Investor profile
M25
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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.”
“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.”
“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.”
Recent investments
| Company | Round | Size | Date |
|---|---|---|---|
| Kin Insurance | Seed | — | — |
| Astronomer | Seed | — | — |
| Loop Returns | Seed | — | — |
| Branch | Seed | — | — |
| Authenticx | Seed | — | — |
| SteadyMD | Seed | — | — |
| Pavewise | Seed | $3m | 2025-10-01 |
| Swept AI | Seed | $1m | 2025-08-01 |
| OneDose | Seed | — | 2025-09-01 |
| Continuum | Seed | $4m | 2024-08-01 |
Frequent co-investors
| VC firm | Deals together |
|---|---|
| Cambrian Ventures | 4 |
| Cowboy Ventures | 3 |
| Forerunner Ventures | 2 |
| Founder Collective | 2 |
| Long Journey Ventures | 2 |
| Anthemis | 2 |
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