Rochester, MN (August 21, 2018) – After one year, since its official launch, the Southeast Minnesota Capital Fund LLC (Fund) has reached its $2,000,000 funding goal and closed its fifth investment in Rochester-based Ambient Clinical Analytics.
“For our community, having an active new business fund is very important because we are helping attract and retain companies that will create good paying jobs in our region,” said Joselyn Raymundo, a member of the Fund and a Founder/CEO of Rochester Home Infusion.
The Fund launched in August 2017 with $775,000 and 25 investors. Due to strong investor interest, Fund members voted in January 2018 to set a new fund target of $2 million. With the target now reached, thanks to the commitment of 56 investors, the Fund is the largest in southeast Minnesota.
“The goal of the Fund is to provide much needed, but very scarce, seed capital to new companies with strong growth potential. It nicely complements other early-stage funding sources, such as the public Rochester Economic Development Fund,” said Xavier Frigola, Treasurer of the Fund. “Our entrepreneurs need to know there are individuals in the community that will support bold, yet financially sound, business ideas.”
While not geographically limited, most of the investments to date have been in southeast Minnesota with one investment in Minneapolis. The Fund has invested a total of $500,000 in the following companies: Sonex Health, Oculogica, Vyriad, Geneticure, and now Ambient Clinical Analytics.
Entrepreneurs interested in funding are encouraged to visit www.SEMNcapital.com
About the Southeast Minnesota Capital Fund. The SEMCF is a regional capital fund launched in 2017 to provide seed capital to high-growth companies. The Fund aims to invest $2 million in 15-20 companies. Currently the Fund is comprised of fifty-six investors. SEMCF was created by Rochester Area Economic Development, Inc. (RAEDI), and spearheaded by its Journey to Growth regional economic development plan. For more information on SEMCF visit this website: www.SEMNcapital.com
About Journey To Growth (J2G). The Journey To Growth Partnership (J2G) is a comprehensive five-year strategy coordinated by Rochester Area Economic Development, Inc. (RAEDI) to effectively grow and diversify the economy of the southeast region consisting of the following counties: Dodge, Fillmore, Freeborn, Goodhue, Houston, Mower, Olmsted, Steele, Wabasha and Winona. For more information on the Journey To Growth Partnership visit www.j2gmn.com and J2G Facebook.
About Rochester Area Economic Development, Inc. (RAEDI). Incorporated in 1985 and headquartered in downtown Rochester, Minnesota, Rochester Area Economic Development, Inc., (RAEDI) works to encourage local business expansion and new business locations in the Rochester area. RAEDI’s primary goal is to attract, retain and assist the growth and expansion of base business within the Rochester region. Services provided include financial packaging, business planning, site/location support and business/community advocacy. The 504 Corporation was incorporated under RAEDI in 1990 to provide better access to the U.S. Small Business Administration’s (SBA’s) 504 Loan Program. For more information on RAEDI and 504 Corporation visit www.raedi.com, LinkedIn, Facebook, Twitter and www.504corporation.com
Media Contact:
Xavier Frigola, PhD
Director of Entrepreneurial Programs
(507) 398-2149 – [email protected]
