Great North Labs is raising a second fund to invest in seed-stage companies in the Upper Midwest.
The venture capital firm has raised $13.9 million so far, according to a filing with the SEC. Thirty-three limited partners have signed onto the fund, called Great North Capital Fund II, so far.
Related: Read Great North's Form D here.
The final size of the fund isn't clear. Great North Labs, which has offices in St. Cloud and Minneapolis, declined to comment on the fundraising citing a quiet period.
Great North's first fund was $23.7 million and was the largest debut seed fund in Minnesota's history. It has invested in at least 25 tech startups across the Upper Midwest in industries like health, financial services and logistics.
A lot of that investment has been in Minnesota, where Great North has invested in at least 11 companies as of Sept. 2020. In the past year, it has participated in an $11.15 million round of fundraising for logistics startup Dispatch and a $15 million round of fundraising for medical data startup Flywheel.
