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Matchstick Ventures, one of Minnesota’s most active early stage investors, has closed on a $55 million fund, the company’s third. Its previous fund, which closed in 2019, was worth $30 million.

The fundraising was led by the Foundry Group, a Boulder, Colorado, venture firm. The fund was also supported by institutional and individual partners in the Midwest and the Rockies.

Matchstick said the latest fund gives it more flexibility to make pre-seed and seed investments between $500,000 and $1.5 million.

Since launching as Confluence Capital six years ago, Matchstick has invested in over 100 companies. Its portfolio includes Minnesota companies like Soona, Inspectorio, Parallax and Branch, which recently raised $48 million. It’s also an investor in Milwaukee’s Fiveable, a remote education technology company. Matchstick joined in a Fiveable funding round led by New York’s BBG Ventures, a venture capital firm focused on investing in female founders, that also included Metrodora VenturesChelsea Clinton‘s new fund that was making one of its first investments.

In Matchstick’s last fund, 31% of the company’s it invested in were “impact” companies that will generate social or environmental benefits. Furthermore, 54% of its companies are led by at least one underrepresented founder.

Matchstick, which is run by Ryan Broshar and Natty Zola, is also launching Matchstick Strikers, a network of local and national leaders. The group’s goal will be to help companies find talent, mentor founders, access capital and add diversity.