A  RAIN Source Capital


     Office Locations:

Box 2289
Minneapolis, MN 55402
Phone: 651-632-2140



  • 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 23 RAIN funds with $20 million in commmitteed 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 $33 million invested in 55 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.
    Clifford Smith President
    Ron Leaf Vice President
    Steven (Steve) B. Mercil CEO


    Portfolio companies include:

      AbbeyMoor Medical
        web link

        web link

      Feed Management Systems
        web link

      Recon Robotics
        web link

      Sage Electrochromics
        web link

      Savigent Software
        web link

      VAST Enterprises
        web link


    Recent News: