Student-Owned Atland Ventures Raises $1 Million for Second Fund

Atland Ventures, a venture capital firm fully owned and managed by University of Minnesota undergraduate students, has raised more than $1 million for its second fund, expanding its legacy of being the first student-owned venture capital firm in the United States.

These dollars will be invested in start-ups and digitally native companies—all chosen by the students. “Being digitally native, technology has shaped how we live, and that’s unique for our generation. So, at Atland, we look at companies that are solving problems we’ve felt as Gen Z,” says Savannah Guiang, a senior at the Carlson School and co-managing partner of Atland Ventures.

Atland Ventures started raising capital for Fund II in 2022. Closing at more than $1 million this school year was a huge milestone for the students, bringing their firm’s total assets under management to more than $2 million.

Raising that large figure would be daunting for many undergraduate students. How did the team do it? Their Fund II builds on the previous work of Atland Ventures, which opened its Fund I—the first student-owned venture capital fund in the United States—in 2018. That first fund closed in 2019 at more than $1 million, including contributions from University of Minnesota alumni, entrepreneurs, and Midwest-focused angel investors.

This time around, the students took a similar approach, reaching out to alumni and investors with an interest in Minnesota. They also netted Atland Ventures’ first institutional investor, a company that the firm had previously invested in with Fund I.

“It was cool to see the traction between Fund I and Fund II, where we were able to convince new groups of people to invest,” Guiang says. “The reason that it’s important to raise this money is so we can continue investing in start-ups that we believe in, and we did so in a really harsh fundraising environment. We had to be super persistent in reaching out to everyone we knew and to everyone those people knew.”

Multifaceted Work

The Atland Ventures team consists of 28 University of Minnesota students, many of whom attend the Carlson School. The firm recruits new partners as first-year students, sophomores, and juniors, ensuring the students can participate for multiple semesters to build institutional knowledge.

Elijah Ward, another Carlson School senior and the other co-managing partner of Atland Ventures, explains why the group also recruits students from across the University. “Having different perspectives helps us when we’re evaluating a company for a possible investment,” he says. “I’m a Finance major, so I’ll know to ask the finance and business questions, but when we’re investing in a technology start-up, it’s helpful to have someone with the technical background as well.”

While raising for Fund II, the students were also still managing their investments for Fund I. This range of work—from sourcing new investors to researching potential investments to promoting and recruiting for the firm—exposes the students to all aspects of venture capital management.

“It’s very hands-on. We’re doing the work; we’re not just learning about it,” Guiang says.

Atland Ventures’ portfolio includes a variety of start-ups and digital-focused companies such as Knit, a video-based marketing insights firm, Dispatch, an industrial delivery platform, and Tavolo, an automated restaurant marketing platform founded by a Carlson School alum.

The responsibility of working with real companies and managing real capital motivates everyone involved, Ward says. This includes the potential for the students to receive returns from investments. “Every student is a partner in the fund,” Ward explains. “That means on every dollar we invest, we each take partial ownership.”

A Unique Learning Experience

Working together to make business decisions provides important lessons in collaboration, teamwork, and professionalism, Ward says. “Sometimes, it gets heated when people are passionate about the companies they’re presenting for potential investment. They’re trying to convince everybody else why it’s a good idea. But once the meeting ends, we all have to be able to walk away, respect each other, and not take anything personally.”

John Stavig, managing director of the Carlson School’s Holmes Center for Entrepreneurship, advises Atland Ventures. “It’s a very unique experience,” he says. “The students autonomously run every aspect of the fund. We advise them through their decisions, help educate the new students, and connect them with resources—but they make every decision.”

In addition to the one-of-a-kind learning and work experience, Atland Ventures brings students unparalleled networking connections, the co-managing partners say.

“You’re hopping on founder calls. You’re talking to CEOs. You’re raising money from investors,” Ward says. “You’re making connections, and it plugs you into that network, which is invaluable for somebody our age. It accelerates learning just by being around people like that.”

Ward adds that he believes Fund II further proves the viability of the student-owned model, bolstering this opportunity for future students.

“The fact that people are willing to invest in us, knowing that they want some piece of the Gen Z perspective in their portfolio—that’s huge,” he says. “It helps continue to make Atland an opportunity for future students.”