha Moses(Director)
Co-investorsEngage Venture PartnersHM Venture Partners
Devices for fecal incontinence
HealthtechStewartville, US
David A. Jonas(Executive Officer, Director)Philip Conway(Executive Officer, Director)Sarah L. Grinde(Executive Officer, Director)in
BoardAnthony Conway(Director)
Co-investorsHM Venture Partners
Minnesota Medical Technologies develops and manufactures continence care products, specifically fecal incontinence management devices for individual patients.
Digital HealthHealthtechMedical DevicesStewartville, US
Philip J Conway(Executive Vice President – Operations (Founder))Sarah L Grinde(VP Marketing and Research & Development (Founder))Anthony J Conway(Chairman of the Board (Founder))Lonnie M Boe(Executive Secretary/Office Manager (Founder))
Co-investorsHM Venture Partners
St. Paul, US
Karl Holub(Executive Officer, Director)inKeith Kallmes(Executive Officer, Director)inKevin Kallmes(Executive Officer, Director)in
BoardTomas Philipson(Director)inDheerendra Kommala(Director)
Co-investorsGreat North VenturesGROOVE CAPITALMEDA AngelsMEDA VenturesPasadena AngelsTeamworthy Ventures
Oculogica develops FDA-cleared concussion assessment devices that use proprietary eye-tracking technology to measure abnormal eye movements caused by traumatic brain injury.
BiotechDigital HealthHealthtechMedical DevicesNew York, US
Rosina Samadani(Executive Officer, Director)Uzma Samadani(Director)inRobert Ritlop(Executive Officer)Pratipatti Laxminarain(Director)
BoardJill Enos(Director)inKathryn Swintek(Director)in
Co-investorsColle Capital PartnersSeraph GroupStartXTitletownTechGolden SeedsM12 (Microsoft's Venture Fund)
Omnia Fishing runs an e-commerce platform that lets anglers shop for fishing tackle and gear filtered by specific lakes ("shop-by-lake"), alongside fishing reports and lake condition data.
ConsumerE-commerceSports TechGolden Valley, US
Christopher J. Morgal(Executive Officer, Director, Promoter)Matthew B. Johnson(Executive Officer, Director, Promoter)inDaniel G. Wick(Executive Officer, Director, Promoter)
BoardSeth Peter(Director)Weston Fricke(Director)Greg Beaufait(Director)in
Co-investorsBread And Butter Ventures, LlcDundee Venture CapitalFounder CollectiveGreat North Ventures
Pear Commerce provides shoppable commerce tools for CPG brands, including onsite where-to-buy locators and in-ad "Pear Connect" experiences that surface inventory-verified, in-stock retailers to move shoppers from digital ads to purchase.
E-commerceMarketing TechRetail TechMinneapolis, US
Alex Wyler(Executive Officer, Director)inEric Martell(Chief Executive Officer)inIan Lavey(Executive Officer)
BoardElizabeth Christo(Director)inGreg Beaufait(Director)in
Co-investorsCSA Partners LLCDundee Venture CapitalGreat North VenturesHeartland VenturesHeartland Ventures S7Homegrown Capital+6 more
Phenomix Sciences applies data analytics and patient data to enable precision obesity medicine, aiming to guide treatment decisions for anti-obesity medications such as GLP-1s and reduce care costs.
AI & Machine LearningBiotechDigital HealthHealthtechMenlo Park, US
Andres Acosta(Director)inMark Bengall(Executive Officer, Director)Mark Bagnall(Executive Officer, Director)inWilliam Ross Higgins(Executive Officer, Promoter)Karl Ronn(Director)Michael Camilleri(Director)
Co-investorsHealth2047
Sonex Health develops ultrasound-guided medical devices for orthopedic conditions, including UltraGuideCTR, a device that enables carpal tunnel release to be performed in a clinic setting.
HardwareHealthtechMedical DevicesEagan, US
Darryl Barnes(Co-founder, MD)Jay Smith(Co-founder, MD)inAaron Keenan(Co-founder)inJ. Robert Paulson(Executive Officer, Director)Mark Wagner(Director)Greg Garfield(Director)
Vyriad is a clinical-stage biotechnology company developing oncolytic virus-based therapies for cancer treatment.
BiotechHealthtechMedical DevicesRochester, US
Stephen J. Russell, MD, PhD(Executive Officer, Director, Promoter)Kah-Whye Peng, PhD(Executive Officer)Stephen J. Russell(Executive Chairman and Chief Scientific Officer, Co-founder)Kah-Whye Peng(Co-Founder and Chief Technical Officer)inLuke Russell(President)inAlice S. Bexon(Chief Medical Officer)in
xDot Medical is an early-stage medical device company developing an automated vascular closure device that provides instant closure of the access site for catheter-based cardiovascular therapies.
HardwareHealthtechMedical DevicesMaple Grove, US
Aashiish Agnihotri(Founder & CEO)Jeff Sandstrom(VP of R&D)Kyle King(CFO)
Co-investorsGROOVE CAPITAL
Portfolio news
latest coverage across their companies
Endogenex · endogenex.com · Mar 26, 2026
Frequently asked questions
- How many investments has Southeast Minnesota Capital Fund made?
- Southeast Minnesota Capital Fund has 19 tracked investments.
- What stage does Southeast Minnesota Capital Fund invest at?
- Southeast Minnesota Capital Fund invests at the Pre-Seed, Seed, Series A stages.
- What sectors does Southeast Minnesota Capital Fund focus on?
- Southeast Minnesota Capital Fund focuses on Biotech, Digital Health, Healthtech, Medical Devices, Sector Agnostic.
- Where is Southeast Minnesota Capital Fund located?
- Southeast Minnesota Capital Fund is headquartered in Rochester, US.
- Who does Southeast Minnesota Capital Fund co-invest with?
- Southeast Minnesota Capital Fund most often shares deals with Great North Ventures, GROOVE CAPITAL, HM Venture Partners, among 37 tracked co-investors.
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