The startup picture in Minneapolis

Minneapolis has a serious funding track record, with 781 tracked companies having raised outside money, ahead of Indianapolis at 530 and Kansas City at 328 in the comparison set. Yet unfunded companies remain dominant, so capital depth is real without being universal.

Startups in Minneapolis - Funding, Founders & Investors

Everything startup in one place: who's building, how the landscape clusters, the people and investors behind it, and whether the capital is real.

UnitedHealth Group

UnitedHealth Group: Improving healthcare system and promoting healthier lives

est. 1977 · 198,787 staff · raised outside money

Stephen Hemsley — CEO

Kevin Sparks — CEO & President

Cargill

Cargill's Agribusiness Innovation

est. 1865 · 160,000 staff · raised outside money

Tim Noonan — Managing Director

Brian Sikes — CEO

US Bank

Commercial bank

est. 1968 · 70,000 staff · raised outside money

John Zimmerman — Vice President

Richard Davis — Ex-CEO

Medtronic

Advanced Implantable Devices for Chronic Conditions

est. 1949 · 37,238 staff · raised outside money

Geoffrey S Martha — CEO

Bob Palmisano — CEO

General Mills

Multi-category brand of food products

est. 1866 · 34,000 staff · raised outside money

Jeffrey Harmening — Chairman & CEO

Buffalo Wild Wings

Buffalo Wild Wings: digital tracking for personalized advertising

est. 1982 · 17,072 staff · raised outside money

Sally Smith — President and CEO

Xcel Energy

Energy retailing company

est. 1904 · 11,311 staff · raised outside money

Ben Fowke — CEO

Great Clips

Salon brand with online check-in features

est. 1982 · 9,591 staff · raised outside money

Rhoda Olsen — CEO

Ray Barton — Owner

Land OLakes

Tech-Enabled Agribusiness Cooperative

est. 1921 · 7,553 staff · raised outside money

Chris Policinski — Ex-President & CEO

Caribou Coffee

Caribou Coffee: Traditional Coffeehouse with Estate-Grown Small-Batch Beans

est. 1992 · 6,202 staff · raised outside money

Kim Puckett — Co-Founder

John Butcher — CEO & President

ABRA Auto

Vehicle Body Repair Services Expansion

est. 1984 · 5,000 staff · raised outside money

Duane Rouse — CEO & President

Capella University

Competency-Based Online Learning Platform

est. 1993 · 3,980 staff · raised outside money

Richard Senese — President & CEO

Apogee

Architectural Glass and Metal Framing Manufacturing

est. 1949 · 3,894 staff · raised outside money

Joe Puishys — Ex-CEO

RAYUS Radiology

Provider of radiology services

est. 1981 · 3,000 staff · raised outside money

Kenneth Heithoff — Founder

Richard Long — CEO & President

Bright Health Group

Provider of personalizeed care services

est. 2015 · 2,851 staff · raised outside money

Bob Sheehy — Co-Founder · Bachelor of Science University of Michigan

Tomas Valdivia — Co-Founder · Master of Science University of Minnesota

Agiliti

Healthcare Technology Management Solutions

est. 1939 · 2,499 staff · raised outside money

Tom Leonard — CEO

Bio-Techne

Advanced Protein Analysis Solutions

est. 1981 · 2,400 staff · raised outside money

Charles Kummeth — CEO & President

Roger Lucas — Founder

Sleep Number

Personalized Sleep Solutions with Biometric Data

est. 1987 · 2,328 staff · raised outside money

Robert Walker — Co-Founder

JoAnn Walker — Co-Founder

One Tap Away

Provider of smart solutions for residential housing and co-living spaces

est. 2018 · 2,273 staff · raised outside money

Tyler Hall — Co-Founder

Jostens

Digital Yearbook Platform Expansion

est. 1897 · 2,040 staff · raised outside money

Chuck Mooty — ex-CEO & President

Bluestem Brands

Retailer of fashion products

est. 2002 · 1,847 staff · raised outside money

Bruce Cazenave — Chief Executive Officer · MS The George Washington University

Coherent Solutions

Custom Software Development & QA Services

est. 1995 · 1,800 staff · raised outside money

Igor Epshteyn — Founder & CEO

Miracle-Ear

Miracle-ear: Offering discrete hearing aids for the last 30 years.

