A  RAIN Source Capital


     Office Locations:

Red Wing Ignite Building 419 Bush St
Red Wing, MN 55066
Phone: 651-632-2140

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  • Early
  • Seed



  • Food & Agriculture
  • Information Technology



    RAIN Source Capital is a multi-state network of RAIN funds that works with angel investors who are interested in supporting growing companies. RAIN Source helps bring together like-minded angel investors to form individual RAIN funds and then provides these funds with capital, a process for due diligence, legal templates, management support, access to deal flow and other resources. There are currently over 35 RAIN funds with $20 million in committed capital, and currently spans six states located in Midwestern states including funds located in Alexandria, Grand Rapids, Worthington, Willmar, Montevideo, St. Cloud, Mankato, Northfield and Minneapolis. RAIN funds range in size from seven to 61 members, who have pooled anywhere from $500,000 to $2 million. Each individual RAIN fund determines what industry it will focus on, and the type and level of financing to provide, based on the interests and expertise of its members. The RAIN fund network currently has more than $40 million invested in over 100 companies. RAIN also operates Empowerment Funds, which are venture funds that provide capital to later stage companies (RAIN Junior Debt Fund-LP, RAIN Leasing Fund-LLC, Invest Northwest (INW) Fund I).

    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.
    Steven (Steve) B. Mercil CEO


    Portfolio companies include:


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