Iowa Venture Capital

Fueling Iowa's Next Wave of Founders

2946 Ventures Fund I is a $3MM venture fund investing in early and seed stage Iowa companies — from first concept through early revenue and beyond.

Invest Now Our Thesis

$3MM

Total Fund
Size

12yr

Fund
Term

2×

Stage
Focus

Exclusive
Focus

Fund Overview

Investment Thesis

20%

Pre-Revenue

Supporting founders at the earliest stage — proof of concept through first customers. Up to $50K via convertible note or equity.

30%

Early Revenue

Backing companies with an MVP in market and customers engaged. Up to $100K as convertible note or equity.

50%

Follow-On

Maintaining pro-rata rights and doubling down on our strongest portfolio performers as they scale.

All investments are reserved for Iowa-based companies. The fund targets Seed and early-stage opportunities that demonstrate strong founding teams, defensible IP or market position, and clear milestones.

Investment Standards

Criteria & Due Diligence

Criteria

LLC or C Corporation entity
Appropriate founding team in place
POCR qualifications met
Early diligence requirements satisfied

Due Diligence Requirements

Proof of concept technology, provisional patent, or milestones with GIA, Gener8tor, Techstars or equivalent
Relevant advisor or mentor available for reference check
POCR/Venturenet comments shared with fund
Data room checklist completed
Documented milestones and path to achieve with public and private funds

Pre-Revenue Investment

Maximum commitment as a convertible note or equity investment.

Maximum Investment

$50K

Criteria

C Corporation entity
Appropriate founding team in place
Demo Fund or later qualifications met
Full diligence requirements met

Due Diligence Requirements

MVP in market and in customer hands
Founding team on the capitalization table
Provisional patent filed (if applicable)
Relevant advisors and mentors for reference check
POCR/Venturenet comments shared with fund
Data room completed with checklist
Documented financial model to achieve milestones

Early Revenue Investment

Maximum commitment as a convertible note or equity investment.

Maximum Investment

$100K

Deal Terms

Investment Structure

Convertible Notes

Document ACA Model Note

Valuation Cap (Pre-Revenue) $2MM max

Valuation Cap (Early Revenue) $4MM max

Discount 20%

Dividend / Interest 5% accumulating

Information Rights Included

Conversion to Equity 2-year term

Equity Investments

Document Plains Angels Term Sheet

Maximum Valuation $5MM

Information Rights Included

Pro-Rata Investment Rights Included

Share Class Preferred Equity

Liquidation Cap 1×

Why Invest

Investment Highlights

        Financial Benefits
        Iowa investors qualify for Seed Investment Tax Credits (subject to annual availability)
Preferred equity with 1× liquidation preference protects downside
Pro-rata rights enable participation in future rounds
20% carry only after all investor capital is returned

      

        Non-Financial Benefits
        Opportunity for mentoring portfolio companies
Opportunity for nomination to portfolio company boards
Access to Iowa's growing innovation ecosystem
Co-investment syndication opportunities with non-limited partners

      

        Investor Qualification
        Accredited Investors Only
      
        Minimum Commitment
        $50,000
      
        Management Fee
        2% annual on funded capital
      
        Carry
        20% after return of all capital
      
        Fund Term
        12 Years

Who We Are

Leadership & Investment Committee

Fund Management

Fund & Investor Management

Fund and investor relationship management
Source and develop deal flow
Prepare early investment memoranda for investment committee
Optionally lead investments via fund commitment or follow existing term sheet
Syndicate investments to accredited non-limited partners

Investment Banking · Venture Capital · IP & SMEs

Investment Committee

Evaluate prospective investment memoranda
Review data rooms
Recommend approval or disapproval of all investments
Collaborate with partners to complete investment memoranda
Optionally participate in investments

Getting Started

Next Steps

Review the PPM & Subscription Document

Request the Private Placement Memorandum and review all associated subscription documentation.

Request eSignature-Ready Agreement

Signal Your Maximum Commitment

Indicate your intended maximum investment amount to reserve your allocation in Fund I.

Submit Initial Investment

Fund your commitment via wire transfer or check. Minimum investment is $50,000 for accredited investors.

Get in Touch

Ready to invest in Iowa's future?

Connect with us to learn more about Fund I and how to participate as an accredited investor.

Contact

Tej Dhawan

Phone

515-988-7901

tej@2946ventures.com

Request Subscription Documents