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M25

Seeding the next generation of MIDWEST UNICORNS.

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Description

M22 Ventures (operating as M25) is an early-stage venture capital firm based in Chicago, Illinois. Founded in 2015, it is the most active seed-stage investor in the Midwest, focused exclusively on startups headquartered in a 14-state region.

  • Seed & Series A: M25 is a specialist in Seed rounds. They aim to be a core investor for startups that have moved past the initial concept and are building a repeatable sales motion.
  • Post-Revenue Focus: They typically require startups to have at least $10k–$20k in Monthly Recurring Revenue (MRR) for B2B companies, or significant user traction for B2C.
    Method: Founders can apply through the M25 contact portal or via professional referrals.
  • Transparent Sourcing: They are known for "open" sourcing and frequently review cold outreach that meets their geographic and stage criteria.
  • Materials: A pitch deck that includes a detailed breakdown of the "Midwest advantage" and current revenue metrics is required.
  • Rolling Basis: M25 evaluates and invests in companies year-round.
  • Midwest Startup Week 2026: Related networking often occurs during their regional summit events in the Spring of 2026.

Eligibility

  • Geography (The "M25 Map"): Strictly limited to startups headquartered in Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Tennessee, and Wisconsin.
  • Sectors: Industry-agnostic, with heavy activity in SaaS, Logistics, FinTech, EdTech, and Consumer Platforms.
  • Exclusions: They generally do not invest in life sciences (drug discovery), real estate development, or hardware-intensive businesses without a software core.

Process

  1. Geography Check: The first filter is strictly geographic (must be in the Midwest).
  2. Diligence: A 3–6 week process involving a "Scorecard" evaluation across team, market, product, and traction.
  3. The M25 Ecosystem: Post-investment, founders gain access to Club M25, a curated community of portfolio companies, mentors, and vendors.
  4. Reporting: They maintain a hands-on relationship with quarterly reporting and strategic board advisory.

What an Applicant can Obtain

  1. High-Signal Capital: Funding from the Midwest’s most recognized seed-stage brand.
  2. Midwest Connectivity: Access to the Midwest Startups platform and a network of over 150+ regional portfolio companies.
  3. GTM Strategy: Direct assistance in refining the go-to-market strategy for the specific nuances of the Midwest market.
  4. Follow-on Support: Aggressive support in preparing for Series A and B rounds with coastal and national VCs.