Sofia Fund

The fund is managed by four partners — CEO Cathy Connett, Lisa Crump, Joy Lindsay, and Dee Thibodeau — who all have significant operating experience. The firm does not disclose a formal investment committee structure, but its website indicates that the managing partners collectively select and support portfolio companies, with a fund advisory board providing additional guidance.

Sofia Fund typically invests $100,000 to $500,000 in equity rounds of $500,000 to $2 million, which suggests a co-investor or syndicated angel approach rather than sole lead-checking. The firm's own language references working 'side-by-side with our entrepreneurs… and our co-investors' to reach exits, indicating comfort operating within broader investor syndicates.

The firm states it does not invest in food, real estate, or consumer products. It requires companies to be US-registered C corporations, have B2B business models, and demonstrate proof-of-concept revenue. No pure pre-revenue science projects or direct-to-consumer brands appear in its portfolio.

Stated sectors include information technology, enterprise solutions, advanced materials, and health and wellness technology. Exited portfolio companies confirm this mix: Gentra Systems and Rebiotix in life sciences, Vixar in optical components, Tactile Medical in medical devices, and Magnet 360 in enterprise Salesforce consulting.

Sofia Fund targets exits within three to five years and prefers companies requiring no more than two to three subsequent funding rounds. Its publicly listed exits are entirely via acquisition — by strategic buyers such as Qiagen, Ferring Pharmaceuticals, Osram, Ecolab, and Mindtree — with one IPO (Tactile Medical).

The firm does not publicly disclose whether it raises external funds or operates on a deal-by-deal syndicate model. Its longevity — deploying over $10 million since 1998 — and the absence of a disclosed AUM figure suggest it may fund investments through partner capital and a consistent network of co-investors rather than through traditional blind-pool fundraises.

The managing partners leverage deep ties within the Twin Cities and broader Midwest startup ecosystem. Lisa Crump is a member of Gopher Angels, and the partners are involved in MN Cup, Twin Cities Startup Week, the Minnesota Venture Conference, and the WE* Initiative at the University of Minnesota’s Holmes Center for Entrepreneurship, creating multiple proprietary sourcing channels for women-led B2B startups in the region.