Rally Ventures, a local firm that backs B2B tech companies, is the most active venture capital investor in Minnesota, according to new research from CB Insights.
CB Insights determined the most active VC firm in each state by analyzing which group made the most tech investments between 2014 and 2019.
Rally has invested in six Minnesota companies since its inception in 2012. Since then, several have been sold or gone public. This includes Minneapolis-based SportsEngine, which was sold to NBC Sports in 2016, and enStratius, which Dell purchased in 2014.
Other Minnesota companies in Rally's portfolio include Atavium, Foodsby, Parallax, Total Expert and ZAPInfo.
"We're all about helping entrepreneurs accelerate their business by leveraging our experience as early-stage venture investors and bringing together the expertise of our Technology Partner network," Jeff Hinck, co-founder and Rally Ventures general partner, said in a release. "We take this mission to heart in our home state of Minnesota and we are excited to continue investing in the state's exceptional tech talent."
Rally Ventures is dually based in Minnetonka and Silicon Valley, where it is led by Charles Beeler. The firm has added 43 companies to its portfolio over the last eight years.
Rally has participated in four portfolio company exits so far this year, most recently with the sales of Twistlock and Verodin. Cybersecurity company Twistlock was sold to Palo Alto Networks in a cash transaction valued at $410 million. Verodin was acquired by FireEye in a combined cash and stock transaction valued at $250 million.
Rally said in a statement that the proceeds generated from these acquisitions effectively returned the entirety of the Rally Ventures Fund II.
Last year, Rally began seeking $150 million for its third fund, according to a regulatory filing.
