Entrepreneur Scott Burns joins the new venture capital business of Mairs & Power

Scott Burns, a Minnesota entrepreneur who helped start successful software companies GovDelivery and Structural, is joining the new venture capital arm of St. Paul-based Mairs & Power as a general partner.

Burns now turns his full attention from building and running startups to investing in other emerging businesses.

"When I was starting out here, it was a pretty new ecosystem as far as the tech entrepreneur economy. And it was a struggle to find support," Burns said. "It's been one of the great pleasures of my life trying to help and support other entrepreneurs."

Mairs & Power was founded in 1931 and is best known for its mutual funds the Mairs & Power Growth Fund, Balanced Fund and Small-Cap fund as well as portfolio and investment management for individuals and institutions. Mairs & Power had $10.5 billion in assets under management as of June 30.

The firm started Mairs & Power Venture Capital in 2022 to expand into venture capital investments. The wholly-owned subsidiary is headed by general partner John Bergstrom.

"I am thrilled to welcome Scott to the Mairs & Power Venture Capital team," Bergstrom said in a news release. "His expertise as an entrepreneur and investor aligns seamlessly with our strategic vision."

Burns, who is also a board member of the Star Tribune, co-founded GovDelivery in 2000 and grew it to 255 employees and approximately $40 million in annual revenue before it sold for $153 million in September 2016 to Vista Equity Partners.

It's a reunion of sorts for Bergstrom and Burns. Bergstrom was an early investor and adviser in GovDelivery, and before helping launch Mairs & Power Venture Capital Bergstrom and Burns collaborated on other side projects.

"The combination of John's career of investing in, consulting with and providing board governance to venture-stage companies and Scott's experience starting, growing and exiting private companies makes this a formidable venture capital team," said Mark Henneman, chair and CEO of Mairs & Power.

Mairs & Power Venture Capital has made seven investments to date. The investments followed the DNA of Mairs & Power by backing mostly Midwest-based companies. Most of the investments have been in technology companies that can scale quickly.