Backing go-to-market founders

IN THE MIDWEST.

Investing in
Indianapolis, IN
Columbus, OH
Detroit, MI
Minneapolis, MN
St. Louis, MO
Milwaukee, WI
Pittsburgh, PA
Louisville, KY
Kansas City, MO
Omaha, NE
Winnipeg, MB
Cincinnati, OH
Grand Rapids, MI
Madison, WI
Des Moines, IA
Cleveland, OH
Champaign, IL
Lincoln, NE
West Lafayette, IN
Chicago, IL
Akron, OH
Saginaw, MI
Lexington, KY
Indianapolis, IN
Columbus, OH
Detroit, MI
Minneapolis, MN
St. Louis, MO
Milwaukee, WI
Pittsburgh, PA
Louisville, KY
Kansas City, MO
Omaha, NE
Winnipeg, MB
Cincinnati, OH
Grand Rapids, MI
Madison, WI
Des Moines, IA
Cleveland, OH
Champaign, IL
Lincoln, NE
West Lafayette, IN
Chicago, IL
Akron, OH
Saginaw, MI
Lexington, KY

Invest in the Midwest.

M25 is an early-stage venture firm based in Chicago, investing exclusively in tech startups headquartered in the Midwest. Since our launch in 2015, we've become the most active investor in the region. We invest broadly, and our unique, analytical approach aims to reduce risk while maintaining the high returns typically associated with this stage of investing. We emphasize our expansive networks and thrive on collaboration—helping to syndicate deals, encouraging fair terms and prioritizing relationships. Along the way, we hope to share a few laughs, whether it's over beers or board games.

M25’s name is inspired by Jesus’ Parable of the Talents in Matthew 25:14-30. To us, this parable serves as a Biblical example of wise entrepreneurship and a charge to be faithful stewards of all that God has entrusted to us. At M25, this concept is central to our investment philosophy—both as we invest our own capital into entrepreneurs who inspire us daily and as we responsibly manage the capital entrusted to us.

150+
portfolio companies and counting
11
years as one of the region's most active investors
13
states + provinces we've invested in within the Greater Midwest
Finance & Insurance · Supply Chain & Industrial · Healthcare IT · Horizontal SaaS
Pitch Us

RECENT INVESTMENTS

“As a post-Series B first-time founder, I look back and cannot imagine this journey without M25, whose team made a bet on me at the Seed stage. Victor and Mike have taught me all the fundamentals of fundraising, and have been there to support me as we’ve grown. M25’s superpowers are their access to the investment community for later rounds, as well as invaluable and founder-friendly advice, especially when times are tough. For me, and perhaps most importantly, we align at the values-level—a factor that has allowed me to relax into vulnerable conversations with them.”

— Amy Brown, CEO & Founder of Authenticx

WHERE WE INVEST

M25 invests across 13 states + provinces in the Greater Midwest. We feel this is more than just the 12 states defined in the U.S. census and—for cultural, economic, geographical and historical arguments—we include the western half of Pennsylvania, state of Kentucky, front range Colorado, northwest Arkansas, northwest New York, Oklahoma and Manitoba in our investment range (check out these surveys on FiveThirtyEight and CityLab).

M25 invests in the “Pre-Seed” and “Seed” stage. Everyone has a different definition of “Seed Stage,” so this is how we define it.

After the initial meeting, we put companies through our rigorous scorecard analysis. We score the following variables as objectively as possible: team, market, product, traction, exit & growth, funding and business plan. While they are all important, some are more important than others. More on our Due Diligence process. As much as we love San Francisco, we will only consider investing in Midwest-headquartered companies for a variety of strategic and practical reasons.

THE BLOG