VC

Investor profile

M25 logo

M25

Midwest USIllinoisIndianaOhioMichiganMinnesotaMissouriWisconsinPennsylvaniaKentuckyKansasNebraskaIowaColoradoManitoba, CanadaB2B SaaSAI/MLFintechHealthtechEnterpriseMarketplacesOther

See how your deck fits this investor's thesis, stage, and ticket size.

Analyse your fit

Investment thesis

M25 is an early-stage venture firm based in Chicago, investing exclusively in tech startups headquartered in the Midwest. The firm's thesis holds that Midwest-headquartered startups produce better risk-adjusted returns than their coastal peers—the region accounts for 10% of all US venture deals but only 5% of US venture dollars, despite generating the highest average return on capital. M25 invests broadly across Finance & Insurance, Supply Chain & Industrial, Healthcare IT, and Horizontal SaaS, deploying checks of $250K–$1M at the pre-seed and seed stages, often as the first institutional check. The firm's unique, analytical scorecard-driven approach aims to reduce risk while maintaining high returns, and it emphasizes expansive networks, deal syndication, and founder-friendly terms to help portfolio companies achieve their best possible Series A.

Notable quotes

We are the first to see, evaluate, lead or syndicate pre-seed and seed rounds with the best founders in the region. While it's not in our Midwestern ethos to boast about our accomplishments, we're proud that when someone from St. Louis, Cincinnati, Ann Arbor, or Chicago wants to raise their first round of capital, their mentors, lawyers, and community leaders all say the same thing — M25.

Victor Gutwein · M25 Fund III Announcement, m25vc.com · 2021-05-07

We are a Midwest fund working with (relatively) capital efficient companies selling to the broad backbone of the American economy — finance & insurance, healthcare, supply chain, government and consumer. But we bring a healthy amount of coastal inspiration: Yes, you can be a multi-billion dollar company in Omaha or Pittsburgh or Madison. Yes, you can make global headlines, not only the local business journal.

Mike Asem · M25 Fund III Announcement, m25vc.com · 2021-05-07

It's a bit surreal to see us, two twenty-somethings with negligible VC experience, go from that tiny $1M Fund in 2015, to an $11M Fund II, to a $32M Fund III and now to a $36.5M Fund IV, in just 10 years. M25 was built with the long-term as the only guiding force—we've invested heavily to build this foundation to becoming a leading non-coastal VC firm, and we're off to a great beginning.

Victor Gutwein · A Decade of M25: Reflections & the Road Ahead, m25vc.com · 2025-01-01

Recent investments

CompanyRoundSizeDate
Kin InsuranceSeed
AstronomerSeed
Loop ReturnsSeed
BranchSeed
AuthenticxSeed
SteadyMDSeed
PavewiseSeed$3m2025-10-01
Swept AISeed$1m2025-08-01
OneDoseSeed2025-09-01
ContinuumSeed$4m2024-08-01

Frequent co-investors

Fit check

Is M25 a match for your startup?

Upload your deck and get an instant AI-powered fit analysis — see exactly how your startup aligns with this investor's thesis, stage focus, and ticket size.

Analyse your fit