Investor Profile: Arthur Ventures — Thesis, Cheque Size & How to Apply

Arthur Ventures, founded in 2013 and headquartered in Minneapolis, Minnesota, invests in early-stage business-to-business software companies across North America, with a deliberate focus on companies based outside Silicon Valley. It aims to be the first institutional capital partner for exceptional founders, and it has built a reputation for backing software businesses in the Midwest and beyond.

Investment thesis

Arthur Ventures backs fast-growing, scalable enterprise software companies, often as their first institutional investor. Its pitch is partnership from the earliest institutional round through the mid-stage and beyond, using a core fund for new investments, a growth fund for follow-on rounds and, since 2025, a dedicated buyout fund for majority recapitalisations. The firm says its commitment to being a first institutional partner has not changed since its founding.

Sectors and stages

The firm focuses on business-to-business software, including fintech, cybersecurity, healthcare information technology, human resources technology, legal technology and developer tools. It invests at seed and Series A through its core funds and supports portfolio companies through later stages with its growth funds. It invests across the United States and Canada, with offices in Minneapolis and Fargo, North Dakota.

Fund size and cheque size

In April 2025 Arthur Ventures closed $800 million in new capital: a sixth core fund of $395 million, a fifth growth fund of $205 million and a first buyout fund of $200 million, taking assets under management to approximately $2 billion. Its core fund has previously been reported investing $3 million to $30 million per deal, with its growth fund investing $10 million to $50 million; the firm has not published a separate cheque range for the 2025 core fund, so that current range is not publicly disclosed.

Notable portfolio and partners

Arthur Ventures' portfolio has included Terminus, Leadpages, MacStadium and CertifID, alongside companies such as When I Work, Linux Academy and Shift4Shop, and recent investments including Caju AI and Perry Weather. It is led by Patrick Meenan and Ryan Kruizenga, and Andrew Heim joined as a General Partner in 2025 to co-lead the buyout strategy. It does not publish a startup credits or perks programme; its value-add is framed as hands-on support from first cheque through scale.

How to apply for funding

Arthur Ventures does not publish an open online application form. Founders can contact the firm through arthurventures.com, and warm introductions from other founders, operators and investors in its network are a common route. A strong approach shows a business-to-business software product with early revenue traction, a scalable go-to-market motion and a reason to be based outside the coastal hubs, which is central to the firm's identity.