Matchstick Ventures, a seed-stage agency that claims it invests in “quickly rising, but underserved startup ecosystems,” introduced this week that it has raised $30 million for its second fund.
That’s much more cash than the agency’s $5 million seed spherical. This time, Matchstick says it would write preliminary checks of round $500,000, and in some circumstances make follow-on investments of $1 million or $2 million.
The agency’s companions, Ryan Broshar and Natty Zola, are primarily based in Minneapolis-St Paul. and Boulder, respectively, they usually mentioned the underserved ecosystems they’re targeted on embody “the North, the Rockies, and firms throughout the Techstars ecosystem.” That is the primary fund Matchstick has raised since Zola (the co-founder of Everlater, acquired by our mum or dad firm AOL) joined as a accomplice final 12 months.
And regardless that Broshar and Zola solely not too long ago closed and introduced the fund, they’ve already used it to make plenty of investments, backing Onward (San Francisco), Soona (Denver), Upsie (Minneapolis), Pana (Denver) and Ordermark (Los Angeles).
The traders within the fund embody Foundry Group, which mentioned the connection between the 2 companies in a weblog publish:
We’ve co-invested and served on boards with them and [Foundry Group Managing Director] Seth Levine has been an official advisor to Matchstick since inception. As we’ve gotten to know Natty and Ryan, we’ve additionally seen the ecosystems wherein they function — the North and the Rockies — start to actually thrive and achieve momentum … We consider nice firms will be constructed anyplace and are enthusiastic about Matchstick’s alternative to leverage Natty and Ryan’s positions inside their respective communities to accomplice with unimaginable founders and construct their agency.