Note: this article must be edited as they have taken out a key piece of information, this is a 2009 fund. I’m quoting the Term Sheet email dated 4/8/2014, I’ve bolded the text.
“Split Rock has always been a generalist shop, with its healthcare practice focusing more on medical devices than on pharma or biotech. But partner Michael Gorman says that the medical device space has become more challenging over time, whereas opportunities have become more attractive in IT. Split Rock continues to invest out of a 2009-vintage $300 million fund (around 25% uncommitted), and expects to invest almost all of it into IT – although it has reserved follow-ons for existing healthcare portfolio companies, and is open to making a couple select healthcare deals. If and when Split Rock raises its next fund, however, all of it would be dedicated to IT.”
While firms like Kleiner Perkins and Andreesen Horowitz raise more funds, apparently Split Rock still has money left to invest from a 2009 fund? 2-0-0-9?!? Are they a VC firm? Or do they just like to go ‘be a VC’ at community events?!?
This illustrates why the Minnesota startup scene is a joke.