A new venture capital firm is launching in the Twin Cities that will invest in early-stage, underrepresented founders from diverse backgrounds.
Tundra Ventures announced last week it is raising a $10 million fund that will target companies in the technology, consumer packaged goods and health care sectors.
Its initial local investments include:
- SoleSafe, a St. Paul-based insurance company used for expensive sneakers;
- Maazah, a St. Paul-based chutney and aioli company that ships its "magic green sauce" nationwide;
- We Sparkle, a Minneapolis-based software-as-a-service company that helps minority entrepreneurs run their businesses with AI tools that help sell products and book meetings easier.
The Minneapolis-based firm is being helmed by the team behind Lunar Startups, a startup accelerator focused on minority, LGBT, women and non-binary founders. Its managing partners are Amanda Heyman (founding director at Lunar), Adam Choe (startup coach at Lunar) and Danielle Steer (founding executive director at Lunar).
Heyman said in a phone interview Monday the group's accelerator experience has helped hone their skills at finding early-stage founders and helping them succeed quickly and efficiently.
Geographically, the firm is looking through a Midwestern lens when making investments, Heyman said.
"There's a really exciting and deep pool of talent that's here," she said.
Since its public launch last Friday, Heyman said the firm has already built momentum it will carry a long way.
"This is just our first fund. We're already future casting out to fund two and fund three," she said. "We expect to be a player in the ecosystem for a while."
