Community Development Venture Capital Alliance

Renaissance Ventures
Address:51 Broadway, Suite 500, Fargo, ND 58102
Telephone: (701) 293-8892
Fax: (701) 293-7819
Website: www.innovators.net/rz.html
Email: art@ndventures.com

Key Personnel: Art Rosenberg

Established: 1999

Total Committed Capital: $1.6 million

Amount Invested: $750,000

Geographic Focus: North Dakota's Renaissance Zones

Background
Renaissance Ventures is a new fund that will make equity investments in businesses located in North Dakota's Renaissance Zones. The fund is managed by the Dakota Certified Development Corporation, a statewide nonprofit. DRVC is being capitalized in part through 50% state income tax credits to investors. Dakota began collecting money at the end of 1999 and collected $800,000 that year; in 2000 it added another $800,000. Because of the tax credit is available regardless of the day of investment (only the year matters), Dakota does its fund raising at the end of the year. They plan to grow to between $5.0 and $7.5 million when they finish fund raising at the end of 2002.

Social Mission
To develop better-paying jobs and career opportunities in North Dakota.

Investment Information
The Fund expects to make first round investments of between $100,000 and $350,000. Dakota specializes, to some extent, in seed and start-up investments, and will invest in businesses in all industries.