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The Venture Codex

M25

415 N LaSalle Drive Suite 500, Chicago, IL, 60654, United States

Overview

Midwest-focused venture capital firm investing in early-stage tech startups

Founded

2015

Deals ยท 12mo

6

Links

WebsiteLinkedInX (Twitter)

Stage focus

Seed
Series A

Geographic focus

United States

Sector focus

Consumer
Enterprise
Enterprise Software
Finance
...

Investment portfolio

77rounds
NAMEDATESIZE
Noise
Sep 2026Participated
$7 MSeed
Immigify
Jul 2026Led
$1 MSeed
Benji
May 2026Participated
$6 MSeed
Stock
May 2026Led
$2 MSeed
ConstructionClock
Dec 2025Participated
$1 MSeed
Pavewise
Oct 2025Participated
$3 MSeed
Vigil
Feb 2025Led
$1 MSeed
Hummingbirds
Oct 2024Participated
$5 MOther Equity
Pear Commerce
Jun 2024Participated
$10 MSeries A
Continuum
Apr 2024Led
$2 MSeed
Redi.Health
Feb 2024Participated
$14 MSeries B
Corral Technologies
Jan 2024Led
$1 MOther Equity
Noise
Sep 2026Participated
$7 MSeed
Immigify
Jul 2026Led
$1 MSeed
Benji
May 2026Participated
$6 MSeed
Stock
May 2026Led
$2 MSeed
ConstructionClock
Dec 2025Participated
$1 MSeed
Pavewise
Oct 2025Participated
$3 MSeed
Vigil
Feb 2025Led
$1 MSeed
Hummingbirds
Oct 2024Participated
$5 MOther Equity
Pear Commerce
Jun 2024Participated
$10 MSeries A
Continuum
Apr 2024Led
$2 MSeed
Redi.Health
Feb 2024Participated
$14 MSeries B
Corral Technologies
Jan 2024Led
$1 MOther Equity
77
Items
...
Browse all public portfolio deals

Insights

Time horizon

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Deal Distribution

M25: 77 funding rounds are recorded in the selected participation categories.All available history.
M25: 77 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed930
Series A016
Series B03
Other Equity415

Monthly Deal Activity

M25: 77 deals are recorded across 126 months.All available history.
M25: 77 deals are recorded across 126 months. All available history
MonthDeals
May '161
Jun '160
Jul '160
Aug '160
Sep '161
Oct '161
Nov '161
Dec '161
Jan '170
Feb '170
Mar '170
Apr '170
May '171
Jun '170
Jul '171
Aug '171
Sep '172
Oct '170
Nov '171
Dec '170
Jan '180
Feb '180
Mar '182
Apr '182
May '181
Jun '180
Jul '180
Aug '180
Sep '180
Oct '181
Nov '181
Dec '180
Jan '190
Feb '192
Mar '190
Apr '191
May '193
Jun '190
Jul '190
Aug '190
Sep '191
Oct '192
Nov '191
Dec '190
Jan '201
Feb '200
Mar '202
Apr '201
May '201
Jun '200
Jul '202
Aug '202
Sep '200
Oct '200
Nov '200
Dec '200
Jan '211
Feb '211
Mar '212
Apr '211
May '211
Jun '211
Jul '211
Aug '212
Sep '210
Oct '210
Nov '211
Dec '210
Jan '221
Feb '220
Mar '222
Apr '220
May '221
Jun '222
Jul '222
Aug '221
Sep '220
Oct '221
Nov '220
Dec '220
Jan '231
Feb '230
Mar '232
Apr '230
May '230
Jun '231
Jul '230
Aug '230
Sep '230
Oct '230
Nov '232
Dec '231
Jan '241
Feb '241
Mar '240
Apr '241
May '240
Jun '241
Jul '240
Aug '240
Sep '240
Oct '241
Nov '240
Dec '240
Jan '250
Feb '251
Mar '250
Apr '250
May '250
Jun '250
Jul '250
Aug '250
Sep '250
Oct '251
Nov '250
Dec '251
Jan '260
Feb '260
Mar '260
Apr '260
May '262
Jun '260
Jul '261
Aug '260
Sep '261
Oct '260

Sector Breakdown

M25: Enterprise Software is the largest displayed sector by deal count (31 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

M25: Enterprise Software is the largest displayed sector by deal count (31 deals). All available history
SectorDeals
Enterprise Software31
Networks, Cloud & Communication21
Health & Life Sciences17
Data, Analytics & IT15
E-Commerce & Retail8
Transportation & Logistics8
Marketing & Advertising8
Fintech8
Real Estate & Construction7
AI & Machine Learning7
Food & Agriculture6
Travel & Hospitality5
Media & Entertainment5
Professional Services5
Social & Community Platforms5
Consumer & Lifestyle4
Hardware & Robotics4
Cybersecurity & Privacy3
Clean Energy & Sustainability3
Gaming & eSports3
Education & Workforce1
Government & Defense1
Manufacturing1
Developer Tools1

Deal Size Distribution

M25: 77 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

M25: 77 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M53
$5M-$10M12
$10M-$25M12
$25M-$50M0
$50M-$100M0
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

M25: United States has the largest recorded deal count among the displayed regions (76 deals).All available history.

Top 2 of 2 regions; European countries are grouped as Europe.

M25: United States has the largest recorded deal count among the displayed regions (76 deals). All available history
RegionDeals
United States76
Canada1
M25: 20 co-investors are shown, with Dundee Venture Capital sharing 8 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

M25: 20 co-investors are shown, with Dundee Venture Capital sharing 8 recorded deals. All available history
Co-investorShared deals
Dundee Venture Capital8
MATH Venture Partners8
Allos Ventures7
Cultivation Capital5
Hyde Park Venture Partners5
Invest Nebraska5
500 Global4
Connetic Ventures4
Elevate Ventures4
Great North Ventures4
Hyde Park Angels4
Matchstick Ventures4
Network Ventures4
Revolution4
Syndicate Fund4
High Alpha3
ISA Ventures3
Nelnet3
New Stack Ventures3
Next Level Ventures3

Investment Strategy

M25: Led accounts for 17% and participating for 83% of round participation.All available history.
M25: Led accounts for 17% and participating for 83% of round participation. All available history
CategoryDeals (count)Share (%)
Led1317%
Participating6483%
M25: Single-lead accounts for 92% and co-led for 8% of lead dynamics.All available history.
M25: Single-lead accounts for 92% and co-led for 8% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead1292%
Co-led18%

Team

Abhinaya Konduru
Mike Asem
Victor Gutwein

Co-chair, Consumer Products and Services