North Dakota Department of Commerce announces several new private business investments

BISMARCK — The North Dakota Division of Commerce introduced a number of investments made into companies throughout the state not too long ago.

On Wednesday, April 5, the division introduced two extra investments as a part of its Angel Match Program. This system is run by the North Dakota Growth Fund and matches investor commitments as much as $250,000 to companies which meet sure standards, together with that they be headquartered within the state.

The most recent Angel Match Program investments went to Fenworks, Inc. and TheraTec, Inc.

Primarily based in Grand Forks,

Fenworks

is a know-how firm aiming to convey a drone racing program for college kids to North Dakota. Fenworks plans to make use of the Angel Match Program funding to broaden and ramp up hiring, a press launch from the Division of Commerce said.

TheraTec

is a digital well being care agency from Horace. The corporate is “redefining rehabilitation in orthopedics by combining a cloud-based information analytics platform with easy-to-use wearable applied sciences,” the division press launch mentioned.

The next day, the division introduced additional enterprise investments. These investments totaled $658,796.41 in loans and enterprise funds, additionally from the North Dakota Growth Fund.

The 2 recipients of first-quarter funding have been Aaron McWilliams, doing enterprise as McStash Mills LLC, and LandTrust.

In accordance with a press launch,

McStash Mills

is a family-operated sawmill in Hillsboro. The mill obtained $58,796.41 to buy a sawmill. The corporate providers over 35 places and is within the means of opening distribution facilities all through the USA.

McWilliams served within the

North Dakota Legislature

as a Republican representing District 20

from 2017 to 2020.

LandTrust obtained $600,000 to launch its operations in North Dakota. Typically described because the Airbnb for leisure land, the corporate gives rental properties for looking, mountain climbing, birding and different outside actions.

It isn’t the primary time LandTrust has obtained funding from the state. The state’s Marvel Fund

invested $1.25 million

to assist the corporate set up a base of operations in Fargo.

The Marvel Fund is run “Shark Tank” star Kevin O’Leary, who praised LandTrust and its administration

throughout a latest look on the InForum Enterprise Beat Podcast.

“North Dakota’s favorable enterprise local weather is taking part in a key function within the thriving companies all through the state,” Wealthy Garman, the division’s director of financial growth and finance, mentioned within the press launch saying the primary quarter investments. “This local weather not solely promotes start-ups and expansions but additionally gives sources {and professional} assist for companies at each stage of development whereas increasing the state’s financial system.”

The North Dakota Growth Fund was created in 1991. Be taught extra at

commerce.nd.gov/economic-development-finance/development-fund.

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