M25

Emerging manager

SEC exempt reporting adviser (venture capital exemption).

Website: https://m25vc.com/
HQ: IL

M25 is an early-stage venture firm based in Chicago that invests exclusively in tech startups headquartered in the Midwest. Its portfolio includes Qwyn AI, AlloDirect, Entravia, Immigify, Moonnox, Oath, OneDose, and Stock. Arianna Thornton is Director of Operations and Ryan Coon is a Venture Partner.

01 · Says / Does

Tag	Says	Does	Historically (to 2020)
Stages	Pre-seed, Seed	Not enough dated deals	Seed, Series A
Sectors	Not stated	Not enough dated deals	Enterprise SaaS, Consumer, Healthtech, Data analytics, Ecommerce, Hardware, Fintech
Regions	IL, IN, IA, KY, MI, MN, MO, NE, OH, PA, WI	Not enough dated deals	IL, IN, OH

Says: what the firm's funds state. Does: from 0 dated deals in the last 24 months.

Historical focus (through 2020), derived from historical deal data.

Year	Deals	Top sectors
2015	8	Media, Edtech, Consumer
2016	24	Consumer, Enterprise SaaS, Hardware
2017	22	Enterprise SaaS, Consumer, Fintech
2018	22	Consumer, Ecommerce, Enterprise SaaS
2019	18	Enterprise SaaS, AI applications, Data analytics
2020	5	Enterprise SaaS, Healthtech, Climate hardware

Stage mix over time

Pre-seed
Seed
Series A
Series B
Growth

Share of rounds by stage, per year. Striped years have fewer than 3 rounds.Historical focus (through 2020), derived from historical deal data.

Rounds by stage and year
Year	Pre-seed	Seed	Series A	Series B
2015	0	6	0	0
2016	0	15	5	0
2017	1	16	5	0
2018	0	15	4	0
2019	1	11	4	1
2020	1	2	1	0
2021	0	0	0	0
2022	0	0	0	0
2023	0	0	0	0
2024	0	0	0	0
2025	0	0	0	0
2026	0	0	0	0

02 · Fund history

Fund	Year	Size	Status
M25 Fund IV-A, L.P. M25 is an early-stage venture firm investing in tech startups headquartered in the Midwest, backing go-to-market founders across finance, supply chain, healthcare IT and horizontal SaaS. Inferred from the firm's website	2022	$4.38M to $10M (Form D)	Open, writing first checks
M25 Fund IV, L.P. M25 is an early-stage venture firm investing in tech startups headquartered in the Midwest, backing go-to-market founders across finance, supply chain, healthcare IT and horizontal SaaS. Inferred from the firm's website	2022	$28.25M to $50M (Form D)	Open, writing first checks
M25 Fund IV-A, L.P. M25 is an early-stage venture firm investing in tech startups headquartered in the Midwest, backing go-to-market founders across finance, supply chain, healthcare IT and horizontal SaaS. Inferred from the firm's website	approx. 2022	$10M (Form D)	Open, writing first checks

03 · People across funds

Delali Michael Asem, Managing Member of the General Partner of the Issuer
M25 Fund IV-A, L.P. (Named on Form D); M25 Fund IV, L.P. (Named on Form D); M25 Fund IV-A, L.P. (Named on Form D)
Victor Gutwein, Managing Member of the General Partner of the Issuer
M25 Fund IV-A, L.P. (Named on Form D); M25 Fund IV, L.P. (Named on Form D); M25 Fund IV-A, L.P. (Named on Form D)
Arianna Thornton, Director of Operations
M25 Fund IV-A, L.P. (Team); M25 Fund IV, L.P. (Team); M25 Fund IV-A, L.P. (Team)
Ryan Coon, Venture Partner
M25 Fund IV-A, L.P. (Team); M25 Fund IV, L.P. (Team); M25 Fund IV-A, L.P. (Team)

04 · Recent deals

No dated deals found yet.

05 · Latest from the firm

InvestmentWhy We Invested in AlloDirectUndated
InvestmentWhy We Invested in EntraviaUndated
InvestmentWhy We Invested in ImmigifyUndated
InvestmentWhy We Invested in MoonnoxUndated
InvestmentWhy We Invested in OathUndated
InvestmentWhy We Invested in OneDoseUndated
InvestmentWhy We Invested in Qwyn AIUndated
InvestmentWhy We Invested in StockUndated

06 · Sources

Fund dates and sizes are from SEC Form D filings.

Last verified: Oct 28, 2026