701 Fund launches second fund to continue investment in region, high-tech startups
For immediate release -
701 Fund (also known as, 701 Angel Fund) has launched its second fund. The Grand Forks, North Dakota based venture capital firm closed its initial round of financing on its $5 million "701 Fund 2" on February 28th, 2022.
Greg Syrup, it's founding partner, shared that the fund will aim to invest funds in the Midwest across emerging technology industries. The first of the 701 funds opened in 2015 and has invested in 16 companies to date. Greg is former chairman of Dakota Venture Group, the nation's first student-managed venture fund, and has been active in the industry since 2012.
"There's a lot to be excited about in North Dakota at the moment, in addition to what we've been seeing across the region. I'm grateful to be able to rely on knowledgeable partners and entrepreneurs to help us make the most of these opportunities. Our region has a bright future!", says Syrup.
Although he declined to share details on the group's investors, Greg mentioned he has been working with several ND & MN entrepreneurs to get the fund going.
"Most, if not all, of the investors have had successful ventures of their own - including a few that have had international businesses. Better yet, they're hungry for the opportunity to share that experience and invest in other entrepreneurs."
More info can be found on the company's website: www.701angelfund.com