Rally Ventures, a venture-capital firm with offices in the Twin Cities and Silicon Valley, said it has raised $250 million, its largest of four funds, to invest in early-stage innovators in cloud-storage infrastructure, financial technology, software-as-a-service and cybersecurity.
"We are committed to investing in the fastest-rising business technology entrepreneurs, and the close of 'Rally IV' allows us to support founders who are changing the way the world works," Rally co-founder Jeff Hinck said in a statement.
Rally Ventures was oversubscribed for its fourth round of capital. This brings the firm's total committed capital raised since inception to nearly $600 million. Rally closed its last fund of $150 million in 2018.
Rally Ventures was founded in 2012 by Hinck and Charles Beeler, who have co-invested together for 20 years.
Rally Ventures' third partner, Justin Kaufenberg, joined in late 2019. He was a co-founder and chief executive of SportsEngine, a Minneapolis company that provided online services to youth sports leagues. Rally Ventures was an early investor in the company, which was sold to NBC Sports for an undisclosed price in 2016.
Rally also relies on a team of 100-plus "tech partners" who help source and evaluate and who also have invested about $100 million into Rally Venture funds.
Since 2012, Rally Ventures has invested in over 50 companies nationally. Several have gone public or been acquired.
Neal St. Anthony • 612-673-7144