Arthur Ventures, a Fargo, North Dakota-based early-stage venture capital firm, closed its second fund at $45m.
Arthur Ventures Growth Fund II, L.P. will back software companies that market their solution to the enterprise information technology, healthcare, agriculture, and energy markets. Deal sourcing will be concentrated in the Great Plains and Upper Midwest.
Initial investments range from $250k to $3m.
The fund has already invested (along with Goldman Sachs) in Infusionsoft, which provides sales, marketing, and e-commerce software solutions for small businesses.
Co-founded in 2008 by Doug Burgum, chairman, and James Burgum, managing partner, Arthur Ventures also invest in later-stage companies, but only in syndication with other investors. It has an additional office in Minneapolis, Minnesota.