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Blueprint Intelligence / Specialized Pathways / North Dakota SSBCI venture capital, Angel Match and the Wonder Fund
Specialized Pathways
North Dakota runs two direct routes: a 1:1 angel match capped at $250,000, and a larger fund managed by an outside venture firm.
North Dakota puts its SSBCI equity into two direct-investment routes with different scales and different managers. The Angel Match Program matches private investment through the North Dakota Development Fund. Wonder Fund North Dakota is a larger direct investment program managed by an outside venture firm selected through competitive RFP. North Dakota's total SSBCI allocation is $13,641,843.
The North Dakota Development Fund matches private investment on a 1:1 basis, up to $250,000 per business, with a minimum match amount of $10,000. Eligible vehicles are convertible notes, SAFEs, and direct equity investment.
The ceiling that catches companies out is on the round rather than on the match. The total funding round, including the Angel Match funds, cannot exceed $2,000,000. Matched investments must close on the same date as the Angel Match investment, so the timing is a requirement rather than a convenience.
A business may apply only once per financing round and may receive no more than three separate investments from the program across its life.
An applicant must be a high-growth, early-stage startup able to demonstrate a path to exit in five to ten years, certified as a primary sector business through the North Dakota Department of Commerce, and registered with the North Dakota Secretary of State. It must have fewer than 250 employees at the time of investment.
The residency test is the distinctive one. The business must be headquartered in North Dakota with at least one C-suite employee and 25 percent of all W2 employees resident in the state. That is a test about where people actually are, not only about where the company is registered.
Wonder Fund North Dakota is described as a $45 million direct investment program supporting early-stage businesses headquartered in North Dakota with fewer than 500 employees. It co-invests alongside private investors.
O'Leary Ventures was selected through a competitive RFP to manage the fund and make the investment decisions, with the North Dakota Development Fund selecting it as managing partner rather than acting as the direct investor. Companies based outside the state may qualify where their product or service has a material impact on North Dakota, which is a wider door than the Angel Match residency test.
Per-company investment amounts are not published for this route, so a company should ask the manager rather than infer a range from the fund's total size.
North Dakota's Angel Match caps the round, not just the match. The total funding round including Angel Match funds cannot exceed $2,000,000, and the matched investment has to close on the same date.
Source check recorded: August 3, 2026.
Use this guide to prepare the conversation, then confirm current terms with the program administrator. Eligibility, investment limits and application windows can change after the recorded source date.
Check your North Dakota SSBCI fit
Upload one document containing your round summary and get an initial read on whether the Angel Match or Wonder Fund route may fit.
One PDF or DOCX, up to 15 MiB. Three successful free reads are shared across the library; no account is needed. This is an initial review, not an eligibility decision or a fund rating.
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