est. 1948 · 1,510 staff · raised outside money

Heinz Ruch — CEO

SPS Commerce

Global Retail Supply Chain Management Platform

est. 1998 · 1,502 staff · raised outside money

Chad Collins — Chief Executive Officer

cluster · 1602 companies

Business Services

91 founded since 2018 · 50 funded

Sub-themes

marketing services · 462it services · 187legal services · 153hr services · 132management consulting services · 116event management services · 97

e.g. Procare HR, Currently Seeking Opportunities, stanley consultants

cluster · 648 companies

Enterprise Applications

104 founded since 2018 · 108 funded

Sub-themes

enterprise software · 155saas · 140hrtech · 130marketingtech · 105sales force automation · 33grc software · 31

e.g. redbrick health, wolters kluwers financial services, SPS Commerce

cluster · 592 companies

Consumer

91 founded since 2018 · 71 funded

Sub-themes

b2c e-commerce · 138professional consumer services · 82sports tech · 53temples and religious trusts · 42fashion tech · 42sports services · 40

e.g. Daikin Applied, Nice Ride MN, SmartStyle

cluster · 556 companies

Real Estate And Construction

31 founded since 2018 · 28 funded

Sub-themes

architects · 92real estate & infrastructure developers · 84real estate brokers · 68construction contractors · 58building materials · 55interior designers · 47

e.g. homeservices of america, Apogee, Mortenson

cluster · 538 companies

Healthcare

41 founded since 2018 · 61 funded

Sub-themes

clinic chains · 102rehabilitation and long-term care · 82services for healthcare providers · 81fitness and wellness centers · 31home healthcare · 25medical device outsourcing · 24

e.g. Medtronic, fairview health services, hennepin healthcare

cluster · 383 companies

Retail

66 founded since 2018 · 54 funded

Sub-themes

b2c e-commerce · 50fashion tech · 45internet first brands · 43e-commerce enablers · 41retailers · 40e-commerce support services · 36

e.g. Target, Great Clips, Wilsons Leather

cluster · 362 companies

Financial Services

26 founded since 2018 · 24 funded

Sub-themes

asset management · 97finance & accounting services · 66services for investment industry · 51insurance carriers · 31banks · 25insurance distribution · 23

e.g. UnitedHealth Group, US Bank, Allianz

cluster · 317 companies

Consumer Goods

23 founded since 2018 · 51 funded

Sub-themes

food & beverage products · 72home furnishing products · 45apparel brands · 27internet first brands · 25beauty & personal care products · 25alcoholic beverage products · 22

e.g. General Mills, PepsiAmericas, Nature Valley

cluster · 288 companies

Food And Agriculture

26 founded since 2018 · 50 funded

Sub-themes

food service chains · 77alcoholic beverage products · 45food & beverage products · 34restaurants · 30foodservice equipment · 15food distributors · 15

e.g. Cargill, General Mills, PepsiAmericas

cluster · 280 companies

Media & Entertainment

37 founded since 2018 · 24 funded

Sub-themes

film & tv studios · 74internet first media · 66b2c e-commerce · 23book tech · 22internet first news publishers · 20music tech · 18

e.g. star tribune media, Minnesota Orchestra, wehmann models & talent

Founder & Background	Role	Company
Sally Smith Buffalo Wild Wings, ex-Miracle Ear, ex-Kpmg, University of South Dakota, 1980	President and CEO	Buffalo Wild Wings
Kim Puckett Ex-Dunkin' Donuts. Dartmouth College	Co-Founder	Caribou Coffee
John Butcher At Home Group, ex-Target. Indiana University - Kelley School of Business BS 1996	CEO & President	Caribou Coffee
Duane Rouse University of Wisconsin, LaCrosse	CEO & President	ABRA Auto
Richard Senese Capella University, ex-University Of Minnesota Extension, ex-St Olaf College, University of Minnesota, 1997	President & CEO	Capella University
Richard Long Ex-GE.Saint Mary's University of Minnesota BA 1983.	CEO & President	RAYUS Radiology
Kim Tzoumakas Ob Hospitalist, ex-Seaspine, ex-21st Century Oncology Holdings, Western Michigan University Cooley Law School, 1996	Chief Executive Officer	RAYUS Radiology
Bob Sheehy University of Michigan BS & MHSM	Co-Founder	Bright Health Group
Tomas Valdivia Zocalo Health, ex-Founder & CEO Advanced Informatics, Co-Founder & CEO Valquist, Illuminate, Carol, InTandem Capital Partners. Car	Co-Founder	Bright Health Group
George Mikan University of St. Thomas BA 1994	CEO	Bright Health Group
Charles Kummeth ex-President Thermo Fisher Scientific, VP 3M & ASPEC. University of Minnesota - Carlson School of Management MBA 1993, University	CEO & President	Bio-Techne
Craig Benson Ex - Deloitte & Touche, LLP. University of St. Thomas BA, Accounting 2003, Villanova University Master Certificate in Lean Six Sig	Director Of Sales Operations	Sleep Number
Linda Findley Ex - President And CEO Blue Apron, COO Etsy. Elon University Bachelor of Arts - BA, Corporate Communications and Journalism 1995,	President & CEO	Sleep Number
Shelly Ibach Ex-Marshall Field's. University of Wisconsin-Stout BS 1981	CEO	Sleep Number
Tyler Hall ex- SmartThings, Mural Consulting, Founder- Student Experts, FocusHR. University of Arizona - Eller College of Management 2008	Co-Founder	One Tap Away
Bruce Cazenave ex- President Garden Decor Group, Central Garden & Pet, Dorel Juvenile Group, Timberland,Black & Decker. Johns Hopkins University,	Chief Executive Officer	Bluestem Brands
Igor Epshteyn Ex-CWC, US Bank, Siemens. BSUIR Minsk MSEE 1991, University of Minnesota MBA 2001	Founder & CEO	Coherent Solutions
Chad Collins Sps Commerce, ex-Korber Supply Chain, ex-Highjump, Marquette University	Chief Executive Officer	SPS Commerce
John Strosahl Jamf, ex-Jamf Software, ex-Ebay, University of Illinois	Chief Executive Officer	Jamf
Greg Von Arx Ex-AmeriChoice, RedBrick Health, Intrepid USA Healthcare Services, Beverly Enterprises. University of Wisconsin-Eau Claire 1984	CEO	Recover Health

backgrounds shown where available

161 investors are on record backing Minneapolis companies. The most committed:

