VC  Milestone Growth Fund

     Office Locations:

250 Second Avenue South Suite 106
Minneapolis, MN 55401
Phone: 612-338-0090



  • Early
  • Expansion
  • Growth
  • Seed



  • Business Services
  • Communications & Networking
  • Information Technology
  • Manufacturing & Industrial



    Milestone is focused on helping minority entrepreneurs that are too risky to secure bank financing or too small for regular venture capital firms. Founded in 1990, Milestone Growth Fund began with a modest $1.3 million to invest in small minority-owned businesses, and is currently a $26 million fund. Since opening its doors, Milestone Growth Fund has invested $26.7 million in 78 companies owned by entrepreneurs of color. Milestone continues to be the only Minnesota venture capital fund that is focused on providing equity type financing to minority-owned companies. A prospective company must be an established (for at least one year) ethnic minority-owned business and located in the Minneapolis/St. Paul metro area. Companies located outside of the metro area must be referred to Milestone by a lead investor. Milestone occasionally considers start-up companies. Milestone Growth Fund is a non-profit, tax-exempt 501(c)(3) investment fund licensed by the U.S. Small Business Administration (SBA) to operate as a Small Business Investment Company (SBIC). The firm's average investment size is about $300,000, but can range from $200,000 to $600,000. Investments typically take the form of long-term debt with equity features. invested across client company stage from start-up through expansion and acquisition. From an industry perspective, Milestone invests in a wide range of businesses including service, manufacturing, high tech, and communications industries.

    Investment Firm Key

       VC = Venture Capital
       PE = Private Equity
       A = Angel
       I = Incubator
       MB = Merchant Bank
       VD = Venture Debt
       FI = Family Investment Office
       FOF = Fund of Funds
       ED = Economic Development Office   
       TT = Technology Transfer Office
       CVC = Corporate Venture Capital
       SEC = Secondary Purchaser
       HF = Hedge Fund/Mutual Fund
    Venture Capital
    Seed Stage
    (includes "pre-seed," or
    concept stage)
    No Revenue
    Early StageMinimal
    Growth Stage
    (also called Mid-stage)
    Expansion Stage
    (also called Late-stage)
    $7M and greater
    Private Equity
    Lower Middle Market$10M-$249M
    Middle Market$250M-$499M
    Upper Middle Market$500M-$1B
    Large Cap>$1B

    Investment Team:

    Name   Title
    Get the complete investment team + individual email addresses for investment team partners. Get personal images, LinkedIn links, investment specialties, office locations and more with a National Database subscription.
    Drew Lindorfer Portfolio Administration Manager
    Judy Romlin President and CEO


    Portfolio companies include:

      EMPO Corporation
        web link

      Latino Communications
        web link

      Manny's Tortas
        web link

      Martinez Geospatial
        web link

      Painting by Nakasone

        web link

      Touching Lives
        web link


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