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Fund Profile:
RAIN Source Capital
1600 University Avenue West, Suite 401, St. Paul, MN 55104
Telephone: (651) 632-2140
Fax: (651) 632-2145
Website: www.mincorp.org
Email:info@mincorp.org
Key Personnel:
Steven B. Mercil, President and CEO
Brian P Johnson, COO & Investment Manager
Joan M. Wurzer, Investment Manager
Established: 1998
Total Committed Capital: $15 million
Amount Invested: over $10 million
Geographic Focus: Minnesota, Iowa, North Dakota, South Dakota, Montana, Idaho, Washington, Oregon and other areas
Background
Minnesota Investment Network began operations in July 1998 upon receiving initial capitalization from Minnesota Technology, Inc. Minnesota Investment Network is a Community Development Financial Institution (CDFI) organized as a community development venture capital fund to provide equity capital and expertise to companies located in Minnesota. It is the only equity fund in Minnesota that focuses on rural business opportunities statewide.
Minnesota Investment Network Corporation seeks to invest its entire Equity Fund in growth companies located in Minnesota and to build local equity capacity by helping to establish regional funds made up of local angel investors. Investments must be capable of providing returns to investors and creating high-quality jobs.
Social Mission
The Fund aims to create high-quality jobs for Minnesota residents.
Investment Information
The Fund focuses on businesses in Minnesota with a focus outside the metropolitan area of Minneapolis and St. Paul. In 2006, the fund expanded beyond Minnesota to work with angel investors in Minnesota, Iowa, North Dakota, South Dakota, Montana, Idaho, Washington, Oregon and other areas to form member-led RAINŽ funds and invest in local companies. It invests primarily in the manufacturing and technology sectors. The Fund makes investments between $50,000 and $1.5 million in businesses spanning from early stage to expansions, turnarounds, and ownership transitions.
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