Most active — backed 2+ companies

Split Rock Partners

Battery Ventures

2Tekla Capital Management

2Roark Capital

2Gemini

2New Enterprise Associates

2Bain Capital Ventures

2Capitala Group

2Summit Partners

2Golub Growth

Institutional

Split Rock Partners · VC fundNew Enterprise Associates · VC fundBain Capital Ventures · VC fundOak Investment Partners · VC fundHampstead Park Capital Management · VC fundBonsal Capital · VC fundCigna Ventures · VC fundBessemer Venture Partners · VC fundFlare Capital Partners · VC fundNorwest · VC fundBoxGroup · VC fundAxiom Venture Partners · VC fundHerald Investment Management · VC fundSeyen Capital · VC fund+ 32 more

Private & corporate backers

Battery VenturesTekla Capital ManagementRoark CapitalGeminiCapitala GroupSummit PartnersGolub GrowthHSBCOmega AdvisorsCPP Investments+ 105 more

hover a name to see who they backed

Funded startups — peer cities

Minneapolis

781

Indianapolis

530

328Kansas City

284Milwaukee

252Omaha

Companies that have raised

Company	Industry	Rounds	Latest Round	Founded
UnitedHealth Group	hospital & health care	3	2016-12	1977
Eschelon	telecommunications	2	2002-07	1996
Kips Bay Medical	medical devices	6	2015-03	2007
AdvisorNet Financial	financial services	3	2021-04	1959
Cachet Financial Solutions	financial services	13	2016-12	2010
International Decision Systems	computer software	1	2014-11	1974
NELSON	design	1	2017-01	1977
Mandalay Apartments	real estate	1	2022-04
Border Bank	banking	3	2024-09	1935
Aveso	electrical/electronic manufacturing	3	2010-07	2004
Altheus Therapeutics	pharmaceuticals	3	2014-01	2006
Rae Wellness	health, wellness and fitness	1	2020-12	2019
Four51	internet	2	2016-02	1999
Travanti Pharma	other healthcare technology systems	1	2006-07	1997
Ryan Companies US	real estate	1	2012-06	1938
SHAED	automotive	1	2024-05	2020
BioCoach	electronic equipment and instruments	1	2022-03	2018
akoyaGO	computer software	1	2022-07	1978
Lewk	apparel & fashion	1	2022-01	2015
BData	hospital & health care	4	2024-10	2014
Alma	hospitality	1	2016-11	1999
SportsHub Games Network	entertainment software	1	2018-07	2016
NorthMarq	real estate	3	2022-12	1960
MEDNET World	computer software	1	2010-07	2007
CSDZ	insurance	5	2017-02	1919

round amounts sparse for tier-3 cities — counts shown, dollar totals withheld

Company	Industry	Founded	Employees
Across Culture	online media	2026	—
Allie Bjerk	marketing and advertising	2026	—
Cytera Systems	information technology and services	2026	—
Diskcontent	retail	2026	—
Haworth Media	marketing and advertising	2026	143
GreenTech Solutions	real estate	2026	—
Ventures Eagan	investment management	2025	—
Appraisal Dream	computer software	2025	—
Anthrobyte	information technology and services	2025	—
AppSight	computer software	2025	—
Automate Clinic	hospital & health care	2025	—
Community Vision	hospital & health care	2025	—
Insight Communications	computer software	2025	—
iRiva Medical	medical devices	2025	—
Lurna	e-learning	2025	—
Onsetto	financial services	2025	—
OTTO SPORT AI	sports	2025	—
Seedance	information technology and services	2025	—
Techdrip.ai	e-learning	2025	—
Trail Ahead	leisure, travel & tourism	2025	—

The startup picture in Minneapolis

UnitedHealth Group

Cargill

US Bank

Medtronic

General Mills

Buffalo Wild Wings

Xcel Energy

Great Clips

Land OLakes

Caribou Coffee

ABRA Auto

Capella University

Apogee

RAYUS Radiology

Bright Health Group

Agiliti

Bio-Techne

Sleep Number

One Tap Away

Jostens

Bluestem Brands

Coherent Solutions

Miracle-Ear

SPS Commerce

Business Services

Enterprise Applications

Consumer

Real Estate And Construction

Healthcare

Retail

Financial Services

Consumer Goods

Food And Agriculture

Media & Entertainment

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