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    Bluestem Capital

    Sioux Falls, South Dakota, United StatesFounded 1989
    www.bluestemcapital.com
    Manufacturing

    Bluestem Capital Company is a private equity firm based in Sioux Falls, South Dakota, founded in 1989. The firm invests in business services, natural resources, manufacturing, real estate, and medical products, primarily providing capital to companies in the Midwest US.

    48% of their portfolio is in Healthcare. Average disclosed round size is $33.4M (across 18 rounds with reported amounts).

    Find people at Bluestem Capital on Goldilocks AI

    Portfolio

    11

    Fund Size

    —

    Top Stage

    Series C

    Last 12 Mo

    0

    Team

    SK

    Steve Kirby

    Founding Partner

    SH

    Sandy Horst

    Partner

    Portfolio Breakdown

    Stage Distribution

    Sector Distribution

    Investment Activity

    DealsAvg Round Size

    Portfolio

    21 investments
    CompanyRoundAmountDate
    Orasis Pharmaceuticals logoOrasis PharmaceuticalsSeries D$78MOct 2024
    LENTECHS logoLENTECHSSeed$6MOct 2023
    Incision logoIncisionSeries C$30MSep 2023
    Virtual Incision Corporation logoVirtual Incision CorporationSeries C$30MSep 2023
    Virtual Incision Corporation logoVirtual Incision CorporationUnknown$30MJan 2023
    Neurolens logoNeurolensUnknown$67MJan 2022
    ZZerigo HealthSeries B$43MOct 2021
    Incision logoIncisionSeries C—May 2021
    Virtual Incision Corporation logoVirtual Incision CorporationSeries C$46MJan 2021
    Orasis Pharmaceuticals logoOrasis PharmaceuticalsSeries B$13MSep 2020
    TearClear logoTearClearSeries B$22MAug 2020
    Virtual Incision Corporation logoVirtual Incision CorporationSeries B$20MJan 2020
    Incision logoIncisionSeries B$18MJan 2020
    Orasis Pharmaceuticals logoOrasis PharmaceuticalsSeries C$30MJan 2020
    Orasis logoOrasisSeries C$30MJan 2020
    TearClear logoTearClearSeries A$4.5MJan 2017
    ZZerigo HealthSeries B$43M—
    Tear Film Innovations logoTear Film InnovationsGrowth——
    Virtual Incision Corporation logoVirtual Incision CorporationSeries C$46M—
    Sydnexis, Inc. logoSydnexis, Inc.Series B$45M—
    SpringCM logoSpringCMBridge——

    Top Co-Investors

    Visionary Ventures8 shared
    Baird7 shared
    cultivate(MD)6 shared
    Endeavour Vision5 shared
    Sequoia Capital4 shared
    LifeSci Venture Partners3 shared
    Catalio Capital Management2 shared
    Maverick Ventures Israel2 shared
    Leaps by Bayer2 shared
    SV Health Investors2 shared
    The Cigna Group Ventures2 shared
    General Catalyst2 shared
    Rubio Impact Ventures2 shared
    Rev1 Ventures1 shared
    JobsOhio1 shared
    Ohio Innovation Fund1 shared
    Maverick Ventures1 shared
    Trinity Capital Inc.1 shared
    Marshall Wace1 shared
    SHS1 shared

    Last updated: 7 October 2026