Angel Match Program (AMP)

Angel Match Program (AMP)

Funds high-growth early-stage North Dakota startups by matching angel investments one-to-one through a state co-investment model.

Eligibility · United States · US-ND

The North Dakota Angel Match Program (AMP) is a state equity co-investment vehicle funded through the federal State Small Business Credit Initiative (SSBCI), authorized by the American Rescue Plan Act with a total North Dakota allocation of $13,641,843. The program provides a dollar-for-dollar state match on qualifying angel investments, up to $250,000 per business, structured as convertible securities or direct equity rather than a grant. The minimum qualifying investment is $10,000, and no single funding round may exceed $2,000,000 in combined capital, including the AMP match. The program operates on a revolving basis, reinvesting returns to sustain ongoing deployment.

Eligibility is limited to high-growth, early-stage primary sector businesses headquartered in North Dakota — specifically those with a principal address registered with the North Dakota Secretary of State. The company must have at least one C-suite employee, at least 25% of W-2 employees resident in North Dakota, fewer than 250 employees at the time of investment, and active business liability insurance. Companies must also demonstrate a five-to-ten-year exit pathway and hold primary sector business certification. Qualifying angel investors may be individuals, LLCs, businesses, trusts, or investment funds, but may not be principals of the applicant business.

Applications are reviewed on a first-come, first-served basis with decisions typically rendered within two to four weeks. Contact is made through the North Dakota Department of Commerce Economic Development Finance Division; the primary program contact is Shayden Akason (sakason@nd.gov). Because this is an equity co-investment and not a grant, founders should model dilution from both the angel round and the state match position before applying.