Arthur Ventures 2
Arthur Ventures said Monday that it has closed on two new funds worth a combined $375 million.

The largest, a $225 million core fund, is designed to make new investments in startups, and a $150 million growth-stage fund will be used to make follow-up investments in portfolio companies.

The firm’s strategy remains the same, to focus on early-stage B2B tech companies outside of Silicon Valley.

This is Minneapolis-based Arthur’s fourth core fund, following a $125 million fund in 2019, $54 million in 2017 and $45 million in 2013.

Overall, the firm now manages $650 million in assets. Its active investments include Ionic, a cross-platform app software company in Madison, and VBA, a virtual benefit administration firm in Germantown.

Co-managing partners for the firm are Patrick Meenan and Ryan Kruizenga. Arthur has eight employees, seven based in Minneapolis and one in Nashville.